There is no doubt that in a globalized marketplace, Human Capital Management has become more important than ever. A general shift from PA (Personnel Administration) to HCM (Human Capital Management) demonstrates how the needs of an employer have changed; the assumption that HCM significantly contributes to organizational results has been confirmed by numerous academic researchers. Statistics show positive changes due to HCM, such as increased job satisfaction and motivation, which affect the quantity and quality of work output. In general, market shares, revenues and financial assets of organizations seem to benefit from a well thought out HCM department.
The concept of ‘human capital’ is an old practice that is thought to be dated back to 1776. Scottish economist Adam Smith was the first to propose this idea of prioritizing quality of labor over quantity. He made a point that education of an individual reflects how prolific this individual will be at work. Over time many other economists supported this ideology, which leads to a wider manifestation of this concept.
According to Deloitte’s Insights, “the successful organizations of the future will likely be those that can move faster, adapt more quickly, learn more rapidly, and embrace dynamic career demands”. All high-performing organizations represent an eco-system coordinated through culture, information systems, and mobility of talents. It is believed that the organizations of the future will have no traditional hierarchy but will be structured as an empowered network. And, of course, any organization of the future has to digitalize its operations. Human Capital Management Software is a combination of different applications such as payroll software, time-sheet software, productivity analytics and others. It is not only aimed to monitor employee’s lifecycle but to finesse communication inside the company between all departments. Due to this holistic approach, it helps to generate valuable data that can draw a bigger picture about the environment inside the organization. Choosing the best HCM software is a tricky task and depends on the objectives an organization wishes to achieve. For some managers, the highest priority is to keep all HR related operations in one basket, but for others, it might be important to perform one function efficiently.
If your organization still hasn’t found that one perfect match with HCM software, there is an event that will change it. ‘Unleash’ is one of the biggest global events that every recruiter should consider attending which is happening at the end of this month!
Our Key Accounts manager Sara specializes in recruitment for HCM or ERP Software vendors. If you’re willing to learn more, feel free to send an e-mail to Sara via email@example.com