Human capital management (HCM) is a set of practices related to people resource management. These practices are focused on the organizational need to provide specific competencies and are implemented in three categories: workforce acquisition, workforce management and workforce optimization.
The applications that help to enable human capital management include:
Core administrative Support:
– Personnel administration
– Benefits administration
– Payroll
– Portal/employee self-service
– Service center
Strategic HCM support:
Workforce planning
Competency management
Performance management
Compensation planning and strategy
Time and expense management
Learning (education and training)
Recruitment (hiring and recruitment)
Onboarding
Contingent workforce management
Organization visualization
Other HCM:
Reporting and analytics (workforce analytics)
Workflow
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