What to Demand from an HCM Platform

What to Demand from an HCM Platform 2560 1920 Balance Point Team

When human capital management (HCM) is done right, the result is an employee experience that helps recruit, retain and, ultimately, drive revenue. This upside to HCM is why 42% of HR leaders are investing in a platform this year, and why 51% of companies who are already using one are considering switching. With the number of providers and solutions on the market, HR leaders want more and can get it.

Our technology partner isolved conducted a survey of 500 HR leaders in January. The results are presented in a report, “Transforming Employee Experience.” This “window into 500 HR departments” provides insights into recruiting and retention, culture, the employee experience, and technology investments.

The high-level HR professionals who participated in the survey were asked about what they expect from an HCM platform. Their responses (in order of popularity) are exactly what you should demand from your HCM solution.

The technology is a full end-to-end platform 

According to the report, 92% of HR leaders said the employee experience is top priority for them. Organizations make the mistake of evaluating platforms with only payroll in mind when payroll is only one part of the employee experience. To truly reap the benefits of intelligent HCM, you need to focus on the entire employee life cycle. Your platform should connect and streamline every aspect from onboarding to offboarding.

It grows with the company 

You may be thinking “all I need is payroll right now.” But as your business evolves you need a platform that can address your needs. An HCM platform that grows with a company is key, as is a service provider who can implement a staged roll out of what is needed now and suggest what is needed tomorrow. It’s a mistake not to choose an HCM platform that prioritizes being future ready, today.

It’s easy for all employees to use 

Employees today expect the technology they have at work to perform like the technology they access in their everyday lives. Insist on a platform that offers a modern, intuitive, and user-friendly experience. It must also meet the expectations of the future. “Siri, show me my pay statement” is right around the digital corner.

It reduces human error 

Just two payroll errors can cause 49% of employees to quit their job. Payroll is essential and you can’t afford not to get it right. With a single, connected platform information is entered only once. Data flows from system to system reducing the chance for administrative error.

It’s in the cloud 

A cloud-based solution is accessible through the internet and requires virtually no maintenance. It’s less expensive too since it eliminates extra hardware purchases and the IT support to maintain it. Plus, all your information is accessible to you 24/7.

It provides actionable data 

For HCM to be a strategic function, you need accurate workforce insights that can help you improve organizational efficiencies and profitability. Your platform should provide you with reporting and analytical HCM tools that are easy to access and understand.

An intelligently connected HCM platform brings together every part of the employee experience, from hire to retire, to ensure there are no employee experience gaps for better recruiting, retaining, and revenue.

Learn more about the survey and the Top 5 Mistakes to Avoid When Choosing an HCM Platform by downloading the guide.

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