Small Business Growth and Human Capital Management
With the ending of National Small Business Week—this being the 51st year the United States has celebrated the nation’s top entrepreneurs—we are reminded of how significantly small business drives the nation’s economic growth.
A Forbes article notes that small business accounts for 60 to 80 percent of all U.S. jobs, and produces 13 times the patents that large businesses do. So ensuring that small businesses get the resources they need to grow and thrive in an increasingly competitive marketplace is essential.
One tool for this development is Epicor Express HCM, an entry-level option for human capital management available via the Web. The solution is not only an entry point to automating human capital management, but also can be a strong foundation for future HR systems, allowing small businesses to add more functionality as their HR needs change. HCM Express is easily upgradable, meaning that a customer can simply change the license key to unlock new functionality. Though the functionality may not be set up and ready to use, it will not affect the operation of the core product. For example, if a customer wants to add timesheets to HCM Express, once the timesheets are active, they will not interfere with any parts of the product that are currently running.
The core functionality of HCM Express provides the means for tracking employees (e.g., candidate management, employee management, employee development, health and safety, compensation, and performance). The solution includes connectors to Epicor Payroll and enterprise resource planning (ERP) systems, as well as other third-party systems. In addition, HCM Express offers basic reporting, workflow, and routing, as well as some self-service portals.
In today’s increasingly global competition, HCM Express facilitates global expansion of small business with functionality including:
- Standard languages (English, French Canadian, and Spanish)
- A location-specific option (displaying country-specific policies and procedures, look and feel, etc.)
- The option to add country-specific functionality, if needed
As noted on Ideas Lab, being small and going global is a growing trend:
The costs of doing international business have never been as low; the opportunity never so great. Small businesses hold enormous latent export and growth potential for economies. This is decidedly the case in America: U.S. products and services are competitive and desired in international markets, yet only one percent of America’s 30 million small- and mid-size enterprises (SMEs) export.
Recent surveys indicate that record numbers of SMEs are looking to start exporting or expanding their exports. The target of executives in these globalizing companies is the growing consumer wallet space and infrastructure spending in the emerging markets, growth in the frontier economies of Africa, Latin America and Asia, and recoveries in advanced markets in Europe and Japan.
As small businesses continue to make this move, they will need to manage their increasingly far-flung human resources. Epicor Express HCM provides them with an efficient and effective means to do so why still at an early stage of development.
Posted by Lisa Rickard, Senior Manager, Product Marketing, Epicor HCM