Human Capital Management
Human Capital Management refers to the process of utilizing strategies and tactics to acquire and develop a company’s employees to maximize their productivity and economic value.
Human Capital Management Software
It is no secret that employees can make an organization just as easily as they can break it. Given how many organizations know this, it should be of no surprise that they now use HCM software to automate and streamline the processes of recruitment and training. The HCM software consists of a multitude of handy applications that greatly help ease the process of onboarding employees, bringing them up to company standards, and keeping track of their progress.
The Benefits of HCM Software
Here are some advantages of Human Capital Software you ought to know about:
A Unified and Integrated Platform
An HCM software enables your company to make use of a seamlessly integrated platform to manage your payroll and human resource operations without hassle. Additionally, it makes the following information available: attendance, time, and productivity. This helps managers evaluate their employees’ performance and generate reports accordingly.
Recruitment made easy
Another incredibly handy feature of HCM software is the fact that it streamlines the recruitment process. It enables HR professionals and the management to attract excellent resumes, supervise candidates and decide candidates that may not make the cut.
An Increase in Employee Engagement
Making your employees feel included is paramount to make sure they are up to speed with day-to-day responsibilities. HCM software eliminates the requirement for the HR department to waste time on redundant routine processes. In addition to this, it helps the staff handle their schedules and keep a record of the number of working hours.
Improved Decision-Making and Problem-Solving Processes
Ensuring your HR solution has the analytics functionality that allows you to use attendance patters, metrics for recruitment, and performance and compensation data is paramount.
Employee Onboarding
If you are onboarding new employees, keep in mind that this process entails a considerable amount of paperwork, including new employee forms. Here are the essential new employee forms that employees have to fill.
Employee Information Form
The employee information employees to fill in their personal, job-related, and emergency contact information. The following fields need to be filled:
Full name Address Home phone number Email address Date of Birth Marital status Spouse’s name Job Title Job Supervisor Work Location Work Phone number Starting date of work Employee ID Department Work Email Mobile number Salary Emergency contact’s name Emergency contact’s phone number and address
W-4 Form
Employees need to fill out a W-4 form to notify their employers of the tax amount to withhold from their paycheck, depending on their anticipated tax credits, the status of filing, dependents, and so forth. You can expect your employer to ask you to fill out a W-4 form when you start a job at a new company. The IRS states that you ought to pay taxes on your income throughout the year gradually. If you happen to have not withheld enough tax, chances are you will be liable to pay a large sum to the IRS along with a penalty for underpaying your taxes during the year, and interest.
Direct Deposit Form
A direct deposit form allows a third party to transfer funds to a bank through the use of ABA routing and account numbers. This third party is usually an employer. When the account holder fills up the direct deposit form, they will need to sign it and return it to the employer. Here are some key benefits:
You set up the automatic transfer of funds to your employees’ accounts. Employees can have instant access to their money on the day of the transfer Electronic transfer of funds eliminates the fear of losing cheques or having them get delayed
Form I-9
This form requires newly hired employees to submit specific documents to prove their identity and that the law allows them to work in the US. This is primarily meant to reduce the influx of immigrants who may not be legally authorized to work, which is why employers in the US only employ people who have the required documents. The following violations of the Form I-9 requirements may attract penalties if they are not rectified after ten business days:
If the employee fails to date the form at the time of employment If the employee fails to date the employer section of the form within three business days from the day the work starts If the employee fails to indicate that he or she is under the age of 18
A Signed Offer Letter
There are forms apart from the ones mentioned above that are accepted at scale. An example of this is a signed offer letter. While the offer letter technically not a form, a signed offer letter should be an important part of your company’s new hire checklist. A signed offer letter essentially states that the employee has officially accepted their role in your company and understands the job description.
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