Learn what Human Capital Management (HCM) is, where it comes from, why companies are adopting it, and where to download a comprehensive HCM research report.
What Is HCM?
Gartner defines HCM as:
“A set of practices related to people resource management. These practices are focused on the organizational need to provide specific competencies and are implemented in three categories: workforce acquisition, workforce management, and workforce optimization.”
Why Do Companies Implement HCM Platforms?
Our comprehensive HCM and SAP S/4HANA – Benchmark Report, produced in partnership with WorkForce Software and SAP Insider, identified two primary reasons companies adopt HCM:
- Demands for visibility into HR processes and employee engagement (31% of survey respondents)
- Higher employee expectations for more tailored and user-friendly HR experiences (27% of survey respondents)
HCM Adoption Challenges
HCM systems have successfully managed HR operations but struggle to meet the needs of a modern, digitally empowered workforce.
However, transitioning to a modern HCM system can be challenging. These challenges are reflected in the survey findings as the gap between an organization’s desire to enhance user experiences and the planned adoption of an HCM system.
Cost was the biggest barrier, highlighted by 38% of respondents. 35% identified competing priorities, and 25% cited the complexity of transitioning to an HCM system as a core concern.
Why Focus on HCM?
Forbes.com laid it out in simple terms:
“Companies that focus on employee experience succeed in attracting the best talent, have lower staff turnover rates, and realize higher productivity.”
But wait, there’s more. HCM systems can also offer benefits like:
- Increased ability for HR staff to focus on strategic initiatives
- Improved work culture from employee satisfaction with self-service tools.
- Enhanced decision-making through comprehensive, accurate, real-time data and analytics
Download the Complete Report
Ready to dig into more HCM details?
Download our HCM and SAP S/4HANA – Benchmark Report, written in partnership with WorkForce Software and SAP Insider.
Rizing Gets HCM
We understand the evolving needs of HR leaders like you and offer tailored HCM solutions to maximize productivity, enhance employee satisfaction, and lower employee turnover. We’d love to chat about how our solutions can empower your organization.
