In this article, we discuss the benefits of using a human capital management (HCM) system. By using TimeForge to track work hours and time-off requests, managers can save time and create a more efficient workforce. Furthermore, integrating TimeForge with a human capital management system allows managers to get a good view of their entire human resources workload in one place. TimeForge can integrate with Workday Human Capital Management, among several other systems.
What is Human Capital Management?
Human capital management is all about managing employees effectively while they work. Organizations have different sets of practices, all of which are designed to make sure the best candidates are hired, trained well, and developed into efficient workers and leaders. Information sharing and best practices around working together are all also important for success.
How are Human Capital Management and Workforce Management Different?
HCM and workforce management (WFM) are similar. Some people even use them as synonyms. One good way to think of the difference is this: workforce management is the specific practical details of managing a workforce. Clocking in, taking lunch breaks, and arranging shift swaps are all examples of WFM.
HCM takes a broader view. It doesn’t always look at specific details but often provides a good overview of how the organization is caring for its employees.
Both HCM and WFM can affect employee happiness and performance, so it’s important to pay attention to both the small details and the big picture.
The Benefits of Human Resources Software
Businesses use human resources software to effectively manage their employees, i.e. their human capital. These programs often look at only one or two areas, such as tracking job applicants, managing payroll, or carrying out performance reviews.
Even so, software is better than manual HR work because it reduces human errors. Since HR software helps managers see the big picture, they can then make smarter decisions.
Most modern HR systems are cloud based and secure. Managers and workers can log in to them easily and track their benefits, such as accrued leave time or paid time off.
Tracking Time and Attendance
Time tracking software is another type of human resources software and is important for labor management. It takes the place of analog time cards, physical time punches, and paper tracking systems.
HCM isn’t just about monitoring people. For instance, one important aspect is keeping employees engaged and happy with their jobs. Companies can do this by providing growth opportunities and allowing their workers to use their skills and talents. Making training opportunities available also helps.
HR software easily tracks employee skills and growth. Some systems even let employees proactively sign up for training on their own, without a manager’s approval. This all feeds into the idea that engaged employees are happy employees who will want to stay with the company and help it succeed.
Introduction to Workday
Workday HCM is a cloud based HCM system, a type of HR software that manages many aspects of human resources instead of just one or two.
Workday includes an applicant tracking system (ATS), human resources information system (HRIS) functions and more. Although it does not provide time tracking, it does support integration with TimeForge – which does.
Applicant tracking systems connect the people who hire employees directly to job applications and other applicant data. After candidates submit applications online, recruitment managers view applications in the same place. The best ATS solutions provide filtering and sorting options, so managers can easily locate and select the best candidates for a given job.
Workday offers best in class ATS functions. This may be why it was the most-used ATS solution among Fortune 500 companies in 2018, according to Datanyze.
Workday has grown in popularity in recent years as a HRIS. These functions of Workday provide access to information about current employees.
Managers can use these parts of a human capital management system to monitor and assess an organization’s employees. They can also use the system to make sure workers receive the benefits they’re entitled to. Native analytics and reporting dashboards make these jobs easier by providing staff members with access to essential data at any time.
Employee Engagement in Workday
Workday makes it easy for workers and managers to collaborate. Managers can find someone with the skills their team lacks, and employees can find mentors to help them meet their goals. Graphs and analytics add even more benefits.
Workday also has a mobile app that’s easy to use. Workers can look up and change their profiles at any time while trainers can deliver videos and resources online as well.
Workday Integration With TimeForge
TimeForge and Workday together offer many benefits, including the following:
- Users can integrate TimeForge’s ability to automatically track overtime hours in conjunction with Workday’s payroll functionality.
- You can access relevant employee information, such as pay rate and weekly hours, in Workday and then use TimeForge to ensure employees are receiving accurate compensation for hours worked.
- Integrating TimeForge with the Workday system makes receiving, managing and responding to time-off requests even easier.
- You can perform employee reviews more efficiently by assessing timeliness and shifts worked with other areas of job performance.
- You can track days off in TimeForge based on leave accrual defined per employee in Workday.
- It’s easy to monitor compliance with employment law in Workday using data provided by TimeForge.
- You can find data on current employees’ talent profiles, and then combine it with payroll and time tracking data to create robust reports about efficiencies.
Connect Your HCM to TimeForge and Save Time
Of course, Workday isn’t the only HCM system out there. TimeForge also integrates with others, including Kronos Workforce Ready and Ultimate Software HCM. Check out our integrations pages for more information. We can’t wait to help you improve your workforce and your organization.