Find the Best HCM Software
Best HCM software companies are Oracle Human Capital Management, Workday, BambooHR, and Oracle NetSuite.Such human capital management (HCM) solutions automatically manage the entire lifecycle of the organization's employees.
List of 20 Best Human Capital Management Software
Emergents | 2023
Manage and engage your workforce wherever they are
Sage HR is fast-becoming 1 HRIS software in staff leave and employee database management. By reducing the overhead time and money spent on paper chasing employees' leave requests, Sage HR helps you to solve your HR challenges and let’s you to focus on building your business! Read Sage HR Reviews
A complete HR solution that improves end to end em
Suite of human capital management applications: HR, benefits, payroll, performance and talent management, suitable for midsize and enterprise customers with 1000+ employees. Learn more about Oracle Fusion Cloud HCM
Category Champions | 2023
All-in-One Application Tracking System
Zoho Recruit's applicant tracking system and recruiting software is designed for modern workforce that helps you hire more qualified candidates faster. Never miss on a hire. Read Zoho Recruit Reviews
Zoho Recruit's Pros and Cons
I found best thing about Zoho Recruit is, Its mobile access. The mobile app keeps us connected on the go, allowing us to review applications, schedule interviews, and stay on top of recruitment, no matter where we are.
Zoho recruit is very easy-to-use and intuitive.
Zoho Recruit should focus on the level of customization in terms of data visualization and report formats could be improved.
It would be perfect if the Romanian translation was available.
High Performer | 2023
Complete employee experience platform
Keka is the best human resource management system for every business. The only HR & Payroll software that is employee-centric. Unlike traditional HRMS solutions, we are a modern new generation platform focused on user experience and simplifying complex workflows. Read Keka Reviews
Keka's Pros and Cons
Team can check the upcoming leaves of Team-mates. Operations are smooth and tax management section is impressive.
Keka automates many of the procedures and streamlines the payroll and HR functions. I particularly enjoy how it interfaces with our benefit providers, keeps all employee data in one local location, and makes updating a snap, especially when doing mass updates.
Sometimes the employee face problem in Clock-out. May be some internal issues which can be taken care of easily.
Sometimes it's really hard to contact the support team, and there is a lack of communication and collaboration among different departments. Need to resolve this issues.
Category Champions | 2023
factoHR - HR Solution for Growth
factoHR is an award-winning Best HR Platform trusted by 2000 Companies & 1.8 million employees, which includes Tata Steel BSL, DENSO, Cycle Agarbatti, BSE, Murugappa, & many others who have improved their productivity by more than 70 %. Read factoHR Reviews
factoHR's Pros and Cons
One of the most notable features is its attendance monitoring and geo-fencing. I can monitor my employees’ attendance and assign them geo boundaries for attendance registration.
The system allows employees to apply for leaves as well as check their leave balance. They can also regularize their attendance when they forget to sign in/out.
We went through some hardships when the software committed some errors in attendance. In addition, there were some issues with biometric integration.
Sometimes, employees can not mark their attendance from mobile phones. The mobile application shows some issues in that.
High Performer | 2023
World's Most Powerful HR and Payroll Software
HRMantra is the World's most feature rich HR and Payroll software helping automate the most complicated of hire to retire HR processes easily using its CRORES of ready to use features. It saves 30 min per emp per day giving over 10 times ROI. 100% project success assured. Read HRMantra Reviews
HRMantra's Pros and Cons
HR Mantra is an easy software to use. It has simple UI which helps everyone to utilise it easily. The additional features of filling out KRAs and pre loaded sample also makes it easier for the users to put less efforts.Theme options. Detailed report
You can easily navigate from one tab to another. Real time GPS tracking.
It is not equipped with all the feature you would like in a HR Management tool, it has it's own drawbacks like the tracking of attendance management. It is not completely automated and sometimes you have to reach out your HR and get the issue resolve
Mobile application of HRMantra needs a little bit of improvement rest is fine.
High Performer | 2023
Easy and Simple to use HR Software
greytHR is the preferred HR software for Indian businesses. It automates key areas of HR, payroll management, leave, and attendance tracking. With more than 9,000+ highly satisfied customers and managing 10 lakh employee records daily, we understand what it takes to deliver a high-quality software service on a 24 x 7 basis. Read greytHR Reviews
greytHR's Pros and Cons
Simple and intuitive to use. Easy implementation and flexible support.
Features including workflows, alerts, reports, and self service. Training and support are world class
UI can be improved. Also work flows are basic and helpful. It can be made more customer centric.
Integration with more apps I guess. Also require more webinar and training videos
Category Champions | 2023
Best HR and Payroll Software for Digital HR
Pocket HRMS can revolutionize your HR and Payroll operations by completely digitalizing your Payroll processing, attendance, digital onboarding and HR operations, allow your employees to access their information anywhere anytime using latest cloud and mobile technologies. Read Pocket HRMS Reviews
Pocket HRMS's Pros and Cons
I love the smHRty chatbot which provides quick replies and is very easy to use. Being an AI-based bot, it understands my normal language queries and carries out my tasks. I also love the fact that I can mark my attendance from the mobile app without being dependent on my company.
The most impressive aspect of pocketHRMS is its comprehensive suite of features that cover every aspect of HR management.
I believe the user interface can be optimized for a better look and feel. The current UI lacks the smoothness of competitors.
One area that could be improved in pocketHRMS is the reporting and analytics functionality. While the software offers a range of reports, expanding the reporting capabilities and providing more advanced analytics features would greatly enhance its value. This would allow users to gain deeper insights into HR data, make data-driven decisions, and extract more meaningful information for strategic planning and optimization of HR processes.
Contenders | 2023
Fastest growing HR software. Why? See for yourself
Comprehensive and configurable HRMS with advanced, AI chatbot-enabled mobile apps. Qandle's new age, user-friendly HR solution is loved employees, leaders and the HRs alike. Too good to be true? See for yourself but get ready to be blown away. Read Qandle Reviews
Qandle's Pros and Cons
Well organized and visually appealing tools that are simple to setup and run. Reports are easy to access, company metrics are easy to understand, and the features provided solve all of our business needs, employees enjoy using the product. They have done their research and crafted a solution that suits all of my needs.
This one sends me notifications about my attendance whenever I forgot to clock out and each.
NONE. I cannot think of any cons. I simply love the product and will recommend it.
Compensation. And expenses management.
Emergents | 2023
Mobile-ready Surveys, Forms and Polls
SurveyLegend enables you to create gorgeous mobile-ready surveys & forms on your tablet or computer. Share your survey with a click and view results instantly in real-time. SurveyLegend is the next generation of online surveys - engaging, platform-independent, beautiful, and free. Read SurveyLegend Reviews
SurveyLegend's Pros and Cons
Easy and fun to use from the beginning on. We worked with other survey softwares before, which were however not as satisfying as SurveyLegend because of its usability and the varieties of tools
A Feedback to improve is to have the possibility to upload a few more pictures than one in a question.
None so far
Category Champions | 2023
India’s Most Popular HR & Payroll Software
HR-One is a very easy, smart, scalable and cost effective HRMS solutions in HR Software. With 14+ power packed modules, it is well equipped to handle a complete HR operations from hire to retire. Available on cloud and on-premises, HR-One comes with flexible pricing options. Read HROne Reviews
HROne's Pros and Cons
It's one of the all-in-one platform to use where you can manage your attendance,leaves,salary slip,trainings,job openings at your organization.
The recruitment tool is good, we can track the all the offer letters on single dashboards
I did not like the popup while login "How is your mood today ".It asks everytime you login and sometimes becomes annoying.
Dashboards and reports not working properly, sometime taking so much time to load the analytics
Category Champions | 2023
We are a focussed time management software solution provider for corporate. We offer end to end HR solution from recruitment to retirement covering entire employee life cycle in an organisation. Our solution can be delivered as a product that can be used by the customer at his location. Best for large, medium & small business HR software Read Wallet HR Reviews
Wallet HR's Pros and Cons
Easy access of all modules
Able to get daily reports
Need to be shorten the module
Category Champions | 2023
Enterprise SaaS for the future Workforce
Akrivia is a new-age online HR software platform that enables HRs to engage with employees efficiently, save time on redundant tasks, and create an engaging workplace that sets a bar. Read Akrivia HCM Reviews
Akrivia HCM's Pros and Cons
The software's error-free payroll saves time on several levels. The software eliminates the need for rechecking and correcting mistakes that can happen before paychecks are issued.
The software is easy to use and implement, and the company's support is prompt and helpful, making it easier to implement the solution.
The leave management module of the mobile app needs to be updated more frequently. Other than that, the rest of the modules are perfect.
So far, I have not come across any cons.
The Leading HR and Payroll Management Software
HR Chronicle the leading HR and Payroll Management Solution of GCC Region, can make all of the routine HR and Payroll tasks easier to do and keep all of the information stored in one centralized location. It is available in both On-Premise Version and Cloud Version. Read HR Chronicle Reviews
HR Chronicle's Pros and Cons
Best Software; designed for UAE Market. The Team helps lot whenever needed. Additionally, Manuals, YouTube videos are the helping hands. I am eagerly waiting to use their new version.
user side, the system is really user friendly and has been adopted unanimously by all the staff. admin side, the system remains open and flexible enough to be adaptable to the specificities of our organization
Interface design can be improved. Apart from the interface, then everything is good.
nothing for the moment. we will certainly give additional feedback in 6 month, so after 2 full year usage.
Category Champions | 2023
New Age HCM for New Age Workforce
PeopleWorks is India's top Cloud-based HCM solution which ensures better quality, business continuity and sustainability of the entire HR function. PeopleWorks is equipped with 22 advanced HR modules with strategically designed UI to redefine the entire HR department. Read PeopleWorks Reviews
PeopleWorks's Pros and Cons
People works offers a user-friendly interface that is intuitive and easy to navigate, making it accessible to both tech-savvy individuals and those who are less familiar with technology. The installation process was a breeze, and I was up and running within minutes. The developers have done an outstanding job at creating a seamless experience from the start.
This company has good customer support. And easy to use one of the best part of this company
One of the most impressive features of People works is its versatility. It caters to a wide range of needs, making it suitable for various industries and purposes. Whether you're a business professional, educator, or creative artist, this software has something to offer for everyone.
There are no improvement needed as my opinion.this is a gold company for beginners
Tomorrow's HR Tech, Delivered Today
#1 Employee Experience Platform | Zimyo is a human resource management solution that empowers organizations to manage and retain great talent! Read Zimyo Reviews
Zimyo's Pros and Cons
The interface is very easy to useIntegrated HR and payroll managementEmployee self-service portal
"It is invaluable to have performance management tools. Goals provide a focus for the team and reviews bring everything together for an efficient but effective process. Our employees use the apps all the time instead of hiring administrators, so we can self-serve and provide better service for them by updating their information and requesting leave when it is convenient for them."
Speed is a bit slow sometimes and it takes a while to get used to the interface.
High Performer | 2023
An applicant tracking system for great recruiters
Great recruiters know how to find great candidates. It's all the other things, like scheduling interviews and sending out status updates that they need help with. So, we built Freshteam a time management software to help recruiters focus on the only thing that matters: recruiting. Read Freshteam Reviews
Freshteam's Pros and Cons
With Freshteam, you can attract, hire and onboard new hires, offboard exiting employees, and manage employee information, and time off - all in one place.
Initially, I felt difficulty in managing employees physically as it was too hard to record all the documents and data. Now after implementing freshteam, it is so easy from hiring to the end.
Budget friendly for small and medium sized businesses. This is the most affordable ATS with all the important features required.This has really given a good ROI overall.Overall we are having a good positive impact using Freshteam is highly recommended for small and medium sized firms.
Compared to other management sites, It would be better if it includes some other options like timesheet management, payroll, and attendance integrated with the internal database.
Category Champions | 2023
Complete HRMS and payroll for growing businesses
PulseHRM is a cloud-based HRMS and employee onboarding platform developed on Oracle tech stack. This time management software lets you start with the modules you need and add more as you grow. Read PulseHRM Reviews
PulseHRM's Pros and Cons
Ease of access menu and pretty easy to navigate through out the application
Not used by many leklle
Only difficult part is there's no search bar option.
Contenders | 2023
Hire-to-Retire HR software on Cloud
EmployWise is a cloud-based integrated employee life-cycle management solution that covers everything from hiring to separation; it automates all aspects of HR through its employee facing portal that moves administrative workloads out of HR through intelligent employee and manager self-service. Read EmployWise Reviews
EmployWise's Pros and Cons
Easy to install and use.
Its userfriendly, accessible and quiet simple to operate with ease of customisation
Make it easy to use.
The Design looks really old to me, I was expecting It to be rather stylish and appealing, however it doesn’t really ma
Category Champions | 2023
Software by BambooHR
Online Human Resources Information System (HRIS) and the best employee onboarding software that makes time for the work you were meant to do. But change can be hard. BambooHR guarantees your success when changing from spreadsheets to our intuitive online HR software. Read BambooHR Reviews
BambooHR's Pros and Cons
Most positive side for me,The Applicant Tracking System (ATS) that aids in finding and managing candidates, improving the hiring process's efficiency.
user friendly powerful
While the ATS is beneficial, users might find it relatively complex compared to standalone applicant tracking systems.
Traditionally, the role of the human resources (HR) department in an organization was limited to hiring and onboarding employees. Today, however, HR teams perform a multitude of other functions. These include payroll processing, conducting disciplinary actions, updating company policies, maintaining employee records, and acting as a liaison between staff and management.
This is where human capital management comes in. Human capital management, or HCM, refers to handling the workforce of a company. It covers the entire employee lifecycle – starting from attracting and recruiting the best candidates, training and upskilling them, payroll processing, compensation management, performance management, employee benefit and health management, and retirement.
So, what is human capital management software? Human capital management software, or HCM software, consists of a set of tools that helps in carrying out every HR-related activity. These platforms are cloud-based and designed to enhance employee experience.
Today, HCM software incorporates artificial intelligence (AI) and virtual assistants to enable companies to collaborate and share information among teams. Rather than considering employees as a cost, HCM considers them a business asset whose value can be maximized through strategic investment and management.
With the best HCM solutions, companies can not only automate and streamline their HR processes but also hire and retain the right talent. Let us look at some of the other advantages of human capital software.
Attracts and Retains Talent
Using an HCM platform, companies can identify and screen the right candidates across multiple channels. Be it through social media, online resumes, or LinkedIn, organizations can find the right talent, thus, increasing the hiring speed.
In terms of talent retention, HCM tools allow firms to identify each employee's individual strengths and competencies and match them to the right role.
Boosts Work Productivity
Top HCM solutions not only help identify which roles suit candidates best but also aid in creating programs and training sessions to upskill the candidate accordingly. These training programs are designed keeping the competencies and needs of the role in mind, improving employee productivity and efficiency.
Improves Employee Development
Besides providing upskilling opportunities, HCM tools also improve employee development. It entails tracking employee performance and identifying underperforming candidates. The performance gaps can be identified through performance reviews, training, surveys, and other sources of feedback.
A human capital management system automates mundane or repetitive tasks, saving time for HR managers to focus more on developing training programs and increasing engagement in the organization. Besides, it streamlines tasks which enables optimization of workforce deployment, ensuring that the company hasn’t hired extra than required. All these results in increased ROI for the investment in implementing the HR system.
Creates Standardized Compensation Structures
With an efficient HCM solution, businesses can design standardized compensation structures according to their needs. It involves setting budgets for each role and department and incorporating monetary rewards and bonuses into the compensation structure.
A human capital management software solution has multiple components. Let us look at each of them.
The best HCM software aids in employee tracking that involves managing the hiring, exit, and retirement of the entire workforce, including full-time, part-time, and freelance workers. It stores all important information and documents related to your employees, creates job structures based on your company’s requirements, and predicts employee performance and attrition based on current and past data.
HR Service Delivery
HR service delivery is a system that ensures that employees can get in touch with the HR department of their organization to raise their grievances or concerns. This typically includes creating an HR helpdesk or an online chatbot system where employees can simply sign in and raise tickets.
Any general HR software helps with organizing and keeping track of various activities for employee engagement. For instance, it helps design training programs to upskill them or organize competitions and other recreational activities to keep the employees motivated.
Fraud Detection and Compliance
You can use fraud detection and compliance tools to ensure your organization's safety and sensitive information. This includes data protection and regular background checks on your employees, vendors, and other parties.
Talent Management and Acquisition
The talent management module in the human capital management platform helps companies strategically deploy tactics to hire and retain the best talent within the organization. It helps with smooth onboarding processes, training and development programs, conducting performance reviews, and developing career development programs for employees.
Performance management is one of the core HR functionalities that help companies align individual goals with common business objectives. In other words, HCM software supports employees in achieving optimum performance so that they can also achieve their targets and improve the overall company performance.
Talent Review and Succession Management
Talent review is an important human capital management tool that allows organizations to evaluate the current workforce along with prevailing macroeconomic talent trends. It allows them to proactively plan for future needs in leadership and various other roles in the company.
Using workforce management, firms can identify and reduce labor costs, minimize or eliminate manual processes, and simplify employee compliance. Moreover, workforce management also entails designing the compensation structure for an organization. This can include calculating the pay structures across various departments, budgeting, administering local and global compensation plans, leveraging performance ratings into compensation plans, and so on.
Time and Expense Management
The HCM tools eliminate the need to maintain manual timesheets to track employees' work hours. Instead, it can automatically log in the number of hours employees work once they log into their systems. Similarly, it helps with expense management, whereby employees can submit invoices for any company-related expenses, raise approval requests, and get reimbursement.
With human capital management applications, businesses visualize data or model different scenarios related to workforce management, such as increasing or decreasing the number of employees, creating new positions, or designing new training programs to upskill the staff of the company. The best HCM software offers an intuitive dashboard whereby you can generate reports and visualize data of your needs.
Reporting and Analytics
Human capital management solutions usually include a reporting and analytics tool. This component helps generate reports within minutes regarding specific recruting metrics such as hiring speeds, employee turnover, attrition rate, and overall employee performance across departments.
The best HCM software comes equipped with a payroll management system that automates the process of processing employees’ salaries, generating salary slips, supporting tax compliance, and other related activities.
Broadly, there are four types of human capital software. These include in-house HCM software, HCM partner-led software, hybrid software, and third-party HCM software.
In-House HCM Software
An in-house HCM software is one that an organization implements using its own workforce. It typically includes a team of business experts and IT consultants in charge of customizing human capital management tools to meet the company's needs.
Some of the advantages of building an in-house HCM software are that it optimizes cost and also ensures product quality. Besides, you can modify your product as and when required without much hassle with the help of your expert developers in a team.
Partner-Led HCM Software
With an HCM partner-led software, a certified software vendor is hired to install the new HCM product. The vendor oversees the entire implementation process – from installation to training the employees and upgrading it at regular intervals. Big companies often prefer partner-led software since they usually have large and complex needs. In such cases, hiring a vendor to install the HCM software saves time and money.
Hybrid HCM Software
In hybrid HCM software, the organization works together with a third-party vendor to implement human capital management tools. For instance, while the vendor may be in charge of software installation and upgradation, the company might be responsible for training its employees to use the HCM software tools.
Third-Party HCM Software
In some cases, the vendor who installs the HCM system and the vendor from whom the application was purchased might be different. This is known as third-party HCM implementation. It is typically done when the human capital management software vendors, though not necessarily certified to implement HCM applications, may boast expertise in its implementation and software knowledge.
Typically, human capital management software is used by the human resources department of a company. But given its vast functionalities, human capital management solutions also finds uses beyond the HR department in an organization and serves the needs of various stakeholders, HCM software finds uses in a company.
Strategic HR Buyers
Strategic HR buyers aim for greater objectives such as workforce optimization and strategic workforce planning. To achieve these targets, organizations require data analytical tools that can help with planning and reporting. Using HR process automation tools, companies can create customized reports on relevant HR metrics, including employee performance, compensation planning, estimating workforce requirements, and more.
Core HR Buyers
Core HR users seek HCM applications that automate and perform basic HR-related functions. For such buyers, the ideal human capital management platform would be one that boasts essential tools like attendance and leave management, payroll processing, benefits administration, employee performance tracking, and hiring and onboarding.
Best-of-Breed Core HR Buyers
At times, a company might have already implemented HCM software. However, it requires additional functionalities. Known as best-of-breed core HR buyers, such businesses or individuals purchase more tools or applications for an existing HCM platform. For instance, they want to deploy an employee self-service portal to streamline their HR operations further.
Although HCM software encompasses a wide range of functions, not every company or organization requires all the tools. Hence, there exist multiple alternatives to HCM software that offer standalone HR operations tools, such as a human resources information system (HRIS), human resources management system (HRMS), payroll systems, and applicant tracking systems (ATS).
Human Resources Information System (HRIS)
A human resources information system, or HRIS software, helps the teams manage policies and procedures pertaining to the company. Some of the key applications included under an HRIS are recruiting, onboarding, benefits administration, employee attendance and leave tracking, reports and analytics, compensation management, and staff training. The objective of an HRIS is to automate repetitive and manual tasks as much as possible.
Human Resources Management System (HRMS)
A human resources management system, or HRMS, is more employee-centric, focusing on the workforce's activities in an organization. Some of the key functions of an HRMS involve tracking employee performance, hiring and onboarding, employee data management, payroll solution, leave approval, time and attendance tracking, and employee self-service portal.
Payroll is the process followed by companies to compensate employees for the work they have delivered in a particular time period. Payroll software help organize all the tasks related to employee remuneration. These include tracking the payment status, tax filing, calculating salaries, tracking attendance, withholding tax and deductions, performing direct bank deposits, and paying employment-related taxes to the government.
Today, payroll systems can either be purchased individually or as part of the HR software package.
Applicant Tracking System (ATS)
One of the easiest ways organizations can screen job applications is by using the applicant tracking system (ATS). ATS helps process thousands of resumes within a matter of minutes by filtering out unfit candidates with the help of certain keywords and other predefined criteria or qualifications.
Although commonly used during recruitment, ATS also finds other applications, including tracking potential hires, creating email marketing sequences, and posting job alerts online.
While the usage of HCM software within an organization can’t be ignored, it certainly comes with its own challenges.
Lack of Security
Today, all crucial information related to employee data and company documentation is stored on a cloud server. Although these platforms have robust security features and the probability of data breaches or hacking is minimal, companies can be reluctant to implement third-party HCM applications due to the sensitivity of data. In fact, in the in-house system, they bear the risk of information being accessed by unauthorized persons, which can compromise the data safety of a company.
High Implementation Costs
Although there are various HCM platforms that are affordably priced, the cost of implementing them is usually high. Further, companies need to train their staff on how to use the different HCM applications as well as upgrade the software from time to time. This can result in a rise in expenditure for companies, particularly for small and new businesses.
Increase In IT Workload
Implementing a new application means the IT team would be responsible for ensuring that the software is up and running, stays up to date, and constantly monitors its maintenance. Any technical glitch in these platforms will hamper the overall activities and will result in increased costs for the company. You can either hire an IT team for its maintenance or choose to outsource it to an agency, either way, it’s going to cost your company. But the real question you need to ask is: is the cost justifiable for the amount of ROI you are generating from it?
Lack of Integration
Typically, the sign of the best HCM software is that it integrates with your existing cloud-based systems so that it doesn't disrupt your operations. However, some human resource management tools may not be well-compatible and may not operate as smoothly as desired. But many HCM software vendors are working towards developing a platform that enables seamless integration across third-party applications.
Once companies have implemented HCM software, it is not the end of it all. With the expansion and changing needs, businesses need to make sure that the HCM platform is equipped to meet their demands. However, finding human capital management software that provides all the necessary tools is difficult. As a result, firms may need to purchase additional software or upgrade the existing HCM platform, which can be costly.
Typically, the cost of HCM software ranges between $500 and $10,000 although it can go up to even $100,000 or higher. The cost of human capital management software depends upon several factors, including the brand name of the software, the size of your company, the number of tools included in the HCM platform, and the legacy system used by your company.
Further, the cost of HCM software for a company also depends upon its installation costs. If an organization has used in-house implementation or partner-led software, it may be able to save costs. However, for other companies, hiring a third-party vendor may prove more cost-effective.
ADP Workforce Now is one of the best HCM software that designed its platform for all sizes of businesses.
- Payroll: Now process payroll and tax with just a click and save time and effort.
- Time and attendance: Keeps track of employees’ hour and automatically calculate their compensation based on their pay structure
- Talent management: Helps attract and retain the best talent in the market
- Compliance: Ensures your company complies with all regulations and guidelines
- Easy to implement
- Responsive mobile app
- Users find it hard to navigate
- Lack of error messages
Contact their sales team for full pricing information.
Paylocity is an all-in-one HR platform designed to simplify your entire employee management system in your organization.
- Workflow & documents: Offers pre-built templates for common uses like handbook sign-off
- Benefits administration: Empowers your employees with a self-service portal to increase productivity
- Reporting and insights: Gives you a detailed analysis of employee sentiment, performance metrics and engagement
- Onboarding: Streamlines and automates the process of onboarding for a smooth experience
- Seamless integration
- Robust functionalities
- Complicated interface
- Unresponsive customer support
- Paylocity offers standalone platforms as well as an all-in-one HR solution. Contact their sales team to get a direct quote.
Oracle HCM Cloud is one of the best HCM solutions that take care of every aspect of your workforce management.
- Recruiting: Improves candidate experience and drives better mobility of talents
- Learning platform: Offer personalized learning based on their work history, engagement activity, etc.
- Payroll: Enables efficient, compliant payroll processing across the globe
- HCM analytics: Provides detailed insights into workforce diversity, talent acquisition, etc.
- Easy usability
- Detail-oriented tools
- Difficulty in downloading the CVs' of applicants in bulk
- Navigation can be simplified
- Contact their sales team to get a quote.
Paycom is a human capital management software solution popular for its seamless user experience. It offers a wide range of functionalities that makes it easy to manage the HR department.
- Talent acquisition: Streamlines the entire employee hiring process
- Talent management: From performance management to compensation structure, it takes care of all
- Time and labor management: Automates the process of tracking employees’ work hours
- Document management: Promotes easy collaboration and syncs files to updated version in real-time across all devices
- Easy and affordable option
- User-friendly interface
Time sheets can get messed up
- Contact their sales team to get a quote.
BambooHR is an all-in-one HR platform that provides tools for every stage of employee management – from hiring to retirement.
- Workflow management: Create and get workflow approval on the mobile app itself
- Compensation: Keep track of every hour and calculate accurate payable amount
- Onboarding: Ensures a smooth onboarding experience for your employees
- Hiring: Helps attract and retain top talent with proper employee engagement and management program
- Reliable and active customer support
- User-friendly platform
- Benefits administration can be improved
- Reporting needs some improvement
- Contact their sales team to get a quote.
In recent times, workplaces have been experiencing rapid digitization. The COVID-19 pandemic and the rise of remote working only fueled the demand for cloud-based solutions. Hence, human capital management software solutions have seen a rise in demand over the last couple of years.
Research has shown that the global human capital management market had a valuation of $21.8 billion in 2021 and is expected to grow to $51.3 billion by 2031, at a CAGR of 9% every year. Today, HCM software does not come in a one-size-fits-all model. It is customized as per the size and industry your business is involved in. These segments include banking and financial services, IT, healthcare, retail, telecom, manufacturing, etc.
Let us examine some of the emerging trends in HCM software globally.
Emergence of Strategic Workforce Optimization
Strategic workforce optimization is one of the most visible trends that have emerged with the increasing popularity of HCM software. Strategic workforce optimization provides in-depth, real-time insights into a company’s workforce. This helps businesses manage their staff better, as they can track employee performance, appraisals, monetary compensation, detect inaccurate or fraudulent company data, and identify ways to upskill their employees.
Furthermore, strategic workforce optimization helps forecast the number of hours employees can work, whether the demand for employees will increase or decline in the future, safeguard the production timeline, and eliminate the need for contractors by upgrading existing employees with the relevant skillset.
Rise of Total Workforce
Earlier, temporary or contractual staff were limited to a few selected roles, including shop floor, manufacturing, seasonal labor, administrative support, and IT staff. However, today, even the CEO or chairman of a company may be onboarded on a contractual basis. As a result, HR management and payroll processing platforms need to be updated depending on the employment status of the workforce in a company.
Given that many payroll processing software has limited functions, the demand for HCM software rises. One of the key components of HCM platforms is payroll processing. This not only entails generating invoices and tracking payments but also classifying employees as full-time, part-time, contractors, or freelancers. Depending on their job profiles and pay scales, companies can easily create invoices, file taxes and other deductions, and determine compensation.
HCM for Small and Medium Businesses
Gone are the days when small and medium-sized businesses used Excel sheets to record employee details. Today, an increasing number of SMBs are choosing to implement HCM software to automate manual, repetitive HR-related tasks. What’s more, with a large number of HCM applications available in the market, it is not difficult for small enterprises to find reasonably priced software that fulfills their needs.
Implementing HCM software can help boost employee productivity, improve workforce management systems, and enhance employee satisfaction. This makes it easy to attract and retain top talents from the industry. In other words, an effective human resource management platform can help build a lasting relationship between you and your employees, which will directly impact your organization's growth.
Compare Pricing Plans of Top Human Capital Management Software Providers
|Name||Ratings & Reviews||Starting Price||Free Trial?|
|Zoho Recruit||4.7||$0 Per Month||Yes||Learn More|
|Keka||4.7||$97.21 Upto 100 Employees||Yes||Learn More|
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FAQs of Human Capital Management Software
For any organization, implementing HCM software involves several steps. Some common steps for installing HCM software in a company include building an HCM implementation project team, establishing goals and metrics, determining HCM project requirements, exporting the HCM data to the platform, staff onboarding and training, and regular monitoring for technical issues or glitches.
Due to the rise in automation and increasing digitalization of the workforce, the HCM software market is also projected to experience positive growth. According to a study, the HCM market is forecasted to grow from $25.53 billion in 2022 to $46.85 billion by 2029, at an average of 9.1% per annum. This further proves that the demand for HCM software is expected to increase in the years to come.
Some of the key elements of HCM software include human resource management, talent management, workforce management, and compensation analysis. Under these elements, there exist different components such as employee engagement, benefits management, recruiting and onboarding, talent acquisition, performance management, payroll processing, employee tracking, and so on.