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Does Your HR Technology Strategy Consider These Points?

HCM
Article
01/08/2016

HR software technology is evolving rapidly. As companies embrace more sophisticated human capital management (HCM) solutions, it's important to have the right infrastructure to support them. HCM solutions can support companies in many ways, from streamlining administrative processes to improving data accuracy and reporting capabilities. Choosing the right technology for your business often starts with a clear strategy and vision. Here are some topics for business leaders to consider when designing and implementing an HR technology strategy.

Moving Beyond Legacy Systems

In the not too distant past, companies that wanted end-to-end HR technology support were largely on their own. The best solutions were separate products that were cobbled together to fulfill the functional needs of the business. Companies then strove to improve the communication between systems with workarounds and customized programming. Yet the reality is that many companies struggled with the related challenges: data errors, duplicate information entry, unnecessary administrative work, and communications challenges. In many ways, these weaknesses hamstrung companies and prevented them from capturing the full benefits of their HR technology systems.

The Modern HCM Solution

Today's HCM solutions offer companies numerous benefits, including enhanced communication between systems, more customizable design, and better data accuracy. The leading human capital management technology solutions use a single employee record, which centralizes all data around one file. Businesses can then choose which modules they need for their operations: recruiting, benefits, compensation, time and attendance and more may be available. Each of these modules draws from a central database, making it easier to deploy streamlined technology support that's in line with your business's core objectives and individualized needs.

Determining the Best Fit for Your Business

Despite the growing availability of effective technology, some businesses are struggling because they don't have a cohesive HR technology solution in place. Data is becoming the future of human capital management. Without the right HR software in place to support these functions, it's difficult to deliver on the transformative potential of these systems.

Many companies have begun to determine how they can develop a clear technology strategy by asking questions. For example, is the company struggling with wasted time interviewing unqualified candidates? Would self-service capabilities improve the HR experience of a remote workforce? By evaluating your current workforce and the areas where you need the most support, it may be possible to prioritize your HR technology-related efforts.

The latest HCM solutions are typically cloud-based and designed to be customized to the very specific needs of individual companies. To make the most of your investment, define your strategic needs before investing in a system, and keep your strategy in mind as you grow. Modifying and adjusting your human capital management solution over the long-term can help ensure that you get the most value throughout your employee and business lifecycles.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.
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