We know that happy, satisfied employees are more productive and creative than their miserable counterparts. Yet, only half of UK employees feel content at work. Overwhelmed by inflexible company cultures, and stressful work environments, your employees might not be capable of producing their best work. That’s why it’s important to find the right employees, for the right environment. Human capital management software, or HCM, is a fantastic way of improving job satisfaction using human-centric data. By analysing employees and potential hires, companies can streamline the candidate onboarding process, engage existing employees, and ensure long-term employee job satisfaction.
So, how exactly does HCM lead to happier hires?
Simplify Hiring with HCM Applicant Tracking
First, an innovative applicant-tracking system can save hiring managers time and money by automating things like job postings, and setting out a system for evaluating candidates. Companies can therefore identify their matches more effectively, choosing applicants that will fit seamlessly with their existing work environment.
What’s more, with an applicant tracking system, candidates can enjoy timely feedback from their potential employers, and on-going communication with the business that they want to join. Once a candidate is chosen, a HCM solution can also instantly convert applicant data into a hire record, which speeds up the on-boarding process, and allows employees to dive straight into their new position.
Discover What your Employees Want
Once your new team members are set up in the workplace, the benefits of HCM can still help them to thrive. Workplace data offers leaders a greater understanding of what their employees want. For instance, work/life balance is essential for more than 69% of millennials, who also appreciate a welcoming work environment. With this knowledge at hand, employers can develop policies that allow for flexible schedules, telecommuting, and job sharing.
Among most age groups, the top contributor to job satisfaction is fair treatment of employees, followed by compensation and benefits. Learning from HCM data, employers can adapt their benefits packages to attract more talented employees through specialist recruitment at a later stage.
Make Identifying Challenges, and Rewarding Performance Easier
Integrated HCM solutions can also deliver a holistic view of employee performance. This data could make it easier for companies to identify and reward their highest-performing workers with compensation increases, bonuses, and other perks. At the same time, your HR data can also reveal problems in the form of decreased productivity and absenteeism. By identifying these problems quickly, companies can set up communication strategies to address situations.
With HCM, it can be easier for businesses to communicate with their employees in an effective and transparent manner. For instance, when workers are under-performing, managers can address the issue through feedback and training. Communication can also be essential around events like open enrolment, annual reviews, and other issues that impact employees. HCM can allow you to communicate with your workers in their preferred format, for stronger connections.
Standardise Onboarding Practices
When it comes to hiring new talent for your organisation, you’ll only have one chance to make a first impression. With that in mind, implementing effective onboarding practices can be a great way to improve the longevity of your hire by making candidates feel valued and welcome. At the same time, HCM can prepare staff for work as effectively as possible.
For new employees, the onboarding process can sometimes feel a little overwhelming. However, a well-designed HR platform can help to guide new hires through a thorough onboarding process, so that they feel comfortable from day one. With HCM systems, orientation schedules, and even training materials, new hires can slide into their new positions seamlessly.
Invest in the Right Technology
Part of the reason that HCM has become so popular in today’s business world, is the fact that technology has made managing employee data easier than ever. If you want to make your HR processes as efficient and effective as possible, you’ll need to implement the right tech tools for your company. Almost any part of human capital management can be further strengthened with technology.
Using the data that you gather from your employees, you can learn how to improve your organisation, and make work easier for your staff. For instance, you could identify a future leader in the workforce and invest in training for them, or identify a common need for the masses that can be fulfilled.
Ease Open Enrolment
Finally, both employees and hiring managers can feel overwhelmed at the concept of open enrolment, thanks in part to the excessive amount of paperwork involved. However, HCM software and benefits software can eliminate that paperwork and replace it with automated solutions.
When benefit enrolment is managed online, employers can provide employees with decision support tools, and educational materials more effectively, leading to a less confusing experience. In addition, employees can access self-service portals that allow them to view confirmation statements and plan summaries. According to an Aflac survey, 80% of employees consider quality benefits to be important, while 79% said that well-communicated benefits programs would convince them not to leave their jobs.
Making the Most of HCM
Employee turnover is a frustrating, and expensive process, while dissatisfied employees are often less productive. It’s crucial for today’s businesses to use every resource available to them when building stronger relationships with their teams. Data from HR software can lead to better candidate selection, improved interactions, performance management, and more.
If you use a HCM system, are you leveraging its capabilities? If not, how could your organisation benefit from investing in such a system?