What is Human Capital Management?
Human capital management (HCM) is a compact practice related to personnel management. The main focus of the HCM is to implement competencies of human resources, including the three significant scopes like workforce acquisition, management, and optimization.
Workforce management is a complex process that includes recruitment, training & development, evaluation & assessment, retention, following compliance, etc. and so on. To conduct the business successfully, enterprises emphasize on Human Capital Management now a day, and management expects that the HR managers will become more proactive in their functions. HCM assures that collaborating HR functions in a single platform using HCM software suite. Kronos offers such kind of suites like Workforce Dimension/ Ready/ Central.
Functions of HCM
In the edge of technology, HCM collaborates many functionalities that can be segregated into the following major areas:
- Core HR functions, including payroll and benefits administration, compliance management, and employee database management.
- Recruitment management is another crucial part of HCM suite, which involves the process of hunting talents and developing employee skills to onboard them.
- Workforce management complies the operational activities for deploying employees with the required skills to particular areas, departments, and (or) projects. The most challenging part of workforce management is the time and attendance management, workforce planning according to the business need, shift, and labor scheduling
- Service delivery is the last one but not least. It includes HR service touchpoints or help desks, portals for particular service, and employee self-service modules for an uninterrupted HR functionality.
Why HCM Fails
All of the competencies will fail if there is no accountability among the employees. In the organizations of having thousands of employees, it’s very familiar that a group of people remain involved in time theft and buddy punching. It costs financial loss in managing human resources.
How RightPunch Improves HCM Experience
RightPunch is a biometric time clock for Kronos that ensures exact identification and clocks the right check-in and check-out time. As biometric data is unique and non-transferrable, it prevents time theft and buddy punching. The employees remain well-known about technology, and they believe that their activities are getting monitored strictly. This is how RightPunch improves the HCM experience raising accountability and preventing time theft.
Campbell’s is the largest American producer of canned soups and related products. Campbell’s products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey. Their analysis showed that they are losing millions of dollars every year for not being as productive as they are expected to be and found employee log in time as the reason behind this. Their employees are taking a longer time than usual to log in, and sometimes they are sharing their credentials with their colleagues if they are late, but their HCM was not well equipped to rectify these issues. To overcome this challenge, they integrated RightPunch with their Kronos workforce management system using the fingerprint biometric to secure employee self-service login process and save working hours. They have started to observe improvements in their HCM from the very onset of the implementation.