Six Key Features that you should be aware of when shopping for a HCM system for a Startup

Creating a startup can be daunting, but with the proper tools you can streamline your processes, monitor your work flows and hunt down the best workforce - all from the comfort of your computer screen.

Human capital management (HCM) is a term that refers to the strategies and practices used by organisations to manage their workforce. HCM software is designed to help organisations streamline their HR processes, automate routine tasks, and improve employee engagement and productivity.

If you're in the market for an HCM system, there are several key features you should be aware of, to make your purchasing decision far easier to make.

1. Recruitment and Onboarding: The recruitment and onboarding process can be time-consuming and complex, especially for large organisations. An HCM system with robust recruitment and onboarding features can help streamline the process, allowing HR teams to efficiently find and hire the best talent for the job. Common HCM tools such as applicant tracking, candidate screening, and automated onboarding workflows are best for.

2. Time and Attendance: Time and attendance tracking is an essential feature of any HCM system. This feature allows employees to clock in and out, record breaks, and request time off. It also enables managers to monitor attendance, manage schedules, and generate payroll reports. Look out for helpful features such as mobile time tracking, scheduling tools, and leave management.

3. Performance Management: Performance management is critical for ensuring employees are meeting their goals and contributing to the overall success of the organisation. An HCM system with performance management features can help managers set goals, provide feedback, and conduct performance reviews. Look for features such as goal-setting, feedback tools, and 360-degree feedback.

4. Learning and Development: Organisations that really invest in their employees' professional development are more likely to retain top talent and increase employee engagement. An HCM system with learning and development features can help organisations create and manage training programs, track employee progress, and evaluate the effectiveness of the training. Look for features such as e-learning modules, skills assessments, and performance tracking.

5. Compensation and Benefits: Compensation and benefits are crucial for attracting and retaining top talent. An HCM system with compensation and benefits features can help organisations to manage employee salaries, bonuses, and benefits packages. Look for features such as salary benchmarking, benefits administration, and compensation planning.

6. Analytics and Reporting: An HCM system with comprehensive analytics and reporting features can help organisations make data-driven decisions about their workforce. Look for features such as customisable dashboards, real-time data visualisation, and predictive analytics.

When choosing an HCM system, it's important to consider the specific features that will best meet your organisation's needs. Figure out your exact requirements before making a purchase.

The right HCM system can help you streamline your HR processes, improve employee engagement and productivity, and make data-driven decisions about your workforce. All in all, a stress-free management system that will promote the best interest if your business.