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Human Capital Management (HCM) is the set of processes related to your organization’s payroll, HR, time & labor, scheduling, and other administrative needs. Through automating HCM functions, organizations can see significant savings in the form of time, money, litigation exposure, and overall aggravation.
Areas of Savings Include:
Streamline Payroll Processing:
Too many hours are spent each payroll period on collection of accurate time worked, approving employee time, and applying pay rules accurately. Payroll processing challenges include: correcting payroll errors, not having a single source of data, and lack of visibility and access to accurate real time payroll data.
Reduce Payroll Inflation:
Honest time reporting errors, incorrect pay rates, missed punches, and meal breaks aren’t always captured correctly when manually entered. Relying on manual processes to round employee time to the next hour costs businesses money and increases compliance risk.
Employee absences and leave, whether planned, incidental, or extended, carries costs, risks, and productivity hits to your organization. It also negatively impacts morale and employee engagement.
Reduce Unnecessary Overtime:
Without the proper visibility to accurate employee time and attendance data and schedules, companies tend to overcompensate, overstaff, and overpay. As a result, they pay more in overtime than they need to.
Employers who do not fully understand and manage complex notice and leave requirements of the Family Medical Leave Act (FMLA) risk potential exposure to litigation and penalties. This is made more difficult as you need to track rules for eligibility and assure full understanding of the rules by managers.
Reduce Wage and Hour Compliance Exposure:
Investigations, litigations, and wage recovery focused on wage and hour violations are at an all-time high and showing no signs of decreasing. Proposed changes to overtime regulations and the Affordable Care Act (ACA) have added new layers of complexity. It’s imperative that organizations take, proactive steps to develop compliance strategies to protect themselves.
Employee Self Service:
Handling employee questions about HR and payroll can be time consuming and costly. When it comes to handling employee questions and issues such as updating employee information, withholdings, overtime, time off balances, benefits, shift swapping, and discrepancies with paychecks, it can create major frustrations and time lost.
Enhance HR Productivity:
It is critical for HR departments to improve the employee experience by streamlining processes from onboarding to off boarding. It is costly enough to hire and train new employees, let alone using manual processes.
Improve Employee Engagement and Satisfaction:
Engagement and well-being are keys to employee performance. Employee engagement is critical to managing labor costs and improving productivity as well as meeting your business objectives. Today’s employee engagement challenge is complicated by the fact that there are five generations coexisting in the workforce.