What Are The Functional Solutions Offered In A Human Capital Management System?

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Human resource management (HRM) is about effectively managing the people of an organisation to achieve success. It focuses on the policies and procedures used by an organisation to get a competitive edge. It includes responsibilities like employee recruitment, training and development, payroll processing, rewards management, managing employee benefits and more.

The responsibility of HR professionals is to manage the human resources/human capital of an organisation. A human capital management system (HCMS) is software that helps to easily manage HR activities. It can be used to store employee data and manage the payroll, employee benefits, administrative tasks, employee performance, time and attendance and more.

The different modules of an HCM system are the employee life cycle, functional solutions, integrated talent management, collaboration tools, workforce planning and analytics. All these modules help HR professionals to manage different HR tasks.

Functional solutions offered in an HCM system

The different functional solutions provided in an HCMS are as follows:

Timesheet

This is a management accounting tool used to know the time spent by the employee or a group of employees. This enables the measurement of resource utilisation and on-time performance and makes business forecasting and estimations more accurate.

Work Profiler

This tool can be used to know the aspects of the tasks performed and get information to evaluate the impact of the task on the operations of an organisation. It reflects the actual groundwork and helps in strategic decision-making. It can give an accurate view of the activities being performed in an organisation.

Service Requests

This process allows the users to initiate the service requests, assign responsibility for requests and track the status of open requests. It helps to streamline the requisition process and increase transparency.

SLA & OLA management

This online tool can be used to get visibility and transparency of service and operating level agreements between the units of an organisation. It offers feedback to improve efficiency and process metrics and thus improve service delivery.

Capex management

This tool helps to automate and manage the complete CAPEX cycle from purchase to payment. It can manage approvals up to the capital expenditure committee. The end output can result in PO or PR, which can be integrated into the existing ERP.

Letter of authority

This tool can be used for a fast authorisation process. It can authorise the department head to issue an authority letter based on the roles and responsibilities of an employee. It can keep track of all the authorisations.

Incentives and scheme management

This allows you to create and manage incentive schemes for dealers and distributors. You can create schemes for a region or zone or a set of customers. The output of a scheme can be passed to the customer’s account in the ERP system.