How to Effectively Manage Your Most Important Asset with Human Capital Management (HCM) Part 1 of 3
Something that constantly amazes me is how many companies seem not to
realize how important human capital management is to their overall
business efforts. When it comes down to it, your company's most
important asset is your human capital, not your product or your brand.
Despite the importance of employees, I’ve seen organizations whose HR
systems are basic spreadsheets, dated paper files, or multiple software
solutions patched together to resemble some sort of organizational
method. These systems don't allow organizations to see the big picture
of their workforce the way a human resource information system (HRIS)
My colleague James Norwood, our senior vice president of Worldwide Product Marketing, predicted earlier that "2011 will be for HCM what the last few years were for BI." I would have to agree. Epicor, of course, recently acquired
SPECTRUM Human Resource Systems Corporation, an HR software company
that spent the past 26 years developing, implementing, and supporting
HRIS. Why do we find HCM so important? Effectively managing your
employees can increase employee satisfaction while reducing turnover,
saving your company time and money while maximizing resources.
Using the right tool is important in managing your workforce as
effectively and efficiently as possible. What should you consider when
choosing an HRIS? There are three main areas I would encourage you to
- Data accuracy and security
- Accessibility and usability
- Best practices in HR
In this post, let’s talk about data accuracy and security.
Data Accuracy and Security
employee information is useless unless it is accurate. When employee
data is scattered across multiple records and software applications, it
is hard if not impossible to ensure data accuracy. Designating your HR
software as the source of truth for your employee data solves this
problem. Your HRIS should then be able to interface to other solutions
such as payroll in order to share important employee information. Data
will then be accurate across the organization, and I cannot stress
enough how important this is. HR data goes beyond the human resources
department to span your entire company. Maintaining accurate data is
essential for business.
It's not enough to have accurate employee data in your HR software.
Employee information contains sensitive data such as social security
numbers and salary information and should be protected appropriately.
Your HRIS needs to have security features such as defined security roles
to ensure your employee data is safe and secure. Employees may have
direct access to their own information, including compensation reports,
but should not have access to other employee data unless they are in a
managerial or human resources position. You need to have an HRIS that
allows you to decide the amount of information each employee can access.
Choosing the Best System for your Organization
know what you're thinking- "That was only one thing to look for in HCM.
I was promised three." I'll touch on the other two points in a later
post. For now, I wanted to stress that having one accurate data center
is vital for your company to run at peak performance. Your company can
benefit from sharing the data found in your HRIS throughout the entire
organization. Using the technology found in Epicor HCM, you have the strength for your workforce to stay connected globally while having the flexibility to grow and innovate.
HR data shouldn't stay in the human resources department. If your
company currently doesn’t share employee data with other business
applications, consider ways you can maximize HR data company-wide with
the help of Epicor HCM.
A highly secure system, it manages your employee data efficiently and
effectively. With the ability to integrate with Epicor 9 or interface to
your current software solutions, you can have faith your employee data
will be consistent throughout your entire organization, which is quite
simply good business.
Want to see Epicor HCM in action? Join me for our webcast on April 5th, "A Whole New Chapter in HR."
Stay tuned for part 2!
Posted by Malcolm Fox, Director, Product Marketing, Epicor