Sixty-one percent of HR professionals plan to replace their Human Capital Management technology within the next 18 months according to a recent Bersin by Deloitte study. Paycom, a provider of Human Capital Management technology, offers buyers seven tips on selecting the right technology for their business in a new infographic released today.
Human Capital Management is a relatively new term related to the set of practices associated with employee resource management. It includes core administrative functions such as payroll and benefits administration to more strategic tools for recruiting and performance management. According to the Bersin by Deloitte study, the HR professionals poised to make a change are seeking integrated solutions that include talent management suites, a better end-user experience and analytics.
“There are many choices in human capital management software today, making it even more critical for HR professionals to step back and look at the overall vision of their workforce in order to identify their needs,” says Stacey Pezold, Paycom’s Executive Vice President of Operations. “For example, can your technology improve hiring and drive performance while lowering labor costs and retaining valuable employees? We want to help employers identify the best technology for their business by providing important qualifying questions to ask of themselves, their vendors and of former users of the products they are considering.”
Paycom’s infographic takes viewers through the vetting process just as one might select a significant other. They cover what functionality to look for in the total package, how specific attributes – like one database of record – will benefit a customer’s ability to produce insightful analytics. Paycom also cautions employers to do their due diligence and provides a dependability checklist to ensure they are considering a vendor with a solid reputation, financial stability and staying power. Security, supportiveness and a commitment to product improvement are other important areas Paycom recommends one asks current and former users of vendor products under consideration. And lastly, Paycom covers the break-up process, reminding buyers that the right vendor today may not be the right vendor forever. The breakup portion offers critical questions to ask to ensure a smooth split if times get tough.
For those HR professionals searching to improve their human capital management technology, download Paycom’s “Finding Your Soul Mate in Human Capital Management” infographic at www.paycomonline.com/hcm for full details.