This era is of software solutions. There is a software solution to handle every aspect of a business, including human resource management. Human Capital Management (HCM) software is the best solution to help businesses centralize data, improve recruitment and onboarding, automate payroll services, and get insights for career planning. However, selecting the right HCM tool from the numerous available options can be daunting. Some HCM platforms provide capabilities essential for small businesses, while others are efficient in meeting the comprehensive demands of large-size enterprises. Fear not! Here, we have narrowed down the list for you along with their comprehensive reviews. So, let’s dive deep into this article to gain insights on the eight best HCM software. Here we go…
Before diving into the list of the top HCM tools, let’s understand the basics of HCM tools and how they can help your business. Read on!
Human Capital Management software, also known as Human Resources Management Systems (HRMS) or Human Resources Information Systems (HRIS), is an extensive tool designed to help businesses manage and optimize the entire employee lifecycle within their system. An HCM software comes integrated with various HR functions, including recruitment and onboarding, training and development, payroll and benefits administration, performance management, employee data management, employee engagement and retention, workforce planning and analytics, and so on.
How Can a Human Capital Management Software Help a Business?
Having a robust HCM tool is essential for an organization. These tools offer numerous advantages, including:
Improved Efficiency: HRMS tools help organizations automate repetitive HR tasks. This, in turn, reduces paperwork, and minimizes administrative burden.
Ensures Compliance: HCM software solutions are designed keeping labour laws, regulations, and company policies in mind. They help businesses adhere to these laws and make lawful decisions.
Enhanced Engagement: A robust HCM tool can enhance employee engagement, improve communication, and help foster a positive work environment.
Strategic Insights: Human capital management software allows HR managers to align workforce strategies with business objectives and anticipate future talent needs in advance.
Help Make Informed Decisions: HCM tools offer valuable insights into HR operations that businesses can utilize to manage their human capital resources effectively.
All in all, human capital management software is a need of an hour. Having a reliable HCM software solution enables businesses to handle HR operations and optimize workforce management effectively.
Top 8 Human Capital Management Management (HCM) Software Solutions
Investing in a reliable HCM solution is a MUST to optimize your human resource operations. Here is our list of some of the most iconic HCM software solutions that you can consider using to enhance your company’s HR operations. Take a look…
Paycor is one of the best HCM platforms, offering automated basic payroll services and human resource management tools. It is the top pick for small businesses looking for user-friendly, comprehensive, and transparent HCM software. Paycor modernizes the way the HR department manages the employees, from recruiting to retention of the best talent.
It also advances payroll to employees with GL integration and AutoRun functionality. With its integration, your employees can avail of flexible pay options, such as pay cards, direct deposits, and earned wage access. This iconic tool allows you to automate the payment system and build a high-performing culture. In addition, it boosts transparency, reliability, and confidence in the system. Paycor saves both time and money, ensuring you can focus on other productive tasks and mint the cash.
Key Features of Paycor
Payroll management
Free W-2 and 1099 processing
Workforce management
Pulse surveys
Career development
Talent development
Learning management
Workers’ compensation
Benefits’ advisor
ACA reporting software and more
Pros
Transparent pricing
Top-notch payroll features
Easy to integrate
Paycheck stuffing
Proactive alerts for salary changes
OnDemand payment allows employees to get payment in advance if they need it
Automated clock-in/clock-out system
Cons
PTO error message
Recruiting and onboarding are not available with the basic plan
Pricing
Basic Plan: $99/month +$5 per employee
Essential Plan: $149/month + $7 per employee
Core Plan: $199/month + $8 per employee
You can opt for any of these plans according to your business needs.
BambooHR is another top HCM tool that you can consider integrating to enhance your HR operations. It empowers the HR department to focus more on managing people within the organization. It simplifies the administrators’ complicated processes and automates time-consuming tasks so they can focus on attracting and retaining the top talent for the company.
It’s a comprehensive HCM platform that can help you manage almost every aspect of human resource management, including payroll, recruiting and onboarding talent, measuring employee performance, and identification of passive employees. The most advantageous feature of this tool is the employee wellness and satisfaction surveys. This aids in assessing employees’ well-being and discovering what drags their performance. If you want a comprehensive tool for your organization, then BambooHR is your best option.
Key Features of BambooHR
Applicant tracking system (ATS)
Mobile hiring app
Electronic signatures
Onboarding employees
Automated HR data and reporting
Employee wellness survey
Employee satisfaction with eNPS
Employee Community
Pros
Time tracking
Benefits tracking
Paid-time off
Employee records
Self-service portal
Access coworkers’ vacation schedule
Cons
No feature of real-time notifications and alerts
ATS and phone support are not included in the basic plan
Next on our list of the best HCM tools is monday.com. monday.com is a cloud-based HRM tool that allows HR administrators to create easy-to-use work management tools and applications to get the job done faster and smarter. Initially, it was launched as a team collaboration tool in 2014, but today, monday.com has become a core solution for businesses. It’s an all-inclusive tool that integrates nearly every facet of an organization.
It encompasses customer relationship management, project management, marketing, human resources, software development, and more. Most importantly, it automates repetitive tasks and emphasizes managers’ attention to talent development. The most notable feature of this tool is platform is that it integrates with Gmail, Google Docs, and Slacks. This, in turn, simplifies document work and conversations pertaining to recruiting and onboarding. Moreover, it allows managers to access data and reports in various formats, ensuring they track the events in real time.
The next tool that you can choose for your organization is Rippling. It is one of the best HCM platforms that offers a comprehensive, unified, and intuitive solution to various HR needs. Rippling offers global payroll services to employees and contractors. It offers an easy-to-use interface. Moreover, its integration is also a breeze. This reliable cloud-based platform ensures 100% accuracy in payment automation.
Moreover, it allows HR managers to maintain a unified workforce directory that is accessible from any location of their choice. It provides them great insight so they can promote talent development and growth within their organization. It also integrates an e-signature tool, allowing HR managers to have documents signed digitally. All in all, Rippling is a wonderful tool. You can take the HR department to the next level with the help of this tool.
Key Features of Rippling
Automate HR compliance
Manage employee data
Automate time tracking
Recruiting and onboarding
Employee surveys tools
Easy and accurate global payroll
Inventory management
Pros
Low-cost pricing
Applicant tracking system (ATS)
Integration of apps
ACA & COBRA administrations
Automatic reports
Intuitive interface
Comprehensive HR software
Cons
No free trial is available
Users report inconsistent service
Price
Basic Plan: $8/per user
For premium plans, contact the Rippling customer support center
Another top HCM platform is TriNet. It delivers the most valuable solutions to your HR department. If you are looking for industry-specific expertise, TriNet is your best bet. Formerly known as Zenefits, this platform streamlines onboarding and offboarding, calculating payments and taxes, reviewing policies, and building talent development.
This tool helps HR managers to focus on tasks that matter the most for their company. TriNet ensures that employee data flows into the benefits portal. It features a self-service portal for employees that includes retirement and health benefits as well. In short, TriNet is one of the best and highly responsive platforms that can benefit any organization looking to streamline its HR operations.
Key Features of TriNet
Payroll processing
Payroll tax compliance
Self-service HR platform
Open enrollment setup
PEO advantages
Fully functional mobile app
Access analytics and insights
Automation of the integrated HR software
Pros
Robust HR software
Affordable pricing
Intuitive and modern platform
Agile software
Centralized database system
Supports employee benefits such as HSAs and FSAs
Streamlines COBRA administration
Cons
Limited customized options
Problems in streamlining tax structure
Pricing
Basic Plan: $8/per user
You can contact the brand for more details on their pricing options
At number 6, we have Deel. Deel is an advanced HCM software that mitigates legal risks associated with hiring employees overseas. Essentially, the Deel dashboard allows you to edit, send, and sign contracts in no time. This comprehensive tool allows HR managers to track the status of contracts in real-time.
It features advanced global employment resources, including an employee cost calculator, salary insights, and employment comparison. By integrating Deel into the system, you can automate the payroll, payslips, and tax compliance services. This way, you can have free time to research, innovate, and explore business opportunities. Additionally, Deel software complies with international data security standards and allows you to access your Deel account with a Single Sign-on.
Key Features of Deel
International payroll
Recruiting and onboarding employees abroad
Built-in PEO feature
AI integration
Benefits administration
Pulse surveys
Global compliance
Pros
Relocate team members
Comprehensive HR operations
Reliable and accurate payments
Data security and privacy
Improves employee satisfaction
Expand into global markets quickly
Customized reporting features
24/7 customer support
Cons
Pricey plans
Limited options for the entry-level packages
Price
Deel HR: Free
Deel Contractor: $49/month
Deel EOR: $599/month
Deel Payroll: $29per employee/month
Deel US Payroll: $19 per employee/month
Deel US PEO: $79per employee/month
Deel Engage: $20 per employee/month
Deel IT: $99per employee/month
You can choose the one that fits your business needs the best.
Oracle Cloud HCM is a one-stop destination that brings people, processes, and technology together. This helps employers and HR professionals manage their teams/workforce more efficiently and effectively. With comprehensive and personalized Oracle Cloud HCM, you can boost employee confidence, engagement, and productivity.
Most importantly, it allows you to create an employee community where people are heard and valued. The AI-embedded infrastructure of the HRM software ensures 100% accurate payroll services with tax compliance. One of the key benefits of using the Oracle Cloud HCM is that it engages employees with surveys and activities to promote their holistic well-being.
Our last pick is Workday. This is yet another cloud-based human capital management software on this list of the top HCM tools. Integrated with the next-gen AI, Workday software uses multi-dimensional criteria to transform how you manage people and the payouts. In other words, it allows business organizations to manage all aspects of human resource (HR), from recruitment and onboarding process to talent development and performance enhancement.
It has the most simplified and centralized payroll feature that makes payroll management a breeze for HR managers. Workday also offers a self-service portal for employees. This portal allows employees to access the company’s data and update it wherever it is needed. In addition, managers can track the employees’ performance levels in real-time to identify the level of their productivity and contribution. Also, it provides HR managers with detailed insights. By leveraging valuable insights, they can foster growth and development in the organization.
Key Features of Workday
Modern interface
Workforce management
Analytics and Reporting
Vendor management system
Local and global payroll
Workforce planning
Next-level artificial intelligence
Pros
Flexible
Help you deploy frontline workers
Intelligent and innovative HCM suite
Customer support via online and phone
Customizable options
Get real-time insights on employee performance
Financial management features
Personalize dashboard
Agile software
Cons
Lacks transparency in prices
Limited actions
Confusing interface
Pricing
Contact the seller for detailed pricing
Bottom Lines
So, these are the 8 best HCM tools for you. You can choose to have any of these tools. However, it is crucial to consider your business needs before selecting one. A good HCM software can help you streamline and optimize all your HR operations effectively. An HRM tool can save you a lot of time by streamlining all the tedious and time-consuming HR functions into one system.
When it comes to choosing HCM software, it is recommended that you take advantage of the free trials (if available). No matter how much you have explored any software, you can’t understand it until you implement it in your system for a few days. Be sure to use it with multiple users and diverse situations to understand how successful it is in different situations.
