For employers, time is money. To save or make this money organizations need their employees to be as efficient and productive as possible. This is expected while trying to complete all of the “must-dos”: paying employees correctly, meeting tax agency requirements, administering benefits… oh, and filing all that paperwork that goes with it.
Companies now are looking for ways to drive growth and a great new way to obtain that is implementing a HCM software to help you manage your workforce. When we say HCM we’re talking about ‘human capital management’ and we mean applications on how you manage your people.
Human capital management takes the various functions used: payroll, time & attendance, HR, benefits, and talent acquisition under one platform. Integrating HR functions into a single human capital management platform reduces manual entry and administrative work for many of your employees.
HCM provides hard savings:
- HCM technology returns an average of $9.13 for each $1.00 spent.
- Initial implementation of cloud-based HCM solutions can cost 79% less than on premise solutions.
- Companies experience about 90% in savings for ongoing maintenance.
Here are six reasons HCM will benefit your business:
- Cloud-based solutions. HCM technology is extremely cost-effective. Cloud-based HCM applications reduce the need for IT support while providing access from any location, with any device. HCM allows multiple customers to access the same application simultaneously.
- Hardware/software upgrades. The cloud technology’s multi-tenancy architecture assures you of always working with the latest version. No more down time while updates are processing.
- Data security. Data in a cloud-based HCM system provides secure data effortlessly, maintaining high standards and rigorous adherence to government compliance regulations. Important information is protected using superior firewalls and encrypted transmissions.
- Shorter learning curve. Using a single plug-and-play solution consolidates numerous tasks, leaving more time to focus on vital HR related issues.
- Tracking talent management. HCM platforms can cover the entire employee lifecycle, from hiring, onboarding, to training and even termination.
- Better employee engagement. No matter where employees are located, they can access personal data, benefits information, requests for PTO and payroll, relieving HR from time-consuming data management.
With Coastal Payroll and iSolved, you’ll receive award winning software and service that will help you revolutionize how you run your business. Our goal is to build a strong, long-standing relationship with you and we guarantee this by always being one step ahead of an ever-changing industry. Contact us today at firstname.lastname@example.org or 858.565.2123 to receive a demo on iSolved and learn more about Coastal Payroll.