To effectively manage their most important resource — their employees — businesses need to implement a human capital management solution (HCMS). Not sure which one is right for you? This article examines 8 top HCMS solutions on the market today. 

What’s Human Capital Management?

At its core, human capital management (HCM) is all about people. It’s the process of attracting, hiring, developing, and retaining employees. And in today’s business landscape, small and medium-sized businesses (SMBs) need to be extra diligent in their HCM practices. Why? Because the war for talent is real, and it’s only getting more competitive. To attract and retain the best employees, businesses must offer a compelling employer brand, robust benefits packages, and continuous learning opportunities. Furthermore, the traditional nine to five workday is a thing of the past. Now, employees expect a good work-life balance and the ability to work remotely. So your HCM system must be able to accommodate these changing needs. You can take a strategic approach to attracting, hiring, and retaining top talent with the right human capital management solution.

Typical Features of an HCMS

When shopping for an HCMS, you’ll want to look for a solution that offers the following features:

1. Applicant Tracking

This capability helps you identify and track job applicants throughout the hiring process.

2. Onboarding

Once you’ve hired someone, onboarding tools will help them acclimate to their new role and company culture.

3. Employee Self-Service

This feature allows employees to view and update their information, request time off, and more using an intuitive interface that doesn’t require your oversight. 

4. Performance Management

Performance management tools help you track employee performance and identify areas for improvement.

5. Compensation Management

With compensation management, you can create and administer salary, benefits, and bonus programs.

6. Time and Attendance Tracking

Keep track of employee hours worked with time and attendance tracking.

7. Leave Management

Requesting and approving time off should be easy for employees and managers. Look for a system that offers leave management tools.

8. Training and Development

Offer employees continuous learning opportunities with a design that includes training and development tools. While every business is different, these are some of the most essential features you’ll want to look for in an HCMS. 

The Top 8 Human Capital Management Solutions

Now let’s take a look at the top 8 HCMS solutions on the market today:

1. Paycor

First up is Paycor. This comprehensive HCM solution offers a slew of features, including applicant tracking, onboarding, performance management, and more. One of the things that set Paycor apart is its ease of use. The system is user-friendly, so you won’t need to spend much time training your employees on how to use it. Additionally, Paycor offers a mobile app that allows employees to access their information on the go. For businesses with hourly workers, Paycor’s time and attendance tracking module is a must-have.

2. Eddy

If you’re looking for a more affordable HCMS, Eddy is worth considering. This cloud-based solution offers all of the core HCM features you need, including applicant tracking, onboarding, and employee self-service. Eddy is also known for its excellent customer service. So if you run into any problems, you can rest assured that someone will be there to help you resolve them.

3. Paylocity

Paylocity is another comprehensive HCM solution that offers a full suite of features, including applicant tracking, onboarding, performance management, and more.  This system is known for its modern interface and advanced reporting and analytics capabilities. Paylocity offers a mobile app that allows employees to access their information wherever they are.

4. Workday

The next HCMS on our list is Workday. This cloud-based solution offers a full suite of HCM features, including applicant tracking, onboarding, performance management, and more. One of the things that set Workday apart is its scalability. The system is designed to grow with your business, so you won’t have to worry about outgrowing it. 

5. Rippling

Like the other solutions on this list, Rippling offers applicant tracking, onboarding, performance management, and other features. What sets Rippling apart is its focus on automation — this system can automate various HR tasks, including onboarding and employee offboarding.  Rippling integrates with a wide range of third-party applications so that you can manage your HR data in one place.

6. SAP SuccessFactors

If you’re looking for an enterprise-level HCM solution, SAP SuccessFactors is worth considering. This solution offers all of the features you need to manage your workforce, including applicant tracking, performance management, and onboarding.

7. ADP WorkforceNow

One thing that sets ADP WorkforceNow apart from other HCM solutions is its focus on compliance. This system offers a variety of features to help you stay compliant with employment laws and regulations. What users also love about ADP WorkforceNow is its self-service capabilities. This system allows employees to easily access and update their information, so you don’t have to waste time doing it for them.

8. Oracle HCM Cloud

Nearly every HCM solution on this list offers applicant tracking, onboarding, and performance management. So what makes Oracle HCM Cloud different? This solution is known for its extensive reporting and analytics capabilities. With Oracle HCM Cloud, you can create custom reports to get the data you need to make informed decisions about your workforce. Additionally, this system integrates with a wide range of third-party applications. These are the top 8 human capital management solutions on the market today. When choosing a system for your business, consider your specific needs and budget. 

Learn More About Human Capital Management in Our Community

Looking to learn more about Human Capital Management? Controllers Council is a national community and platform of Controllers, Accounting and Finance professionals focused on accounting best practices, information and resources, recognition and networking. Membership has many features and benefits to propel your career and expertise, and to be an active participant in our exciting community. The Controllers Council Forum allows members to pose questions about advancing your career and other topics. Become a member today.

2023 Predictions for Finance and AccountingWebinar Wednesday, December 7

We may not be flying to work in 2023 but there won’t be a shortage of innovation that enables Finance and Accounting teams to modernize their accounting operations. As organizations plan for continued supply chain disruptions, talent scarcity, and market uncertainty, accounting leaders are finding ways to innovate, automate, and scale processes to meet organizational demands. Hear from BlackLine’s industry specialists on the top leadership priorities and transformation trends of 2023, including Hyper-Automation, Talent Upskilling, and Decision Intelligence. 

CPE Credit: participants can earn up to 1 CPE/CPD credit in the Business Management & Organization field of study.