How to choose the right HCM solution for your business has been saved
How to choose the right HCM solution for your business
What is an HCM solution?
Human Capital Management (HCM) technology platforms allow HR functions to manage and maintain the workforce by reducing manual processes. By digitising and automating end-to-end HR processes, HCM technology enables HR functions to assume a more strategic role within the firm.
There are a multitude of HCM solutions available on the market and selecting the right one for your business can be a daunting task. Here are a few things you should consider before investing in an HCM solution.
1. Integration potential
What systems do you currently have? It is essential to make sure that any new systems introduced talk to your existing or future systems. Consider how the solution might interact with your general ledger, ERP or payroll systems for example.
Consider how customisable the platform needs to be for your business. Does the standard, off-the-shelf solution fit your business needs? Or do you need a customisable platform? Keep in mind that customisations can come at an additional cost and customisable solutions can be more costly overall.
Furthermore, if you do not currently need a customisable solution, you may be able to find an off-the-shelf solution that fits your needs and can be customised as you grow and your needs change.
3. Unique needs requirements
What are your unique requirements? Do you have any policies that are not standard (different from other companies) that an HCM system would need to cater for? (e.g. complex rostering or benefits calculations).
Also, don’t forget to consider the unique needs of your industry. Are there industry-specific needs? For example. if you have factory operations, do you need a clock-in and clock-out feature for time and attendance? If the solution you prefer cannot cater for your industry specific needs, can it integrate with software that does?
4. Pain points
What are your current pain HR-related pain points? (e.g. do you have an issue with leave approval being delayed? Do you have a heavy manual burden in your admin work? Does it take too long to produce a report? Do you have to put in a lot of effort to remain compliant with GDPR regulations?). After you have considered your greatest pain points, consider if the HCM solution you are assessing can alleviate them and make sure to discuss this with your implementation partner or the solution vendor. For example, many HCM solutions are automatically compliant with GDPR regulations.
5. Think beyond current processes, think of transformation potential!
Implementing an HCM solution is an opportunity to transform your business processes for the better. Instead of considering how a solution can enable your current processes, think about what processes you might want to transform. Are there any processes that you want to re-engineer to be less cumbersome? (e.g. processes for performance management, employee data management, leave approval) and can the platform can enable this?
6. Consider your size and plan for growth
It is important to be realistic about your current size and needs, however it is equally important to plan for growth. You want to avoid implementing a solution that is too big for your boots from the get-go as your firm will incur high costs for no reason; this includes both monetary costs of the solution and opportunity cost from the time investment it will require from your HR team to partake in the implementation (data cleansing, training, etc.).
On the other hand, if you implement a basic off-the-shelf solution that only fits your current needs but cannot account for your future needs you might have to undergo another implementation in a few years’ time. Instead, take into consideration if you are expecting an increase in employees in the coming future and how this could change the future requirements of the system. What might the system be expected to do in a few years’ time compared to now?
It might be best to select a solution that is scalable and modular, allowing you to implement basic features at first and then add on modules or customise the system at a later date.
If you are looking for a solution that can fit a growing organisation and can be customised to fit unique needs, there is a new solution on the market in Malta – Gecko HR. Gecko HR is perfect for any size of organisation due to its scalability potential. This fully customisable solution is an ideal fit for small or medium businesses. However, Gecko is also great for large organisations with more complex structures, making it the optimal solution for organisations that are growing or companies with unique requirements.
Gecko HR is an HR system that is built on Salesforce, enabling organisations that implement Gecko HR to benefit from the robust Salesforce reporting capabilities at an affordable price.
If you’re interested in learning more about Gecko HR, reach out to us to organise a demo or read more at www.deloitte.com/mt/gecko