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human capital management (HCM)

Functions

The functions of HCM software are generally organized into the following categories:

HCM suites also typically have technologies that cut across functional areas, notably analytics, social media, collaboration and employee engagement. Many also allow mobile access to HR data and applications, especially the self-service features.

Analytics is usually the critical element in strategic human capital management, which seeks to more closely align HCM with the financial success of the company. Sometimes the analytics tools are localized to a particular HCM function. For example, workforce analytics can help optimize decisions made in the workforce planning module, while social media and collaboration tools can facilitate the frequent feedback and communication required for continuous performance management.

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