Human Capital management refers to the business strategy and the set of IT applications and technologies used to implement that strategy. The Oracle Fusion Cloud Human Capital Management is a complete solution for human resources that connects everything in an employee’s journey from hiring to leaving the company. It helps provide a consistent experience across devices and provides one source for HR data to help with better decision-making.
The Human Capital Management Software
The Human Capital Management or HCM software is an integrated suite of technologies that helps organizations manage employees right from hiring to retiring. This software supports various HR functions such as recruiting, payroll, talent management and more. The integrated modules involve the capabilities of your organization to manage the entire employee experience. This software can be accessed on-premise or on the cloud and can help your organization gain several significant benefits including enhanced employee experience, reduced maintenance costs and more.
Benefits of Human Capital Management solution
Human resource data is an essential component of the business infrastructure. HR function needs to respond to the high-performing workforce’s demands constantly. Adopting cloud-based HCM solutions like Oracle Fusion HCM Cloud service can benefit significantly in this area. Here are some of the key benefits of the Human Capital Management solution.
1. Managing top talent in a new environment
Organizations are constantly looking to recruit and retain high-performing employees. HR holds the entire responsibility for this and has to ensure the collection and publishing of business intelligence to help manage talent. Oracle HCM helps in engaging employees and tracking their compensation, certifications, expertise and automated report conversion. Using this solution, HR can support real-time hiring and effectively assess talented employees.
2. Navigating change in HR responsibilities
HR needs to work with a good strategy, deliver better data and add an overall greater value to the business. Besides this, the HR team is now also expected to get involved in strategic business decisions. However, it can be challenging to effectively perform these tasks on time and in a cost-effective way. Cloud-based HCM solution helps HR effectively perform daily tasks such as determining promotions, processing requests for time-off, negotiating benefits and more. Oracle HCM can also offer insight to answer new questions and provide business intelligence.
3. Gaining cost advantages
Cloud-based HCM can offer significant cost advantages to your organization. While traditional HR systems can be complex and not very cost-effective when it comes to upgrading, cloud-based HCM can be easily upgraded. They offer better efficiency, scalability, agility and flexibility than on-premise HCM systems. Since you only pay what you use, you can save a lot of unnecessary expenditures and make the most out of your HCM solution.
4. Improving HR Output
Oracle HCM offers a platform for business intelligence tool migration and other self-service opportunities that helps reduce labor. This results in an overall increased value delivered by HR to the business. Oracle HCM enhances recruitment processes and enables effective talent sourcing by providing important data that HR can use to get better talent quickly.