Human capital management software supports all aspects of the HCM function and eliminates manual processes. Such software may bring talent planning, management, and analytics together in a single system so companies can help people reach their full potential now and into the future. The best HCM software makes it possible for a company to manage HCM processes effectively and support its workforce in faster, smarter, and more agile ways than it ever could before.
At Workday, human capital management software is an all-in-one solution. Instead of having separate applications for talent management, workforce analytics, and so on, human capital management software integrates those functions into one platform. What’s more, HCM software can help an organization plan future staffing needs by sharing information with other enterprise applications, such as payroll or financial management software. HCM software may be sold stand-alone or as part of a larger enterprise solution.
How does an HCM system enable employee success?
Today, a shift in the fundamental nature of work, new technology, and the needs of new generations are changing how work gets done, employees engage, and organizations operate. As a result, companies are reimagining performance management to focus on the future rather than past contributions.
Workday's cloud-based HCM solution has been designed to cope with this changing world, enabling employee performance and success in a number of ways, including:
- Contribution: By adding goals into an HCM system, employees can better understand their current objectives and expectations, and easily track and highlight their achievements in the system.
- Capabilities: Information collected by HCM systems like Workday enables employees to understand their strengths and growth areas based on feedback from managers and peers. Taking this one step further, learning applications (like Workday Learning) can recommend relevant content to help grow certain skills or prepare them for the next role.
- Career: The No. 1 reason people quit their jobs is the inability to learn and grow, according to the 2019 Deloitte Global Human Capital Trends report. To help employees think about next moves or how to grow careers, data within an HCM system like Workday can show the job moves of others who have held similar roles. Employees see how peers and mentors grew and moved organically within the company so they can understand possible career paths, and live an agile, always-learning work life.
- Connections: Deepening relationships with peers is critical to increasing employee engagement and delivering business results. Through an HCM system like Workday, employees can build out their own internal networks by connecting with peers, as well as find mentors with the specific skills and experience, to develop or further their careers and improve their understanding of the business.
- Compensation: Employees want to be fairly rewarded. The compensation functionality within HCM systems like Workday enables managers to gain insight into performance and make comparisons across the team to ensure equitable compensation.