Companies traditionally use multiple processes, procedures, and tools to effectively manage their employees, such as Human Capital Management (HCM) solutions. Oracle is a leader in human capital management, earning recognition in the Gartner® Magic Quadrant™ for the seventh consecutive year. Oracle HCM offers numerous benefits, such as:
- Identifying and recruiting the best candidates
- Optimizing workforce management and costs
- Streamlining human resources (HR) processes
- Simplifying compliance
- Aligning business strategy with strategic workforce decisions
Before we discuss these benefits and some best practices for leveraging Oracle HCM, here’s a quick overview of the platform.
What Is Oracle Human Capital Management?
It’s often written that a company’s most valuable asset is its data. While this might be true, it can also be argued that a company’s people are its most important asset. Without the right personnel, even the best data will not be used efficiently, and a company will not be able to meet its objectives. Human capital management solutions provide a foundation for companies to manage and optimize their workforces to meet business goals.
One of several popular Oracle technologies, Oracle Human Capital Management is a cloud-based solution that connects the human resources (HR) processes in an organization. Oracle Cloud HCM provides a single source of truth or HR data accessible across all device types. It provides decision-makers with the information they need to effectively manage a company’s personnel and helps organizations create communities where their people feel comfortable and valued.
HCM solutions include multiple functional components that address a company’s needs when managing its workforce.
HR Information Systems (HRIS)
HCM simplifies HRIS by managing all aspects of workforce management from a single, unified record. HCM includes support for managing:
- Employee lifecycles from hiring to retirement
- Employee engagement including motivational and personal branding tools
- HR service delivery with self-service and HR Help Desk functionality
- Compliance and fraud detection
HCM allows companies to manage the complete talent lifecycle while maintaining employee engagement. Talent management functionality includes:
- Talent acquisition that offers a candidate-focused experience using innovative technologies
- Performance management that employs checkpoints to align personal and business objectives
- Career development to assist employees in finding opportunities that meet their goals
- Talent review to identify trends and plan for future needs
- Education to keep employees’ skills current
Workforce Management and Rewards
Organizations can control labor costs, automate manual processes, simplify compliance, and attract and retain top-level talent with HCM functionality that addresses:
- Compensation, including analysis of local and global compensation plans and calculating pay-for-performance based on performance ratings and goal attainment
- Benefits to adapt benefit packages to organizational objectives
- Payroll with processes that support compliance and tax reporting
Benefits of Oracle HCM
Organizations that implement Oracle’s cloud HCM solution stand to enjoy multiple benefits. HCM’s automation and unified approach to managing human capital enable companies to make better decisions, improve efficiency, and provide an enhanced employee experience. The following key benefits can be expected with Oracle HCM.
Attracting and Retaining Talent
- Companies can quickly identify and recruit the right candidates for a position.
- Work-life solutions increase employee engagement and provide individuals with an exceptional experience.
- Learning and growth opportunities help retain talent and maximize employee potential.
Optimizing Workforce Management and Costs
- Compensation plans can be developed that combine monetary and non-financial rewards.
- Employee time, labor, scheduling, and related expenses are managed from a unified platform.
- Business growth is fostered by developing a pay-for-performance corporate culture.
Streamlining HR Processes
- Automation provides opportunities to reduce manual processes to save time and reduce the occurrence of human errors.
- Self-service portals improve the HR process by making information available to employees at any time.
- HCM consolidates multiple HR systems and processes to drive efficiency.
- Analytics help management make smarter, data-driven workforce decisions.
Enhancing Company Agility
- HR and leadership can adjust the workforce quickly to address organizational changes.
- HR processes can be tailored to a company’s specific requirements.
- Business strategy can be more effectively aligned with strategic decisions regarding company employees.
Best Practices for Human Capital Management
HCM is most effective when implemented and executed using a set of best practices. Following are some of the most valuable best practices to consider when using Oracle’s HCM cloud.
- Segment the workforce – Creating workforce segments based on the type of jobs and skill sets required allows companies to invest financial resources where they will produce the greatest return. Monetary and other rewards can be customized to address unique aspects of different workforce segments.
- Create flexible compensation plans – Differentiated benefits and compensation enable companies to reward the employees who are making a difference and produce value for the organization. As a business grows, segmentation can become complex and require the power of an HCM solution to implement effectively.
- Automate compensation tasks – Companies should look to automate all HR and compensation tasks they can to streamline the process and reduce errors. Successfully automating compensation processes is key to creating flexible plans and segmenting the workforce.
- Support the use of mobile technology and social media – HCM enables companies to provide employees with HR data from mobile devices. Social networking is becoming increasingly popular as a method of communication between managers and employees and can be tied to rewards and compensation.
- Use workforce analytics effectively – The analytics available from Oracle HCM can provide organizations with a wealth of information regarding their workforce. This data can be used to give HR teams insight into benefit and compensation trends within and outside of the organization. The information enables a company to offer employees competitive compensation packages and helps retain valuable individuals.
An Experienced Partner Can Help Maximize the Value of HCM
Engaging Argano’s Oracle consulting services puts your company in an excellent position to maximize the value of Oracle’s HCM cloud solution and can guide you through Oracle migration. Argano has a proven track record of successfully implementing Oracle solutions, including HCM, as well as Oracle technologies such as Oracle ERP Cloud.
Argano has been recognized as the Oracle Solution Implementer of the Year nine times and has won the Oracle Excellence Award seven times.
Our experts will help your company effectively use the multiple modules available in Oracle HCM, including the:
- Global Human Resources Cloud
- Talent Management Cloud
- Workforce Rewards Cloud
- Workforce Management Cloud
- Work-Life Solutions Cloud
With Oracle HCM, companies can recruit, hire, and retain the top talent, quickly make adjustments to the workforce to adapt to organizational change, streamline HR processes, optimize workforce management and costs, and more. Combining the power and functionality of Oracle HCM with Argano’s expertise gives your company the perfect solution to the challenges of effectively managing its human capital to achieve its business goals and thrive in today’s competitive market.
For more Oracle tips and resources, visit 50 Best Oracle Cloud Tips and Tutorials.