Human capital management (HCM) is an essential aspect of business operations. It allows companies to stay abreast of evolving market demands and maximize the return on their investments in talent.
Many HR processes can be automated with the correct software. A unified system eliminates manual steps, reduces costs and enhances data quality.
Recruiting
Hiring and retaining your workforce is a constant process that must be adjusted according to changing business conditions. Utilizing software that facilitates sourcing, recruitment and hiring can make these operations more efficient.
A successful HR management system can simplify manual tasks, such as organizing and sorting resumes or scheduling interviews. Furthermore, it eliminates unconscious bias by performing automated pre-screening of resumes based on keywords.
Metrics are an invaluable tool to assess your recruiting process and demonstrate its alignment with business objectives. Some metrics you can monitor include cost per hire, time to hire, and employee turnover rates.
Onboarding
A successful onboarding program creates the conditions for your employees to excel in their new jobs and contribute towards meeting business objectives. When employees feel valued and understand their role within the organization’s mission, they tend to stay with the organization longer and be more productive.
NetSuite human capital management software assists businesses with their onboarding and retention challenges by providing a secure, centralized platform that enables HR professionals to efficiently manage employees.
Onboarding software automates a range of tasks, from filing work eligibility and tax documents to storing digital copies of signed forms. It enables companies to set up automated processes and monitor progress more easily.
Performance
NetSuite human capital management offers a comprehensive suite of HR solutions to help your business recruit, manage and reward employees. By consolidating all human resource functions into one system, businesses can maximize their workforce potential while improving employee engagement levels.
One of the most essential aspects of HR is ensuring your employees reach their highest performance levels. A centralised performance review process can assist in this endeavor by creating goals, monitoring progress and rewarding successes.
Additionally, it can assist you in making informed decisions about staffing and career paths to keep your team productive, efficient and motivated. Doing this allows your organisation to excel during times of rapid expansion.
Payroll
Payroll is an essential element of any HR management system. It helps employees manage their time, attendance and benefits more effectively; additionally, managers have access to employee directories and organization charts so they can request time off, track upcoming vacation schedules and publicly recognize peers for outstanding work.
NetSuite human capital management software offers a unified suite of HR, payroll and financial tools that simplify complex business operations by giving employees and managers self-service capabilities, approval workflows for managers and centralized access to key HR and payroll data.
HR professionals and finance directors can easily monitor headcount, turnover trends and demographics from one place. Furthermore, they gain insight into how workforce performance impacts the company’s overall financial performance. By improving data accuracy and making better HR decisions that result in increased employee engagement, retention rates and stronger ROIs for companies, HR pros can make better informed decisions that benefit their organization’s bottom line.
Benefits
Companies that implement a human capital management strategy typically experience higher productivity by matching employees to roles that allow them to utilize their skills and expertise.
HCM practices improve performance evaluation accuracy and support employee success. Goal-tracking and rewards for achievement help develop individual workers’ competencies, leading to increased productivity levels.
HR teams can simplify processes and give managers more freedom to manage their records and access real-time people analytics with SuitePeople’s integration of HR data into every aspect of NetSuite’s suite, eliminating manual data entry and multiple systems.
Compensation
Compensation management involves rewarding employees with both monetary and non-monetary rewards to make them feel appreciated and motivated. These could include salary/wages, recognitions, awards, wellness services, bonuses or other forms of incentives.
Compensation is an integral element of HR management, helping to attract and retain talent. Furthermore, it has an effect on employee morale and reduces turnover rates.
HR departments utilize software to manage compensation. This allows them to budget and plan pay increases, monitor employee pay equity and fairness, as well as alert managers to market trends which could help attract and retain top talent.
