Human Capital Management (HCM) Software

Human capital management (HCM) software is a digital repository of human resources applications pertaining to employees and applicants. HCM software brings all company paperwork and forms into a centralized platform, usually cloud-based, so that HR personnel can access employee data and manage job candidates. HCM software, like other HR platforms, typically includes employee management, talent acquisition, and limited employee self-service features. 

Common acronyms for human resources (HR) applications include:

  • HCM—human capital management
  • HRIS—human resources information system
  • HRMS—human resources management system

Benefits of HCM software

  • Human capital management software creates a unified platform in which HR information is accessible in one portal. Typically cloud-based, the platform can be accessed by both in-office and remote  HR teams and employees. 
  • The software empowers employees some HR tasks and access their benefits and data. The amount of self-service employees can perform within the platform varies between solutions. Common self-management abilities include requesting time off, viewing their organizational chart, viewing their compensation and paystubs, and submitting performance reviews.
  • By largely replacing physical paperwork, human capital management software streamlines human resources services like document capture and storage, payroll management, benefits elections, recruitment, and onboarding.

Features of HCM software

Common HCM features include:

  • Applicant tracking
  • Candidate management, such as resume and cover letter storage
  • Job posting capabilities
  • All employee forms, including benefits paperwork and financial statements
  • Benefits information
  • Customizable time-off policies
  • Performance assessments
  • Financial data like compensation and paystubs
  • Time off requests and other time management features, like time clocking

Popular HCM software

Top platforms are valued for their:

  • Comprehensive combination of applications 
  • Intuitive and modern user interfaces
  • Secure cloud-based nature
  • Integrations with other business software, including accounting, recruiting, and e-sign programs 

Top software includes:

Read More: Best HR Software Solutions for 2021

Jenna Phipps
Jenna Phipps
Jenna Phipps is a writer for Webopedia.com, Enterprise Storage Forum, and CIO Insight. She covers data storage systems and data management, information technology security, and enterprise software solutions.
Get the Free Newsletter
Subscribe to Daily Tech Insider for top news, trends & analysis
This email address is invalid.
Get the Free Newsletter
Subscribe to Daily Tech Insider for top news, trends & analysis
This email address is invalid.

Related Articles

HRIS

Human resources information system (HRIS) solutions help businesses manage multiple facets of their workforce operations. They provide a central platform for human resources professionals...

Workday Software

Workday is a human capital management (HCM) tool that leverages data analytics, combining HR, finance, management, and enterprise planning in one integrated platform. It...

Salesforce

Salesforce is a SaaS company and cloud customer relationship management (CRM) software platform. It includes an ecosystem of applications for customer service, marketing automation,...

Oracle

Oracle is a global technology company specializing in database software, enterprise software, hardware, and cloud applications and infrastructure. Known for the world's first autonomous database,...

ScalaHosting

ScalaHosting is a leading managed hosting provider that offers secure, scalable, and affordable...

HRIS

Human resources information system (HRIS) solutions help businesses manage multiple facets of their...

Best Managed Service Providers...

In today's business world, managed services are more critical than ever. They can...