Human Capital Management

Human Capital Management (HCM)

Used by the Human Resources Department to facilitate a coherent and strategic approach to the way a firm manages and supports the people that both empower the organizations and burden the organization

Recruit-to-retire process

management of all aspects of an employee's relationship, or life cycle collectively

human capital

the set of skills that employees acquire in their jobs through training and experience which increase their value in the marketplace

Advantages of ESS:

1. Improved service for and communication with employees 2. Streamline administrative processes and reduced costs for HR 3. Employee sense of ownership of their personal information and a renewed sense of trust in their employer 4. Error reduction 5. More timely updates

Ten Things hard to do without an EPM

1. Increase Rating Accuracy and Workplace Productivity by Differentiating Employee Performance 2. Enforce Goal Alignment 3. Actually Do Something with Employee Development Plans 4. Enforce Consistent HR Performance Guidelines 5. Provide Enterprise-Wide Access to Performance Information 6. Get Better Data and Better Results 7. Encourage Proactive Communication 8. Beat the "Annual Because it's Manual" Mantra 9. Improve Employee Engagement with "Social Networking" Collaboration 10. Retain Key Contributors

Employee Self-Service (ESS)

Addresses and minimizes non value-adding activities by allowing employees and managers to enter and update their own employee records and instigate documents and procedures related to them; Accessed via the corporate Intranet

Learning Management (LM)

Administering employee learning, thereby managing talent and increasing intellectual capital in the organization; Includes: employee training profiles, courses, instructors, on-line scheduling, and course/teacher evaluations

Time and Labor Management Module

Allows workers to submit timecard data online and supervisors to review and approve time online; Helps control costs and time worked, consolidate timecard information, prepare information relevant for the payroll process, and support forecasting of labor requirements and utilization based on forecast demands

Talent Management (TM)

Analyze personnel usage within an organization and help retain good employees; Aligning each employee's contribution with organizational needs; Building a talent database, succession planning; Optimizing employee contribution

Compensation Module

Automates accounting and preparation of payroll checks for employees, including salaries and wages and benefit deductions; Manages direct deposits, which help minimize security risks associated with issuing paper checks

Manager Self-Service (MSS)

Empowers managers to make departmental decisions that align with strategic business objectives in areas such as compensation, staffing, budgeting, and cost management

Personnel Management Module (PM)

Handles most legal and financial responsibilities of the whole organization; Captures employee master data

Recruitment Management Module (RM)

Helps convert job candidates into favorable results by supporting the steps along the way that ensure an organization finds the right candidate including: Communicating career opportunities to broad, qualified applicant pools; Streamlining application methods for job seekers; Evaluating an applicant's suitability as an employee; Matching applicants with job descriptions; Onboarding

Benefits Administration Module

Involves management of benefits for qualified employees; Administer and track employee participation in benefits programs including: health and life insurance plans, flexible spending plans, 401(k) plans, profit sharing plans, stock plans, retirement plans, and leave plans

Reasons to implement HCM

People Matter HR activities are data intensive HR data is extremely sensitive HR data is valuable to the rest of the organization

Environment, Health, and Safety (EHS)

Provides the necessary tools to administer compliance and manage risks associated with health and safety regulations that arise from local, state, and federal agencies; Help overcome the inherent problems of disparate systems, regions, and business units

Employee Performance Management (EPM)

Streamlines employee appraisals from goal planning and coaching to performance assessments and rewards

Travel management

automates the planned trip-to-payment process; Reduces travel costs, centralizes travel planning, and incorporates corporate travel policies; Includes submitting travel requests, online booking, and submitting and settling travel expenses