A traditional human resources department is often in charge of many different tasks, which can be time-consuming and overwhelming. Human Capital Management (HCM) transforms the HR process by shifting some administrative responsibilities to focus on engagement, productivity & value creation opportunities.
Streamlining employee benefits will save you time and give your workers peace of mind. This article is a guide on how you can streamline employee benefits administration using a HCM platform.
What is human capital management software and its benefits?
Human capital management software is a powerful tool that helps companies to digitize their human resource functions. In so doing, you enhance the management and maintenance of employees. That automatically improves business operations. Human resource applications are combined into one system, enabling them to optimize all talents or skills within any given team. Here are the key features of a HCM platform.
- Onboarding capabilities
- Time and attendance tracking feature
- Employee benefits management platform
- Talent management features
- Payroll feature
Why you should have a Human capital management Software
- Enables automatic tracking and updating of the employee’s information
- Find all the employee’s information in one place. With HCM, worker information is stored in one place.
- HCM provides insights from data that is easily converted to detailed reports to help managers make informed staffing decisions.
- Provides performance metrics such as absenteeism, employee engagement, and turnover rates for the team or management that help management devise critical strategies.
- Time-saving and minimize errors.
- Better data security as employees is given access to certain information, unlike storing information in files where restricting access may be challenging.
How to Streamline Employee Benefits Administration with a HCM Platform
Here is how you can streamline the employees’ benefits with a HCM platform.
Review the current process
Automation is an effective way to improve productivity and ensure compliance. For automation efforts to yield results, start by understanding your current processes. Identify where they may lack in efficiency or efficacy. Note the areas that may require a redesign process.
A review of the process will help you better understand what is needed and help you choose the best HCM platform for your organization.
Investing in Cloud Technology
Using paper to record information makes it harder to view and analyze workforce data in real-time. Investing in a cloud platform with applicant tracking capabilities will ensure efficiency and eliminate hours spent processing paperwork. Make sure the HCM software you choose meets your company’s needs.
Bring all the human management services into one place
Managing payroll separately from other employee management activities is a recipe for disaster. A system that automatically updates all the required information from one set of information will reduce errors. Make sure the HCM software integrates payroll, HR functions, and benefits administration. That makes employee benefits management easier.
Employee Self Service
The HR department is a busy place. Employee self-service will save you the trouble of having someone answer routine questions and provide employees with manual forms. That frees up time so the HR department can focus on other projects while still providing access to all necessary information. It reassures employees that their benefits are recorded correctly and clarifies their pay rates or benefits packages. They can confirm through the HCM portal, which harbors documents such as;
- Benefits plans and coverage details
- Payroll documents
- Tracking and attendance sheets
Establish Tracking metrics
Establish key metrics that you need to track and ensure the HCM platform of choice has the capabilities. Tracking metrics helps you identify areas in employee benefit administration processes that require improvement. Tracking key HR variables will give you insights into which areas you need to improve.
Use Technology to Streamline Employee Benefits administration.
Streamline your benefits administration with a Human Capital Management (HCM) platform. In today’s fast-paced, competitive business environment, it’s more important than ever. It’s essential to find ways to reduce the time spent on administrative tasks and instead allocate that time towards innovation and growth.
A HCM platform can help you do just that by automating many repetitive HR functions for employees to focus on their core job duties. If this is something you need in your organization, we encourage you to take advantage of our free consultation service. Our experts will walk through how a HCM platform could benefit your company.
