7 Ways to Optimize the Human Capital Management Software
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One of the best known HR technologies is workforce management software, which is also known as human capital management software. For years, large organizations have used this kind of software, but now it has more capabilities than before.
Discover the ways human capital management software can help HR leaders work more efficiently and can even improve the employee experience:
Payroll
These software systems automate payroll, so that workers receive their earnings in a timely manner. This process also allows for the correct amount of tax and benefits to be taken out of the pay check without the possibility of human error. The software offers a dashboard, so employees can see their stubs and when payments are being made. Some also break down the payment to show the amount of tax, health insurance, 401K, etc. Hourly workers can track hours paid, overtime, and all the rest.
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Paid Time Off
Within the dashboard, the company and individual employees can also keep tabs on allotted time off, including sick days, bereavement, family leave, and paid time off (PTO). In fact, employees can see what days are available to them and put in requests for time off from the dashboard. There's no losing track of the time given or taken.
Benefits Management
Human capital management software allows people to see the benefits for which they have signed up - medical insurance, 401K, gym memberships, subscriptions, and more. Again, this is an easy way for employees to see what's available to them and how they have been using their benefits.
Optimizing Schedules
While employees have their individual pay stubs, schedules, and benefits in full view, the employer can get a better picture of scheduling patterns. Some of the software offers the chance at forecasting or predicting models based on historical patterns. This can help HR leaders optimize schedules to reduce costs and do more with less, a necessity in challenging economic times.
On-Demand Pay
On-demand pay, which is also known as earn-as-you-go pay, refers to getting reimbursed for your work as you complete it. This is a gig economy phenomenon, and more traditional organizations are adapting. This service is not always possible in human capital management software, but it's becoming more ubiquitous. Experts believe it will be commonplace in the future.
Monitoring Compliance
In the wake of COVID-19, many companies devised rules about mask wearing, COVID-testing, and quarantining. Some convenience stores reportedly used human capital management software to monitor compliance of their workers. It can be used for other company policies and regulations. In professions that are closely observed by federal or state authorities, this kind of usage can be a great help.
READ: 7 Proven Ways to Improve Employee Engagement and Experience
Employee Self-Service
Convenience stores also used human capital management software to allow employees to swap schedules during the pandemic. The idea was that the employees could work it out among themselves if someone had childcare duties beacause of school closures or needed to take care of a sick relative or was sick themselves. This service empowers employees, demonstrates the employer trusts them, and makes for an overall positive experience when the chips are down.
When used properly, human capital management software helps HR leaders work more productively and manage teams of talent and individuals in a more succinct way. It can provide an overview of workers schedules, pay, and benefits that allows for analysis and planning for the future. In fact, some software offers the possibility of deploying predictive analytics to better inform decision-making.
At the same time, human capital management software enables employees to be more self-sufficient. Often, the system demonstrates that the employer trusts them to make their own decisions and take full advantage of their compensation and benefits package.
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