The conception of the HCM solution has become common among organizations because the solution is known to simplify the HR functions. But before we get into the functionalities of HCM, we need to understand more about HCM.
What is HCM?
The HCM solution is a product of Workday, and it was released in 2006. The Workday HCM is a cloud-based solution for enhanced HR functionalities. The software enables organizations to streamline expertise management, payroll, workforce planning, time tracking, payroll, recruitment, and others. The Workday HCM solution eases out a plethora of HR functions within an organization.
What are the benefits of using Workday HCM?
- Efficient Human Resource Management
The HRM is an integral part of the Workday HCM and it helps organizations manage the entire spectrum of human resource management with ease right from the beginning till the end. Moreover, as the solution is cloud-based, customers can access the solution anytime and from anywhere.
- Workforce Planning
It gives HR professionals an insight into the existing workforce of the organization and its future needs. Some of the notable functions include gauging the workforce concerning the available skills, location, costs, and performance of the employees. It helps the organization come up with a flexible and powerful headcount plan. Besides, the HCM solution also aids in finding out the HR problems that exist in the organization and last but not least, the solution is known to eliminate talent gaps, which in turn helps to meet organizational goals.
- Eases the audit and the internal control processes
The Workday HCM is known to reduce the cost of both internal and external audits. The specialty of Workday is that it always keeps a copy of in-memory HR data, which in turn allows the delivery of audit data anytime. Some of the key features of Workday audit include:
- Identifying the top issues of the organization with audit reports and dashboards
- Enhances the efficiency of the audit process of the company as there is a single source for the numerous applications that are present within the organization.
- Customers or companies become independent because they can run their report.
There is no denying the fact that recruitment has a significant role to play for an organization’s growth. Workday’s recruitment software has made the recruitment procedure for organizations easier in the following ways.
- HR professionals can review the profile of the candidates anytime and from anywhere.
- They can make instant offers to employees as recruitment and compensation are in one place.
- For applicants, it is easier to import information through social media platforms.
- There is a boost in productivity due to automation.
- Compensation Management
It is quite a common practice that employees soon leave an organization if they are not happy with the compensation offered. However, with the help of compensation management software of the HCM solution, it gives the HR professionals an idea about the compensation that is required to retain talent. It also has a tool that aids in the customization of packages.
To sum up, if you want your organization to experience sustained growth, it is time that you opt for the Workday HCM.