What does the future look like for human capital management?
Organizations are increasingly recognizing the benefits of placing human capital management technology (HCM) at the center of their HR, payroll and recruitment functions. The global impact of COVID-19 has been unprecedented and staggering, with HCM experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. This rapid take-up of HCM solutions means the market is predicted to experience significant growth in the coming years. The US and North America are expected to lead the charge.
Can you tell us more about the technology behind HCM?
The capabilities of HCM solutions have come a long way, driven by advances in enterprise technology. In the world of HCM, businesses are increasingly using software with artificial intelligence (AI) and robotic process automation (RPA) capabilities.
In the US, the battle for talent is fierce; hiring managers are using AI and machine learning tools built into HCM software to go through what can be hundreds of candidates to filter out unsuitable applicants, leaving those more suited to the position. RPA is also being widely utilized by businesses as part of their HCM strategy. RPA is effectively a digital worker that can automate repetitive and time-consuming tasks, such as payroll, data input and remittance, enabling HR teams to focus on high level tasks.
What impact has the cloud had on the HCM market?
Enterprises worldwide are turning to cloud-based solutions to drive efficiencies, improve output, and reduce costs. In the HCM sector, customers can choose from a significant number of bespoke cloud-based HCM solutions that can be customised to suit the needs of their organization.
These cloud solutions are able to connect all HR processes across a business, meaning companies with multiple locations across the US and further afield can collaborate on recruitment, talent acquisition, employee relations and other HR functions such as payroll and remittance. Whereas previously, all HCM information would have been stored locally on one or two servers, all HR personnel across an enterprise can be given log-in credentials which they can use across multiple devices.
How has COVID-19 impacted the market?
There is no single corner of the business world that hasn’t seen change brought about by the pandemic and HCM is no exception. The way businesses and people work has changed, with hybrid and remote working becoming the new norm for many.
As a result, businesses have flocked to cloud-based solutions and collaboration tools such as HCM that have allowed HR and personnel teams to handle onboarding, employee communications and payroll functions efficiently. HCM solutions have helped businesses to continue operating during a time of real upheaval and stay connected to their employees. Having experienced the benefits of HCM, businesses are embracing these solutions in increasing numbers.
GT Clocks is a market leader in the human capital management market, blending 30 years of engineering know-how with innovative security products, time capture and kiosks underpinned by API first cloud-based services and middleware technology. We develop a range of human capital management hardware, all supported by our software partners. Our products and first class support can help your business become more efficient, reduce costs and enhance employee experience.
This article was originally published in the December edition of Security Journal Americas. To read your FREE digital edition, click here.