7 Ways to Optimize the Use of Human Capital Management Software

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One of the best-known HR technologies is workforce management software, also known as human capital management software. For years, large organizations have used this type of software, but now it has more capabilities than before.

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Find out how human capital management software can help HR managers work more efficiently and can even improve the employee experience:

Pay

These software systems automate payroll, so workers receive their earnings in a timely manner. This process also ensures that the correct amount of taxes and benefits are deducted from the paycheck without the risk of human error. The software offers a dashboard, so employees can see their stubs and when payments are made. Some also break down the payment to show the amount of taxes, health insurance, 401K, etc. Hourly workers can track paid hours, overtime, and everything in between.

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Paid vacation

In the dashboard, company and individual employees can also keep tabs on allocated time off, including sick days, bereavement leave, family leave, and paid time off (PTO). In fact, employees can see which days are available and make time off requests from the dashboard. There is no loss of track of time given or taken.

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Benefits Management

Human capital management software lets people see the benefits they signed up for — medical insurance, 401K, gym memberships, memberships, and more. Again, it’s an easy way for employees to see what’s available to them and how they’ve used their benefits.

Optimization of schedules

While employees have their individual payslips, schedules, and benefits in plain sight, the employer can get a better picture of schedule patterns. Some software offers the ability to forecast or predict patterns based on historical patterns. It can help HR managers optimize schedules to reduce costs and do more with less, a necessity in these tough economic times.

Payment on demand

Pay-as-you-go, also known as pay-as-you-go, refers to paying for your work as you complete it. This is a gig economy phenomenon, and more traditional organizations are adapting. This service is not always possible in human capital management software, but it is becoming more and more ubiquitous. Experts believe this will be commonplace in the future.

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Compliance Monitoring

In the wake of COVID-19, many companies have developed rules around mask-wearing, COVID testing, and quarantining. Some convenience stores reportedly used human capital management software to monitor employee compliance. It can be used for other company policies and regulations. In professions closely monitored by federal or state authorities, this type of use can be of great help.

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Self-service for employees

Convenience stores have also used human capital management software to allow employees to trade schedules during the pandemic. The idea was that employees could settle among themselves if someone had childcare duties due to school closures or had to care for a sick relative or was sick themselves. This service empowers employees, demonstrates that the employer trusts them and provides an overall positive experience when the chips are down.

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When used correctly, human capital management software helps HR managers work more productively and manage talent teams and individuals more succinctly. It can provide insight into workers’ schedules, wages, and benefits, enabling analysis and planning for the future. Indeed, some software offers the possibility of deploying predictive analyzes to better inform decision-making.

At the same time, human capital management software allows employees to be more autonomous. Often, the system demonstrates that the employer trusts them to make their own decisions and take full advantage of their compensation and benefits.

Photo by Christina Morillo for Pexels

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