A Guide To Cloud-based Human Capital Management 2023

Every organization relies on a strong and committed team of people to run its affairs. Without these individuals, the organization would cease to exist. It is fair to think of the employees and workers in an organization as the organization’s backbone.

Considering how vital the people in an organization can be, the processes of managing them can determine the organization’s success. In the modern technology-filled world, numerous types of technologies can help ease people’s management in an organization. One of the best types of these technologies is Human Capital Management Solutions.

This article explores what Human Capital Management is, cloud-based Human Capital Management Solutions, and the benefits of using such solutions for your business or organization.

What Is Human Capital Management?

In simple terms, human capital management is the series of processes in an organization that helps manage the people that work in it. Human capital management starts from employee recruitment to when the employee leaves the organization. Thus, you can think of it as all the administrative functions of any human resources department in an institution.

Cloud-Based Human Capital Management

While you can use numerous solutions to run human capital management in your institution, cloud-based options such as Oracle Human Capital Management Cloud will prove invaluable to you in the long run. Oracle Human Capital Management Cloud connects all the elements of an organization’s human resource management platform.

The solution boasts some of the best technologies which streamline human resource management. These include databases and automation tools like AI. Using Oracle Human Capital Management Cloud will help your organization run smoothly with adequate staff management.

Main Features Of Oracle Human Capital Management Cloud Solution

Oracle Human Capital Management Cloud has a wide array of features that cover the main facets of human capital management. The cloud-based software consolidates its main features into four categories, as follows:

1. Core HR

The Core HR Suite covers an organization’s main elements of human resources. It helps provide a common data source for all the information on the people working in a company. Thus, the Core HR Suite helps organizations effectively manage people working there.

Some of the main elements of the Core HR Suite include the onboarding process, facilitating benefits for employees, and a help desk for employees seeking the services of HR personnel. The Core HR Suite also helps organizations manage absence and monitor work attendance.

2. Workforce Management

The entire workforce of an organization needs to align its focus and strategy with those of the business for it to undertake the affairs of the business effectively. Oracle Human Capital Management Cloud has just the exact features to enhance this element of workforce management.

Using the system, organizations can deploy the workforce in the organization with proper monitoring while complying with the business strategy and the statutory obligations the organization has to its employees. These include occupational safety, workforce planning, leave days, and labor and time management.

3. Talent Management

Every organization needs the most skilled and experienced individuals working for it. With this in mind, the team at Oracle has incorporated the best talent management solutions within the Human Capital Management Cloud platform. This module helps organizations recruit new employees, offer training when necessary, and monitor performance and appraisals during employment.

4. Payroll

Organizations with numerous employees often have a hard time managing payroll. When handling payroll for many employees, it is possible for there to be instances of delays in payments, under or overpayment, losses, and poor record keeping.

Using Human Capital Management Solutions can simplify the process for organizations and allow for the best mechanisms for payroll management. The system will only need you to make small tweaks in the beginning, and it will process payroll effectively in the future. In fact, some organizations have noted an 88% effort reduction in payroll management when using such systems.

Benefits Of Oracle Human Capital Management Cloud Solution

Oracle Human Capital Management Cloud provides users and organizations with numerous benefits. Some of the ones that stand out include:

1. Organizations using the system can access HR data in real time whenever needed. Since the data is stored in the cloud, it is universally accessible.
2. Streamlining HR processes by using the system increases performance and productivity over time. The balance book of the organization will definitely show better results through enhanced productivity.
3. As organizations grow bigger, they can rely on the scalability of the platform to meet their growing needs.
4. By managing Human Capital well, organizations can meet their compliance requirements, especially as far as labor laws and occupational safety laws are concerned.
5. The system helps companies save on operational costs without compromising on efficiency in management.
6. Using Oracle Human Capital Management Cloud allows organizations to create the best working environment for their people, which increases employee retention and reduces possible turnover.

Final Thoughts

Any organization that wants to thrive in the modern age needs to know how to effectively manage the people working for it. As you have noted above, cloud-based Human Capital Management solutions help to perform this role effectively.

With such a platform, you will easily recruit the best people for your team, facilitate training, onboarding, and HR processes, provide the best workplace experience, and manage payroll effectively.

Over time, you will see a drastic improvement in your organization for using the system. So, what are you waiting for? Sign up and watch your organization grow!