How Human Capital Management Tools Can Turn Your HR Department into a Powerhouse for Company Growth

At LBMC Employment Partners, we believe that employees aren’t just a substantial business expense, but rather a company’s most important resource. Having good employees can make or break an organization, which is why it is so important to proactively manage human capital to obtain and keep the best talent.

What is Human Capital Management?

Human Capital Management, or HCM, is the new buzz in the world of human resources—and for good reason. HCM leverages the information gleaned from regular, everyday HR functions to manage employees more strategically.

HCM begins when an employee is still being recruited and ends when that employee retires. Using data analytics, artificial intelligence (AI), and other digital tools, HCM allows employers to create a custom experience for each employee complete with incentives, salary management, and benchmarking. This new system helps keep employees engaged, which in turn helps with productivity and retention.

This strategic, proactive approach to HR is usually also combined with a more streamlined system for managing routine HR tasks like payroll and absence management. Combining all these pieces together creates an HR department

Getting Started with HCM

For HCM to be effective, it requires integrating employee files with other company-wide information. Traditionally different aspects of personnel management have been siloed off using different filing methods and software. As HCM has become known as the best practice for human resources departments, integrated software platforms have emerged to facilitate the processes required for HCM.

At LBMC Employment Partners, we use Workforce Ready, a one-system approach to HCM. Workforce Ready has modules for every aspect of human resources and workforce management all in one platform. It eliminates the need for balancing different tasks across multiple platforms and vendors, putting everything in one sleek, easy-to-use package.

Why We Love Workforce Ready

Workforce Ready is designed both to manage and help guide employees all the way from pre-hire to retire. The software’s configurable dashboard combines HR, time and attendance, payroll, and more—all in one place. Here are just a few of the advantages of a one-system approach like Workforce Ready:

  • A single employee record: Employee data lives in one single database. You input it one time and it gets shared with every application that needs it.
  • Everything is in the cloud: Data is readily available when you need it and how you need it.
  • Scalable: Workforce Ready grows to manage more as your company grows. There’s no need to migrate to a new system once your company outgrows it.
  • Compatibility with third-party apps: Companies that already use third-party apps for some workplace functions can integrate those directly into Workforce Ready. As companies grow they can also add in these apps as needed.
  • A single source of truth: With a common reporting function, there’s no need to duplicate information. Workforce ready links databases together so information only needs to be entered once. This ensures accuracy and saves time.

What Sets Workforce Ready Apart

Workforce Ready has a user-friendly dashboard with different modules to enhance workflow. The platform makes it easy for employees to find exactly what they need.

Here are the modules that managers and employees can expect with Workforce Ready:

Talent Acquisition – This module helps manage recruiting and hiring with tools for:

  • Both internal and external hires
  • Integration with free and premium job boards
  • Configuration with online applications
  • Self-service for candidates
  • Disseminating pre-screening questions
  • Parsing resumes
  • Notifications for applicants
  • Background screening
  • Recruiting trends

Compensation Management – A module to track and analyze employee compensation with:

  • Employee history
  • Salary history
  • Benefit statements for employees
  • Pay grade steps
  • Total compensation analysis

Performance Management – A module to help employees become more productive and reach their goals with tools for:

  • Continuous feedback and goal tracking for employees
  • Configurable performance appraisals for managers
  • Measuring tools for competency, goals, and core values
  • Performance reporting
  • Employee self-assessment
  • Multiple management assessment
  • Workflow and productivity reviews

Succession Planning – This module can help identify up and coming company leaders and give employees the skills to move up the ranks with:

  • Succession planning profiles
  • Talent matrixes
  • Reporting tools for succession planning

Trainings and Certifications – With this module employees can track their progress towards certifications and skills with tools for:

  • Skill tracking
  • Course management
  • Tracking certification progress
  • Credential review

Incident Tracking – Stay compliant with federal and local laws and track incidents accurately and thoroughly with:

  • Case tracking and reporting
  • Email alerts for incidents
  • Organized document storage
  • Escalation tracking

Attendance Management – Streamline workflow for handling employee attendance with a portal for:

  • Receiving requests and sending approvals for time off
  • Tracking attendance

Asset management – Keep track of the status and condition of company property with tools for:

  • Property management for real-estate and buildings
  • Vehicle management
  • Document storage for insurance and warranty contracts

Offboarding – Even losing an employee can be an opportunity for learning and growth. Deal with terminations and resignations the proper way with:

  • Termination files with details and history
  • Exit interview configuration
  • Termination notification protocols
  • COBRA administration

Companies can add additional modules to suit their needs including:

Marketplace – Expands the app’s functionality with third-party apps like G Suite for Google Cloud and Certify

Employee Perspectives – Supplies analysis of employee data in a neat graphical interface

Mobile App – Compatible with Apple and Android Devices

People Analytics – Real-time data on employees organized into charts and dashboards. Allows managers to proactively manage workforce trends, and work towards business goals using data analytics.

Premium Job Board Integration – Gain access to more than 8,000 premium job boards to secure the best talent.

Everything Benefits Career Connection – Make sure your employees have access to the best benefits possible and that your company remains in compliance with marketplace tools.

Grow Your Company with a PEO and Workforce Ready

The Human Capital Management tools that come with LBMC Employment Partners and Workforce Ready can be tailored to any kind of company. It doesn’t matter if the business is large or small, growing, or in crisis. These tools can be leveraged to reach any kind of business goals.

Are you ready to see what Workforce Ready can do to grow your business? Contact LBMC Employment Partners today for a consultation.