Traditional human resources software is becoming an archaic way for organizations to assist with HR functions. The neo-software solution is Human Capital Management (HCM) programs geared to help companies recruit, train, and manage their most important assets. HCM software is a critical tool for companies to invest in to maximize HR department capabilities while reducing overall cost and time spent on HR related tasks. MarketAnalyis.com predicts that the future HCM software market will reach $9.2 billion worldwide by 2020. Correctly implementing and developing core features for an HCM software suite will create viable opportunities for any software entrepreneur looking to penetrate the growing HCM software market.
An all-encompassing software package for human capital management must include fully functioning employee recruitment applications. Recruiting technology allows for a streamlined process that HR uses to fill a position with quality candidates. Companies understand that they are only as good as the people they employ. A viable HCM recruiting platform should give HR the technological advantages for job posting, processing applications, and interviewing.
Automation tools for publishing to job market channels for distribution of current openings is the first step toward sophisticated recruiting software. In addition to career channel syndication integrating with social media sites like LinkedIn and Facebook will further the scope of your recruitment program. Engineering user-facing career portals with customizable text fields and content curation services allows companies to build and configure their own question fields to get relevant data. A tool that has document parsing capabilities to search and collect resumes with relevant keywords and aggregate that data into a contact list should be included. Incorporating video capabilities with the user portals creates streamlined interviewing processes to further vet potential candidates.
Web Based Training (WBT) or e-learning is successfully replacing the classic model of face to face job training and onboarding functions for many companies. This educational tool streamlines the delivery of employee educational content and resources in an interactive, media rich environment that allows human resources departments to quantify the success of the training program.
When building an HCM platform with employee training modules, the essential goals are to create a functional Learning Management System (LMS) platform with a robust authoring system for content creation and curation, plus communication and assessment modules that provide in depth, personalized feedback for each employee. The backbone of any WBT software is the design and functionality of the LMS platform. When engineering WBT platforms the most important feature is going to be content support. Online employee training platforms have the ability to incorporate interactive media that enhances the training processes. This is a highly attractive feature for many companies because it improves the retention of training concepts that can improve the customer experience.
Talent management ensures that companies and HR departments have the necessary tools to track and utilize their employees more efficiently. This includes relevant contact info, responsibility roles, and performance records. Companies rely on this information when deciding on promotions or initiating job cuts. Integrating employee management applications with an HCM will provide HR departments with the necessary information to manage employees of a company at every level.
A centralized electronic records repository used to import, parse, and manage employee data is the backbone of employee management platforms. This software allows HR departments to consolidate employee contact info, work performance, and attendance, as well as recording pre-hire documentation such as background checks, employment history, resume information, and education. These platforms should also incorporate management and controlled access portals with scheduling and check list modules to provide improved productivity, accountability, and documentation.
Although these platforms can be delivered using open source, licensing, outsourcing, or hybrid models, most HCM platforms are delivered to customers using a software-as-a-service model. Software-as-a-Service is a monetization model where a software vendor makes their service available via cloud technology or over the internet, which allows companies to sign up for the service and use it immediately with no additional integrations required. Having a SaaS delivery method has the distinct advantage of being able to offer your software globally and provide continuous updates to the software without requiring extensive engagement from the consumer.
Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies were written with the full cooperation, knowledge and participation of the individuals mentioned.
Chetu's Human Capital Management (HCM) team implements solutions for the HCM industry. Chetu differentiates itself in providing industry specific expertise combined with its low cost, high productivity model.
Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.
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