searching for a new hcm vendor

The pandemic helped businesses recognize both their strengths and their shortfalls when it came to switching staff to a remote work environment, and the technology necessary to stay up and running during challenging times. Our human capital management (HCM) partner isolved offers these tips if you are searching for a new HCM vendor to make sure you choose the right one for your organization.

Maintaining business continuity while navigating unprecedented disruption is a challenge that most enterprises faced in 2020. In fact, 61 percent of employees state their jobs were negatively impacted during the pandemic. As 2020 comes to a close, leadership teams will be reflecting on the successes achieved in this unparalleled year, as well as opportunities for improvement in 2021. One area of improvement likely to appear on many lists is human capital management. After all, the pandemic shined a spotlight on the importance of agile technology that can support remote workforces and employee engagement initiatives. For businesses starting their search for a new HCM vendor, here are a few things that should be prioritized during the decision-making process:

1. A platform that fits your business needs

Did you know that HR managers lose an average of 14 hours per week doing tasks manually that could be easily automated? This means that finding an HCM platform that automates essential tasks can have an immediate, positive impact on productivity. Before the searching process for a new vendor can begin, however, it is important to identify exactly what your team’s needs are. Keep in mind that not all HCM systems offer the same capabilities – so having a list of “must-have” features will be critical to ensuring the platform meets expectations. While not an exhaustive list, here are several capabilities to consider:

  • Benefits administration
  • Employee self-service portals
  • Applicant tracking
  • Time and attendance
  • Advanced scheduling
  • Payroll and compensation management
  • Employee performance tracking
  • Onboarding and offboarding support
  • Learning management system
  • Employee engagement and collaboration tools

2. User experience is key

The average HR department uses at least five systems to perform essential tasks like scheduling, timekeeping, attendance, payroll, and learning management. This hodgepodge of systems can reduce organizational efficiency and accuracy. Plus, the process of switching between systems with various logins is not very user-friendly. Fortunately, HCM technology is increasingly offering consumer-grade experiences that are intuitive and make it simple for HR teams to manage the entire employee journey. This is something that should definitely be considered when choosing a new HCM vendor, as it allows employees to spend less time on learning new systems and more time focusing on strategic initiatives.

3. Think about the future

In order to support your business’s growth in the coming years, it is important to choose an HCM vendor that is scalable. A robust, cloud-based platform can provide the strategic analytics and workforce insights needed to keep your organization nimble and ready for change. Plus, having the ability to customize the platform as your business evolves provides your team with the flexibility to streamline essential HR functions as needed, as well as automate simple tasks and continuously improve employee experience throughout the organization.

Employ, Enable and Empower Your Workforce

Now more than ever, HR teams need access to agile tools that can adapt to changing industry requirements and future-proof their business. A comprehensive HCM platform can transform the way you support your workforce – employing, enabling, and empowering them for sustained success.

Looking for more help in selecting the right HCM vendor for your business? We have you covered. Our Complete Guide to Human Capital Management includes tips for prioritizing your requirements, questions to ask vendors, how to get internal approval, and much more. Fill out this brief form to get your free download!

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