What is Human Capital Management Software-as-a-Service (HCM SaaS)?
Human Capital Management Software-as-a-Service (HCM Saas) is a software application suite that can be used to handle and seamlessly manage the administrative functions of an HR department – hiring, compensation, training and management – in order to assist the HR staff and management to drive employee engagement, communication and productivity. An HCM SaaS supports and automates HR processes in an organization so that the HR is able to invest valuable time and resources in various developing and deploying strategic initiatives for the benefit of the organization and its workforce.
The key benefits of an effective HCM SaaS application are:
- Attracting and retaining talent
- Managing and optimizing workforce costs and expenditure
- Handling timely response to queries
- Managing entire HR database and individual systems like employee lifecycle, strategic HR management, HR service delivery, compliance management and fraud detection
- Handling entire lifecycle of talent management
- Handling workforce management, compensation, benefits and rewards