What Is Human Capital Management Software

What Exactly Is Human Capital Management (HCM) Software?

If you're running a company of any size, you may have heard the term human capital management (or HCM) software. However, you may not know that HCM is far more than just the latest business buzzword. This technology application has proven an invaluable resource for organizations in virtually every industry. Understanding what HCM is and what it offers can help you determine if it could strengthen your corporate operations.

Human Capital Management Software: The Basics

By definition, HCM software refers to a system designed to help business owners organize, manage, and maintain both its employees as well as its processes. This type of program falls under the enterprise software category and takes the place of individual systems running throughout an organization. If you're currently working on separate databases throughout each department in your business, an HCM program may provide an ideal, streamlined solution. A comprehensive application will easily integrate into your organization and deliver a centralized location for data storage, analysis, and reporting. Time sheet management, payroll, productivity, and paid time off are just some of the many functions this impressive system coordinates.
Not only does an HCM software solution consolidate needed technology in your organization, it also grants easy access to the data your employees need. Employees are given programmed permission to only see the information that pertains to their work function. After an initial training, your team will know how to make requests, input data, and extract necessary information for themselves. Most importantly, everything entered is accessible in real time. This eliminates process bottlenecks and keeps your business processes running as smoothly as possible.
Legal compliance marks the biggest potential benefit employers receive from a human capital management software solution. Tax laws and regulatory mandates continuously change, forcing business owners to spend precious time keeping up with the latest requirements. A well-designed system not only automates processes, it evolves and updates with every changing legal entity. You and your team will be directed by the system to address changes, keeping your business compliant at all times for the ultimate peace of mind experience.
The Payroll Company can cover all of your HCM needs. For more information on HCM integration, contact The Payroll Company today.
This post was originally published at http://www.payrollcompany.biz/human-capital-management-software/

Build Your Business Using Human Capital Management (HCM) software

Use Human Capital Management (HCM) software To Strengthen Your Company's Future

Human capital management (HCM) software delivers a wide range of impressive corporate benefits. It's no secret that an innovative application streamlines efficiencies and provides mobile access to necessary functionality. However, entrepreneurs running organizations of every size are often surprised to realize that an HCM solution goes beyond mere productivity; these systems can strengthen operations throughout your entire organization.
Using an HCM system in your business yields extensive advantages such as:
Integrated Systems
Many companies struggle managing separate systems for each business unit and/or department. Accounting, HR, vacation schedules, and timesheets are just some of the individual applications a business can utilize to keep operations running smoothly. A human capital management software system seamlessly integrates all of these functions for a comprehensive final solution.
Ease Of Use
Older systems require staff members to log in from an onsite computer, making access difficult. Human capital management applications tout optimal accessibility, allowing staff members the ability to connect with relevant information on laptops and mobile devices. Most importantly, these systems are extremely easy to use, allowing your employees to work at optimal capacity.
Evolving Compliance
Running a business means constantly trying to stay ahead of the many rules, regulations, and mandates imposed on both a Federal and local level. Many employers find that as soon as they've mastered compliance requirements throughout various departments, the laws change. A human capital management software system automates processes and procedures as well as evolves along with the legislation. As a result, you will spend less time worrying about compliance and more time focused on generating revenues.
Empowered Employees
Separate systems for every individual process can quickly frustrate employees. Not only do many staff members not have access to the information that they need, when they need it, they also have to rely heavily on other employees in the organization to extract and analyze the data for them. A reputable vendor will train your staff on using the application so they feel confident utilizing the functions they have permission to use.
Improved Staff/HR Relations
Corporate culture and morale have a major impact on the success of any company. Encouraging staff members to use an HCM software system can actually create an upswing in the relationship between co-workers and human resources staff. No more waiting on HR's time schedule to access data or feeling like they need permission from executive staff. Having control over the data that pertains to them helps foster a solid team spirit within the organization.
More Accurate Data
Most importantly, running individual systems exponentially increases the chance for human error. Compromised information can slow production and ultimately cost you money. Implementing a human capital management system means all data is stored in one location, minimizing mistakes.
Contact The Payroll Company Today
If you're ready to strengthen your company's future with a Human Capital Management software system, The Payroll Company can help. We partner with clients to customize our solutions to enhance operations and suit their individual operational needs. Contact us today to learn more.
This post was originally published at http://www.payrollcompany.biz/build-business-using-human-capital-management-hcm-software/

Streamline Benefits Enrollment with HCM system

Tips For Successful Open Enrollment

The end of each business year typically brings with it open enrollment. This is the period of time where your employees are offered new health options and other benefit election options. While most staff members are excited to modify or update their enrollment, many HR reps struggle with the anxiety that this season brings. Plan changes can mean so many questions. Your human resource department can find educating colleagues on new processes and procedures a full-time job. Knowing some important tips to streamline your open benefits enrollment can deliver significant advantages to both management and staffers alike.

Use A Human Capital Management System (HCM)

Automating your benefits enrollment process plays a major role in the overall success of your program. Manually managing all the changes and updates throughout the organization not only proves stressful, it can also increase the odds of typos and other manual errors. The best way to ensure an efficient enrollment is to partner with a professional HCM team. A qualified provider will work with you to gauge your specific needs. From there, they can create a customized final solution that encompasses all your internal corporate language and requirements.
When consulting with your partner, consider some of the major components of your benefits enrollment so you get a perfect final fit. Some key factors to discuss include:

• Training employees on using the automated system
• Outlining data that needs to be captured
• Creating a workflow using integrated technology in relevant departments
• Developing an electronic approval process
• Planning for data management/analysis
• Automating deadlines with notification
• Appointing personnel for issues
• Sending this information to your carriers

These are just some of the many things a reputable HCM provider will discuss with your team for a fully integrated, completely configurable solution.
Educate Your Employees On Process
Once you've successfully employed technology into the process, you are ready to address the humans involved in the enrollment: your employees. For many staff members, the idea of changing benefits can feel overwhelming. While you and your staff thoroughly understand all the policies and details, it can often seem like a foreign language to everyone else in your organization. Hold several company-wide informational sessions to give them the information and answers that they need. Additionally, your HR staff should make time for one-on-one discussions with employees to ensure they understand all the fine print in any of the new policies.
Also, sometimes some of the best benefits get overlooked, simply because they aren't getting promoted enough throughout the organization. If you have some new benefits that deserve a little press, give it to them. Create a one-page sheet that you can email, hand out and even hang up in the break room to draw attention to some of your new corporate differentiators. The combination of training your employees on the technology and educating them on the updated benefits plan will make the entire enrollment experience convenient, low-stress and, most importantly, successful for everyone involved.
Contact The Payroll Company Today
Are you ready to streamline your upcoming benefits open enrollment process? The Payroll Company can help.  Contact The Payroll Company today to learn more about our customized technology solutions.
This post was originally published at http://www.payrollcompany.biz/streamline-benefits-enrollment/

Get The Most Out Of Your HCM Systems

Maximize Your HCM

Business owners in every industry sign up for a full HCM solution excited about the extensive functionality it offers…then only use it for just a few of their critical internal functions. It's a common occurrence that can prove a costly misstep. While initially it may seem too daunting to eliminate individual departmental systems and unite in a cloud-based application, a new human capital management system delivers a comprehensive range of resources that can streamline your operational efficiency in ways you never imagined possible.
As with any type of new technology, mastering your HCM system will require a slight ramp up period to ensure you optimize use throughout your organization. However, it is time well spent. Don't squander this unique opportunity to optimize data management and corporate procedures with your departmental employees. Dedicating you and your team to learning everything you need to about your system can yield several significant benefits to your business.
Why You Should Commit To Mastering Your HCM Functionality
Oftentimes, business owners implement their human capital management system; yet still keep all their other, outdated systems "functioning." This results in employees utilizing several individual tactics to perform the same tasks. Everyone managing their own processes in a silo increases the odds of error and miscommunication. Integrating your human capital management system with all of your other applications can instantly eliminate the need for independent processes. Once you've integrated and your team has received training, your internal staff will only need to access one system to perform tasks and retrieve critical data.
Additionally, integrating one single solution throughout all departments quickly grants streamlined maintenance within your business. We have all witnessed how one corporate policy change or update can translate into hours of paperwork. Your unified system can deescalate a potential interdepartmental nightmare, allowing everyone to utilize the application so changes only have to be made once.
Your HCM instantly delivers access to any changes made in real time. Individually updating systems directly translates into lag time waiting to see the information you need to perform your job. In some cases, manual updates can even get lost in a paper trail, holding operations at a complete standstill. Using a single system to manage everything offers live updates and well as sends notifications to key personnel so your operations run without interruption.
Most importantly, utilizing a universal system throughout your business means that you can quickly gather stored data whenever you need it. Individual and manual applications require spending precious time collecting information from an extensive range of resources. However, streamlined functionality grants the right people permission to view data needed for reports and analytics, both key tools used to keep your business running at maximum capacity at all times.

Work With The Payroll Company For Your HCM Needs

At The Payroll Company we understand the importance of integrating your human capital management system throughout your organization. We work with our partners to answer questions and ensure proper training for best user experience possible. Want to hear more? Contact us today for a no-risk consultation.
This post was originally published at http://www.payrollcompany.biz/get-the-most-out-of-your-hcm-systems/

Human Resources Outsourcing Benefits

Human Resources Outsourcing: Your 1st HR Department

Companies of every size need a qualified and competent human resources solution. While previous business generations relied heavily on internal employees to fill this critical need, modern entrepreneurs recognize they have another option: human resources outsourcing. Many companies, even startups, understand that as they begin to grow, human resources outsourcing can offer several operational and strategic benefits, making it an ideal way to manage all of their HR needs and requirements.

Advantages Of Human Resources Outsourcing

Knowing the many benefits offered by human resources outsourcing can help you determine if it makes sense for your organization. Using a reputable firm for your HR department offers:
Cost Savings
Many executives instantly assume that an outsourced HR team means added expenses; however many are, in fact, surprised to learn that a third party solution can actually save them money. An HR firm means you don't have to hire several internal employees. Instead, a qualified team will have a diverse experience set to deliver one-stop solutions. You may also find that you save significantly from not having to purchase more equipment, furniture, and other items often needed by internal employees.
Continuous Operations
Some business owners do keep an internal HR team, but still employ a third party team for large and/or unexpected projects. Don't risk coming to a corporate standstill every time your HR staff is faced with a major processing requirement. Hire out your needs so your internal resources can stay focused on their current top priorities.
Seamless Compliance
State and Federal regulations are always changing. There are even specific mandates based on the number of employees within your business. Once you reach a certain number of employees, you have to comply with new laws. Staying on top of these evolving requirements can feel exhausting and stressful. Using an outsourced HR team means that they will manage your compliance needs on your behalf, ensuring you stay up to date on the latest laws and processes.
Analytics
Most small to mid-sized corporations are struggling to manage bare minimum requirements; they often don't have the time needed to truly tap into the advantages of big data analytics. Additionally, some smaller companies don't have the technology resources needed to quickly mine their data. Outsourcing your needs means that your third party team will be able to quickly create designated reports; you will be able to see trends as well as what needs modification to keep your business running at maximum capacity.

Find A Professional HR Team For Your Needs

As with any outsourced function, not all providers are alike. It's critical to look for a firm that offers a team of experienced specialists. When vetting vendors, find one that offers a diverse range of capabilities. You will want to use a firm that can meet all of your specific needs. Most importantly, search for a provider that has the ability to grow along with your business to ensure you won't have to keep finding new vendors to keep up with your expanding organization.
Are you ready to learn more about outsourcing your HR needs? The Payroll Company can help. Contact the team today for a no-risk consultation.
This post was originally published at http://www.payrollcompany.biz/human-resources-outsourcing-benefits/

Benefits Of Human Capital Management Software

5 Signs You Need Human Capital Management Software

Struggling to manage the HR needs in your business? It may be time for a human capital management software solution. Using an integrated HCM system streamlines interdepartmental procedures and keeps your operations running smoothly and efficiently. Knowing the signs that you're ready for this type of technology solution can help you make an informed final decision.
Some Telltale Indicators Include:
Gut Instinct
That fact that you've started considering human capital management software is generally a good indicator that you have a valid need for it. Research the type of functionality this application offers to further gauge the validity of your gut instinct.
Your HR Team Is Stretched Thin
Your HR team is an essential resource for your entire organization; it's critical to not overburden them so they can stay focused on what's most important to your business. Have you recently noticed that they are straddling more and more functions to keep your company moving at maximum capacity? An HCM software solution could quickly free up precious time for them to move back to their core functions.
Compliance
A human resources department spends a great deal of time maintaining or attempting to maintain compliance for your business. Meeting mandates is, well, mandatory. Missing critical requirements can mean fees and penalties for your organization. Don't risk a compliance error; your automated HR system will house all the data you need in one centralized location so you can access it quickly for compliance documentation.
Benefits Management
Employee benefits can prove a full-time job, even in smaller organizations. Your internal team can find themselves in a constant cycle of documentation updates and distribution. Automate your process with an HR system to quickly eliminate pressure off of your benefits staff.
Cost Tracking
Running your organization often means not having time to dig into the details of the day-to-day expenses. Some entrepreneurs simply don't have the time needed to sift through various individual databases to glean the data they need for spending trends and upswings. A human capital management software system houses everything in one place; you can quickly run reports to see where your money is going, identify unnecessary costs and make changes needed to operate more efficiently.
The Payroll Company can help you find the perfect HCM software fit for your business. Contact us today to learn more!
This post was originally published at http://www.payrollcompany.biz/benefits-human-capital-management-software/

Use Professional Payroll Processing Services

Can Your Payroll Service Provider Handle Your ACA Reporting?

The Affordable Care Act marks a host of health insurance reforms and mandates with specific requirements on business owners. The current laws have distinctive requirements based on size of your organization. Some of the employment mandates pertain to:

• Self-employed individuals
• Less than 25 employees
• Less than 50 employees
• More than 50 employees

Oftentimes, business owners falling into these specific employment categories find the best way to ensure ACA compliance means hiring a third party payroll processing services firm. However, once they begin their search they quickly realize that not all payroll processing services vendors are alike. Knowing what to look for in a qualified provider can ensure compliance at all times for your business.

Payroll Processing Services Firms: Streamlined Solutions

The most important thing to look for in a professional payroll processing team is the use of one system to manage all of your HR/payroll needs. Some executives utilize several individual systems throughout their company, with subpar results. Gathering data from different applications can prove a major waste of time. Additionally, scouring through separate systems increases the opportunity for error. It is critical to find a payroll processing team that houses all of your critical information in one universal system that can be integrated interdepartmentally.
Working with a firm that keeps your data centrally located exponentially improves your ACA compliance process in a wide range of ways. First, this type of application offers real-time data to personnel with permission to view it. They can quickly access current information as well as receive notifications about changes real time. Additionally, having one system means that your employees can directly update their files as needed. No longer will they have to visit HR and wait for changes to get made. Instead, they can modify their records and instantly update their specific compliance requirements in the process. Most importantly, having a payroll processing services firm with one system means that they can quickly run reports and documentations substantiating your compliance as needed.
Not sure if your professional payroll team can handle your ACA reporting? Contact The Payroll Company today for a free consultation with one of our experienced specialists.
This post was originally published at http://www.payrollcompany.biz/use-professional-payroll-processing-services/