Human capital management refers to the overall procedure involved in dealing with employees. Human resource management (HCM) software has been widely used by businesses so that they may collect more information, exert more control over HR strategy, and streamline HR processes. Some companies have succeeded with HCM software solutions like Paycom partly because of how well the employee lifecycle is managed.
What is the Employee Life Cycle?
An employee lifecycle is a management tool illustrating an employee’s journey through the organization. An employee’s entire period working for a firm is divided into several stages by the employee lifecycle:
In many circumstances, the employee life cycle begins before you directly interact with the potential hire. The attraction phase is the first stage of a worker’s journey with a company. You can’t hire someone unless they’ve heard of your business, either through job advertising or elsewhere, and have some interest in what you do. This may be easier for well-known national brands, local enterprises, or industry-leading organizations.
Recruitment is the second phase of the employee life cycle. At this point, an organization’s primary focus is expanding its talent pool. A corporation requires a recruitment strategy once it has attracted qualified people. They should consider what kind of workers they want to hire and how they will find them.
Recall your very first day on the job. It’s a roller coaster of emotions, at once thrilling, dizzying, and nerve-wracking. It takes a group effort to get new hires off to a good start. When bringing on a new employee, it’s essential for hiring managers, HR, and IT to work together to onboard and train them as quickly and effectively as possible, all while imparting business values and introducing them to coworkers.
One of the most looked at qualities in a prospective employer is the opportunity for professional growth and advancement—workers like being able to learn new things and advance in their jobs. An organization needs to map out a path for workers to advance in their positions. The organization is responsible for providing its employees with possibilities for growth; however, some of that growth may result from the employee’s initiative.
Below are the ways how HCM manages employee lifecycle:
Employers may advertise jobs, collect resumes, screen applicants, and schedule interviews, all with the help of applicant tracking software, which is included in many HCM software packages. When incorporated into the HCM process, monitoring a candidate’s progress and converting them from a potential to a hired worker is simple.
Improved employee experience:
Employees enjoy a better first day on the job if they can get started using company resources like email and file sharing quickly and easily.
Multifactor authentication (MFA) and SSO (single sign-on) allow workers to access the business wiki and make changes to their profiles on the central employee portal with just one login credential. This means they need only the barest of instructions before getting to work. Data about employees may be moved quickly and easily between systems thanks to in-built integration and procedures. Consequently, new hires won’t waste their first-day completing administrative tasks.
Human resource management software facilitates monitoring of a worker’s progress toward their objectives. Additionally, it can provide a more stable medium for constantly exchanging information and feedback between employers and employees. Many HCM software solutions have integrated payroll and benefits functions, which is useful given the correlation between salary and retention.
HR Procedures That Can Be Scaled Up:
Human capital management (HCM) systems like Paycom can be made more scalable with the help of the correct partner integration to deal with the frequent shifts in HR procedures. These systems allow for a great deal of flexibility, making it easier for HR and administrative staff to adapt to new regulatory mandates and large-scale workforce shifts.
The human resource management software may store all the necessary papers for an employee’s onboarding and send them in a single email before their start date.
Automation reduces manual work:
Imagine the HR department’s workload if they had to enter each employee’s information manually. Human resource management software helps automate routine tasks by aggregating data from several sources to compile a complete picture of an organization’s workforce. Therefore, automating and integrating system-wide functions can make HR procedures more precise and efficient. Employees benefit from self-service data management tools that reduce the administrative load for human resources departments.
Human capital management software (HCM) continues to affect HR operations, making them more straightforward, efficient, and cost-effective thanks to creating tech-enabled, collaborative teams. It’s wise for HR departments to use HCM software solutions to manage better and streamline the full employee lifecycle.