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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) does.

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 think about:

  1. Data accuracy and security
  2. Accessibility and usability
  3. Best practices in HR

In this post, let’s talk about data accuracy and security.

Data Accuracy and Security
Basically, 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
I 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

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