How to Choose Your Human Capital Management Software

Investing in human capital management software is a decision that many organizations choose to make. With so many options out there though, how do you choose one that is best for you? If you’re unsure, don’t worry. We will cover everything you need to know in this article.

Assess Your Organization’s Needs

The first step in choosing the right human capital management software is to determine what your organization’s needs are. To do this, you can ask yourself some questions:

• What is the size of your workforce?

Whether you have a large or small number of employees, you will need to choose what is best for you. For employers of thousands of employees, they will want to have an enterprise-level system. For smaller teams, basic human capital management software platforms should be enough.

• What HR functions and processes do you wish to manage with the human capital management software?

If you wish to handle everything from payroll to recruiting, you will need to have a comprehensive human capital management software solution. If you only want to focus on specific areas, such as employee onboarding or performance reviews, you will want to have a more targeted tool.

• How technical are you and your staff?

Each human capital management software differs in ease of use and technicality. While some are straightforward, others can offer a range of advanced and customizable tools. As this is the case, choose human capital management software that matches your technical level.

• Do you have any budget constraints?

You can find free open-source platforms as well as systems that can set you back a significant amount of money. Make sure you invest in human capital management software that is within your budget.

Once you answer these questions, you will be in a great position to begin researching available human capital management software on the market. Before you do this though, you need to consider the key features you want to look for in the human capital management software.

Consider Key Features of Top Human Capital Management Software

Deciding the key features of human capital management software is critical to finding the right solution for your organization. You can look for features such as:

• Functionality

You need to find human capital management software that can handle essential HR tasks such as onboarding, payroll, performance management, and more. Top human capital management software platforms will offer additional functionality. This will be for areas such as recruiting and learning management self-service portals for employees.

• Ease of Use

The goal of human capital management software is to make your life easier. You can look for options that have dashboards and interfaces that your employees can easily navigate. Having mobile-friendly human capital management software can also be a bonus in terms of convenience.

• Reporting and Analytics

Robust reporting and analytics allow you to gain insights into metrics such as employee retention, compensation rates, and more. Many organizations will look for human capital management software that offers them customizable reports, data visualizations, and KPI tracking. It is also possible for some human capital management software to have predictive analytics to aid you in making data-driven decisions.

• Security and Compliance

When looking for human capital management software, you want to make sure that it has strong security protocols to protect sensitive data. Data encryption, regular security audits, and compliance with regulations are all necessary.

• Implementation and Support

You should also take time to assess the level of support and service that each human capital management software company offers. Having ongoing support is a real benefit if you encounter any issues or need guidance.

Compare Leading Human Capital Management Software

Comparison is necessary when determining which human capital management software is right for you. Let’s take a look at some of the top human capital management software options:

• Oracle HCM Cloud

This human capital management software is one of the industry leaders. It offers organizations capabilities for core HR processes and payroll. As well as this, it allows you to manage your talent and workforce. Predominantly aimed at larger companies, this option may be excessive for smaller businesses.

• SAP SuccessFactors

This human capital management software is one of the top choices for larger organizations. This human capital management software offers you innovative tools for areas such as recruiting, onboarding, compensation, and more. Potential downsides include a steep learning curve and high price.

• Workday

Workday is a cloud-based human capital management software that is known for its user-friendly experience. Services it offers include payroll, full-service HR, and talent management functionality. Businesses of all sizes use Workday, but implementation can be pricey.

• BambooHR

BambooHR is better suited for small and midsize companies. It is both user-friendly and affordable for many businesses. It offers services including an employee database, applicant tracking system, and more. With an easy setup that requires minimal training, this can be a great option for smaller businesses.

Make the Best Choice for Your Business and Evaluate After Implementation

Don’t hesitate to ask for demos to evaluate how effective each human capital management software is. As well as this, you can talk to references to assess what other businesses’ experience has been like with them. Making the wrong choice can be costly and a waste of time. As this is the case, make sure to compare carefully and choose a human capital management software wisely.

After implementation, evaluate how effective the human capital management software is for your business. Ask for feedback from your employees on the ease of use and functionality of the product. Once you understand where they stand, you can determine if it has been the best choice for your organization.

If issues continue to arise, look into the feasibility of being able to change to a different human capital management software. If not, then contact support to see if they can assist you in any way.

After all, if you have the right human capital management software behind you, you can make your workforce happier and more productive today.