Human Capital Management (HCM) Suites encompass functionality to help organizations attract, develop, engage, retain and manage their workers. HCM encompasses the following HR functions: Administrative HR includes organizational and employee data, transactional employee and manager self-service, benefits, and payroll administration. Talent management applications are composed of recruiting, onboarding, performance and engagement management, compensation planning, career and succession planning, learning and development, and workforce planning. Workforce management includes absence management, time and attendance management, task management, budgeting and forecasting, and scheduling, and is usually deployed to manage hourly paid workers. HR service delivery includes direct access to policy and procedure guidance for employees and managers. It may also include case management, knowledge base and digital document management.
A talent management (TM) suite is an integrated set of modules that supports an organization’s need to plan, attract, develop, reward, engage and retain talent. The modules offer functionality that includes the areas of workforce planning, recruiting and onboarding, performance appraisal, goal management, learning management, competency management, career development, succession and compensation. The functional modules align with the key human capital management (HCM) processes of: • Plan to source • Acquire to onboard • Perform to reward • Assess to develop A boost to demand in the TM suite market has resulted from the delivery of functionality to improve workforce engagement and collaboration. Further, growing demand for greater analytical capabilities and predictive insights to improve decision making in relation to workforce actions has improved the market’s general health.