5 Best HCM (Human Capital Management) Software

October 25, 2023
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Hady ElHady
5 Best HCM (Human Capital Management) Software

As technology continues to evolve and advance, the management of human resources has evolved beyond traditional paperwork and employee records. It now involves using the potential of technology to fuel organizational growth, promote a culture of constant enhancement, and empower your workforce. HCM software has emerged as a powerful tool capable of transforming how businesses handle their HR functions.

In this blog post, we will explore the top HCM software solutions that are leading the way and reshaping the future of HR management. These solutions serve as the bridge between your organization's visionary strategic goals and the daily operational tasks involved in managing a dynamic workforce. Join us on this journey to discover the innovative tools revolutionizing HR management. Whether you are an experienced HR professional looking to modernize your practices or a business owner wanting to improve employee management, this post is your gateway to the exciting world of HCM software.

What Is Human Capital Management Software?

Human Capital Management (HCM) software is a valuable tool for businesses that aims to streamline and optimize human resource management. Also known as Human Resources Management System (HRMS) or Human Resources Information System (HRIS), it is designed to effectively manage the most valuable asset of an organization – its people.

The purpose of HCM software is to boost productivity, decrease the number of manual tasks, increase precision, and provide HR professionals with the necessary resources to attract, retain, and cultivate top-notch employees. It is a valuable asset for organizations seeking to establish a vibrant, data-oriented, and employee-centric HR atmosphere.

Features of Human Capital Management Software

The best Human Capital Management software typically involve the following features:

  • Recruitment and Applicant Tracking: HCM software supports the complete recruitment process by facilitating job posting, applicant data management, and automation of screening and interview scheduling.
  • HR Administration: This feature is designed to handle employee information efficiently, keep track of personnel records, and streamline HR administrative duties such as managing leave and tracking attendance.
  • Employee Onboarding: By automating tasks such as paperwork, training modules, and orientation schedules, HCM systems make integrating new employees into the organization seamless.
  • Performance Management: The platform offers a variety of tools to help set performance goals, conduct evaluations, and provide feedback. It also allows for storing and analyzing performance data, enabling informed decision-making in the HR department.
  • Talent Management: HCM software typically consists of modules for talent acquisition, development, and retention. This encompasses various aspects, including recruiting exceptional talent and supporting employee growth through training and development initiatives.
  • Analytics and Reporting: These systems offer robust analytics and reporting capabilities that empower HR professionals to make informed decisions based on data. These insights can include valuable information about workforce patterns, employee retention rates, and other relevant metrics.

Benefits of Using Human Capital Management Software

HCM software provides organizations with the tools to improve their HR processes, better manage employees, and achieve success. Let's discuss the key advantages of using HCM software to revolutionize your HR practices:

1. Improved Data Accuracy

Accurate employee data is essential for HR departments, particularly in regard to payroll and compliance. HCM software efficiently centralizes and handles employee information, minimizing the chance of inputting errors. By maintaining precise and current records, organizations can be confident in error-free payroll calculations, accurate tax deductions, and adherence to labor laws. This not only results in cost savings but also helps businesses avoid legal complications, making it a crucial advantage.

2. Streamlined HR Operations

HCM software streamlines HR tasks by automating and simplifying payroll management, benefits administration, and time-tracking processes. This automation reduces the workload for HR professionals, saving time and minimizing errors. With accurate and timely payroll processing and consistent benefits administration, HR teams can concentrate on strategic initiatives and employee-focused activities. This goes a long way in boosting the overall productivity of the organization.

3. Better Recruitment

Recruitment and talent acquisition play vital roles in HR. HCM software simplifies these tasks by enabling HR professionals to post job vacancies across various platforms, efficiently screen applicants, and oversee the entire hiring process. This not only saves time but also ensures candidates have a seamless and positive interaction with your company. This enhances your reputation and helps you attract highly skilled individuals.

4. Compliance and Security

Ensuring adherence to labor laws and safeguarding data security are crucial for any organization. By using HCM software, businesses can align their HR practices with legal requirements, minimizing the risk of fines and legal complications. Moreover, this software frequently incorporates strong security measures to protect confidential employee information, preventing data breaches and promoting data privacy.

5. Employee Development

A lot of HCM software comes with an in-built talent management feature that helps organizations identify and support talented individuals in their workforce. These features include keeping track of employee skills, offering training and growth opportunities, and developing career plans. By prioritizing employee development, organizations can improve employee satisfaction, decrease turnover, and build a more skilled and committed workforce. This proactive talent management approach contributes to the organization's growth and success.

Top 5 Human Capital Management Software

Now that we have discussed the important features and benefits of HCM software solutions, let's look at the top five leading human capital management software vendors.

1. Oracle Cloud HCM

The Oracle Cloud HCM is a comprehensive cloud solution that seamlessly integrates all human resource operations and individuals within your organization. The Oracle HCM Cloud is recognized for its robust HR features, such as recruitment, benefits administration, talent management, payroll, and workforce analytics.

One of its distinguishing qualities is its user-friendly interface, which is easy for both HR professionals and employees to use. Additionally, it incorporates advanced technologies like artificial intelligence and machine learning to offer predictive insights. In addition to these core features, there are other impressive functionalities offered by this fantastic HCM solution. For example, it offers self-service compensation charts for employees, dashboards for profitability and cost management, and various scheduling capabilities like static schedules, holiday calendars, dynamic shifts, etc.

What impressed us most about Oracle Cloud HCM is the fact that the platform is suitable for organizations of all sizes. It can be easily scaled and customized according to the requirements of the HR manager.

Pricing: Oracle Cloud HCM does not display its pricing publicly. You can get in touch with Oracle's sales team for accurate pricing details.

2. UKG Pro

If you are searching for a comprehensive HCM suite that can handle every human capital task in a single platform, consider checking out UKG Pro. It is a sophisticated and highly acclaimed HCM and workforce management solution that offers a wide array of features. With its comprehensive coverage for HR, payroll, talent management, time and attendance, etc, the software offers a seamless and unified user experience for both HR professionals and employees.

UKG Pro seamlessly integrates with UKG Dimensions, allowing for advanced workforce management. Another excellent feature of this software is its robust employee self-service functionalities. Employees can conveniently access upcoming events, schedules, pay details, as well as other important HR and company information through the UKG Pro mobile app.

In addition to the above features, the platform offers user-friendly interfaces and extensive analytics, allowing organizations to make well-informed HR decisions. The software is ideal for midsize and large companies looking to simplify their HR and workforce management processes. The software has a presence in over 100 countries. So, MNCs can easily use it for managing their global workforce.

Pricing: Pricing information is available upon request.

3. Eddy

Eddy is an award-winning all-in-one HR and human capital management software that you can use to handle every aspect of employee management. From hiring and onboarding to day-to-day administration and payroll, the software helps you manage everything. For example, there is Eddy Payroll for HR managers who want to simplify their payroll management. The solution is designed specifically for local businesses that want to save valuable HR time, minimize payroll errors, and ensure compliance with complex laws and deadlines.

Similarly, you can use Eddy People for people management. Eddy People is a comprehensive HR and people management platform designed for local businesses. With it, you can easily track and manage essential employee data, streamline your manual HR processes, and enhance your overall employee experience. There are various other solutions within the software that are capable of handling core HR functions.

As an HCM solution, Eddy is primarily designed to meet the needs of small and mid-sized businesses. It stands out for its simplicity and efficiency, making it the perfect choice for organizations seeking an easy-to-use and cost-effective solution.

Pricing: Eddy offers various plans that you can choose from. Pricing information is available upon request.

4. Workday

Workday is a top-tier cloud-based HCM software solution that is widely recognized due to its flexibility and extensive range of features. It encompasses various aspects such as HR, payroll, benefits management, and talent acquisition. Workday's user-friendly and intuitive interface is highly regarded, enabling HR professionals and employees to easily navigate and utilize the platform.

The software can help you boost your workforce planning with its unparalleled levels of planning and analysis. You can formulate a more intelligent, skill-oriented approach to shaping your workforce strategy. Gain insight into your personnel, identify areas of talent deficiency, and plan for the future of your workforce.

With its robust reporting and analytics abilities, Workday makes it easier to make data-driven HR decisions. It is especially favored by large enterprises because of its scalability and flexibility. The platform is highly adaptable for growing organizations and provides the necessary tools for efficient HR operations, talent management, and compliance with regulations.

Pricing: Workday's pricing details are available upon request.

5. Rippling

Rippling is another top-notch human capital management software that can help you manage your global workforce. Rippling offers a unified system that allows you to effortlessly hire, pay, and oversee employees and contractors. It doesn't matter whether you have a small team in the US or a globally dispersed workforce.

With Rippling, you can onboard your employees and contractors in less than 90 seconds. Not only that, but the software also allows you to pay your international in their local currency within minutes!

Rippling simplifies various HR and IT tasks such as payroll, benefits administration, and device management. Its standout feature is its user-friendly interface, which makes it suitable for businesses with different levels of technical expertise. Moreover, it offers integration with a range of third-party applications, enabling organizations to create a personalized HCM ecosystem that meets their specific needs.

Pricing: Get in touch with Rippling's team to get a free pricing quote.

Conclusion

So there you go! These were the top five human capital management software companies you should check out. Human Capital Management (HCM) software has become vital for organizations aiming to enhance HR operations, efficiently manage their workforce, and improve employee experiences. We have researched and identified the top five HCM software vendors in the industry, namely Oracle HCM Cloud, UKG Pro, Eddy, Workday, and Rippling. These vendors offer a wide range of features and capabilities suited for organizations of all sizes and industries, making them the leaders in this field.

Nevertheless, the HCM software is not the only aspect to consider in achieving a high-performing and engaged workforce. A first-rate talent assessment solution is often necessary. HiPeople is an exceptional solution that should be taken into consideration. HiPeople is a cutting-edge and adaptable talent assessment software that gives organizations the power to make informed choices based on data. This software provides an extensive Assessment Library with a range of assessments tailored to different HR needs, including hard skill assessment, cognitive testing, and more. You also get top-tier reference checking and integration features with HiPeople.

In addition, HiPeople's interface is easy to use, and it offers powerful analytics features that allow HR professionals to gain an in-depth understanding of candidates, potentials, and cultural fit. This valuable information makes talent decision-making easier, resulting in improved hiring decisions and more effective employee development strategies. Sign up for HiPeople today!