Do you know having the right HCM software can make all the difference in managing your workforce?
It’s the 21st century, and employees no longer fear switching jobs for a better work-life balance.
This makes HR managers more inclined toward providing employees with a diverse and inclusive work environment. At the same time, it makes their job more challenging than ever before. That’s when the HCM software came into action!
HCM (Human Capital Management) software is a cloud-based HR application that helps businesses manage their employees, from hire to retirement.
But how do you choose the right HCM software for your business?
Down the lane, we’ve discussed human capital management and how it differs from regular HR software. The good news is we’ve done the research for you and compiled a list of the best HCM software options your HR department needs!
What Does HCM Mean?
Human Capital Management refers to both a business strategy or a set of modern IT applications and integrated tools used to implement that strategy.
Back in the 60s, when computing revolutionized and accelerated automation, economists began to see employees as irreplaceable units. They considered them not workers performing routine tasks but people with specific skills and talents that could fuel business growth.
And thus, coined the term “Human Capital.”
The traditional method of HCM, consisting of manual processes, is no longer in play.
Technology and cloud-based HR platforms have transformed the tiresome process in recent years. Today, HCM solutions automate and streamline workforce management, including recruiting, talent management, workforce planning, learning, time-tracking, and payrolls.
Though sometimes used interchangeably, HR and HCM software have subtle distinctions.
How Does HCM Differ From Regular HR Software?
Regular HR software is categorized into Human Resource Information System (HRIS) and Human Resource Management System (HRMS).
Both of these mainly automate the daily administrative functions carried out by HRs, like collecting and storing employee data, payroll and tax compliance, onboarding, reporting, and performance management.
An HCM software, in addition to HRIS and HRMS features, comes with more complex tools for talent management and budgeting.
Simply put, HCM software is more comprehensive in nature. It aids in strategic workforce planning, compensation budgeting, and modeling. Moreover, the core principle of HCM software revolves around labor utilization rather than mitigating regular HR tasks.
Let’s understand it with the features each one brings in.
Regular HR Software
Organizational database management
Payroll and tax compliance
Recruiting and onboarding
Complete HR software suite
Compensation and budget planning
Workforce planning and modeling
Let’s now look at the best HCM software for your organization.
Bambee is a cloud-based HRO (Human Resource Outsourcing) solution that provides a dedicated HR manager and a suite of tools to streamline your HR processes and workflow. It employs a nice mix of smaller to larger company HR specialists.
Quickly and automatically perform internal audits to identify HR gaps and keep your internal practices updated.
Enable HR Autopilot to ensure your core HR policies are up-to-date and acknowledged (signed) by employees.
Custom training and certifications based on business ethics; get real-time training progress of employees
Built-in report cards to gauge employees against set goals and open up a regular dialogue to give praise, constructive feedback, or take corrective action
Streamline payroll functions with Bambee’s two-day direct deposit for employees; automatically handle federal, state, and local taxes.
Has Smart Cabinets to store all important HR documents in one place
Whether you have one or 500 employees, Bambee has the perfect HR Manager for your business. Besides, the software offers flexible and low-ball pricing plans making it an excellent choice for small businesses.
ADP is a global provider of human capital management (HCM) solutions that unite HR, payroll, time-tracking, talent management, and employee benefits administration under one platform. Its all-in-one management makes it a popular choice for over 1,000,000 clients globally.
Get custom-configured payroll services with flexible payment options; automate payroll processing, tax calculations, and integration to other HR tools
Easily integrate with third-party accounting, finance, time-tracking, and training software with ADP’s dedicated marketplace for HR tools
Use ADP Kiosk to track time and increase productivity and transparency in employee functioning
Leverage ADP Talent to streamline employee management, from hiring to training, and retirement planning
Makes it easy to outsource payroll and HR tasks or partner with ADP as a Professional Employer Organization (PEO) for full outsourcing
ADP’s HR outsourcing now supports over three million+ employees helping tens and thousands of SMBs streamline their HR operations.
Rippling is a one-stop solution to streamline workflows across HR, IT, and Finance departments and bring all your organizational data under one roof.
Global payroll services with automatic tax filing to pay employees and contractors in their local currency within 90 sec
Use the Custom Workflow Builder to automate any manual process or sync data across multiple systems at once– no code is required.
Has a library of 500+ read-to-install apps, including HR, IT, and Finance Tools
Easily manage team benefits from health insurance to retirement plans and compensation bands in one centralized system
Smart time-clock enabling employees to clock in and out and employers to review and approve breaks in real-time
Choose from a gallery of survey templates to quickly create employee surveys; automatically send surveys based on event-driven triggers
Rippling HR cloud lets you easily manage in-office, remote, or contractual employee operations —from onboarding to offboarding.
Ceridian Dayforce is an all-in-one cloud-based HCM software that offers core HR and employee management benefits. Because of its native administrative HR, payroll, and workforce management capabilities, the software is excellent for organizations with large numbers of blue-collar workers or contractual employees.
Offers advanced HCM analytics to dive deeper into HR functions and present insights in an easy-to-read dashboard
Use talent intelligence to make smart hiring decisions and reduce time-to-hire; grade applicants with the help of AI and machine learning to recruit precisely
Intuitive payroll service with automatic tax calculations in over 8000+ local, state, and federal jurisdictions
Integrate payroll with Dayforce Wallet for free and allow employees to request a payout of their earnings any time during the pay cycle
Use the TeamRelate feature to get insights into personality types, helping them understand how to better position employees to succeed
With Dayforce Wallet mobile app, you can instantly access net pay and requests and manage transactions from within your fingertips. You can also avail of Dayforce Prepaid Masterclass for purchases, bills, and cash withdrawals with exciting cashback rewards.
Paychex helps businesses streamline payroll, HR, benefits administration, and other related tasks. With over 700k+ users and 45 years of experience, Paychex has become a trusted provider of comprehensive HCM solutions for businesses of all sizes.
Payroll processing with automated calculations and tax filings; includes tools for managing employee deductions, garnishments, and reimbursements
Access to employee benefits such as group health insurance, retirement services, health savings, dental and vision insurance
Has an online learning management system including hundreds of training sessions with the ability to add your own, including videos, and quizzes
Easily track and flow employee hours through payroll and other HR functions using Paychex Flex Time
Leverage Paychex APIs to seamlessly integrate with software solutions for accounting, hiring, HR, and more
Paychex comes with a dedicated mobile app and excellent customer support, making it a handy plus reliable solution for SMBs. The platform offers custom pricing, so you can simply answer a few questions to get the features that fit your business at a price that suits your pocket.
Bob is a modern-day HCM software designed from a management perspective to help businesses manage people efficiently and smoothly. It’s a great solution for SMBs that want performance, engagement, and culture to be at the center of their organization. Fast-growing global businesses like BigID, Kustomer, Rovio, and more love Bob.
Automate all HR functions, from employee onboarding to performance management, using core HR features
Manage the entire compensation process, including salary reviews, bonuses, and reimbursement, in one intuitive and global platform
Bob’s time management feature makes it easy to request and approve holidays, sick days, PTO, and more—all within your flow of work
Offers a centralized dashboard for payroll management; payroll-related data is automatically updated and synced to other HR tools in real-time
Enable Your Voice to let employees speak up on concerns or misconduct; the feature is protected by whistleblower protection law
Experiment with various customization options across Bob without impacting data or the existing Bob environment
Did Bob feel like the right HCM software for your business? You can request a free live demo from their pricing section.
Workday offers a robust enterprise-grade HCM system that delivers seamless workforce management. The platform is trusted by leading companies like Dell, Comcast, IBM, and more.
Use Workday’s Skills Cloud, an AI-driven tool to align talent with opportunities automatically
Offers a suite of HR tools to optimize your HR workflow, including payroll, time tracking, compensation, benefits, and workforce management
Leverage augmented analytics to get insights on organizational datasets via easy-to-understand dashboards
Use employee-centric tools to listen to and engage employees, building diversity, equity, and inclusion across departments
Has thousands of public APIs and a marketplace to seamlessly integrate Workday with your existing IT ecosystem
With extensive analytical and reporting capabilities, Workday is a comprehensive HCM software best suited for medium to large-sized enterprises. Although it might take time to learn its vast functionalities, once learned, the software offers the best tools to streamline and automate end-to-end HR processes.
Eddy is a leading Human Capital Management (HCM) tool designed to streamline HR processes and empower your workforce. The platform offers a comprehensive solution for managing all aspects of your employee lifecycle, from recruitment and onboarding to performance management and offboarding.
Post unlimited job postings automatically to career pages; create a custom, drag-and-drop hiring pipeline for each job to manage candidates at every stage and hire faster
Build custom onboarding packets that include personalized first-day messages, digitally sign-able paperwork, and trackable task lists for new hires
Use Eddy’s time and attendance feature to track employee hours and calculate pay based on your company’s policies
Automatically calculate taxes, send payments, review and approve hours, add reimbursements, bonuses, and more – all from a unified dashboard
Create individual employee cards to track personal and contact information, job and compensation details, assigned assets, signed paperwork, time-off balances
Enable role-based access to control who can access what information, which is essential for protecting sensitive data
Eddy offers a 14-day free trial with all its plans. You can also enhance your base plan with further add-ons for payroll, hiring, and more.
SAP HCM solution, preferably known as HXM (Human Experience Management), is a cloud-based software that comes with a suite of innovative HR tools empowering individuals to reach their full potential at work while strengthening the connection of HR across the business.
Analytical dashboard and reporting, including event-based triggers, 360 feedback, and digital tools to improve employee experience and engagement
Leverage built-in workforce analytics to get data-driven insights across all your HR processes to make faster, better decisions with reduced bias
Built-in digital knowledge center providing simplified access to centralize document management with simplified access to employee content.
End-to-end talent management from recruiting to performance management, training, and compensation benefits
Flexible and easily scalable solution (best for large or fast-growing organizations)
SAP’s HCM software can be complex for first-time users. Fortunately, the team at SAP recognizes this and provides tons of free resources, guides, and video tutorials to get the solution up and running for your organization.
With their innovative features and customizable solutions, these top HCM software are guaranteed to streamline your HR processes and elevate your organization to new heights.
So why settle for less? Look at our list and discover the perfect HCM software to empower your HR team today!
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