Best 10 Human Capital Management (HCM) Software for 2022- 2023

Nowadays, workplaces are awash with complications and complexities for Human Resource professionals. Apart from hiring, retaining and developing a highly-skilled workforce HR professionals must also follow regulations, legal and compliance regulations.

Technology has the potential to assist HR professionals and offer an easier way of organizing and analyzing data which will help them to focus their goals and enhance HR processes across the entire company.

HCM Software is sometimes referred to as HRIS (Human Resources Information System) or HRMS (human resources management system for managing human resources) is a computer application that permits Human Resources Human Resource Managers and people managers plan and operationally manage the complete duration of the employees’ careers from the moment they are hired to when they retire.

Their functionality can include resource management systems, learning and development systems, change management systems, labor force automation/management systems, alongside any other type of application designed to help businesses effectively manage their people.

What’s the Difference Between HCM and HRM Software?

• As HCM (Human Capital Management) and HRM (Human Resource Management) programs both serve to manage the resources of an organization, it’s not difficult for people to believe that they’re the identical.But, there are some subtle distinctions. Human Resource Management Software typically concentrates on coordinating and managing daily HR tasks.
• Human Capital Management Software takes one step further, aiding the strategy that underlies the management of your employees. This is a part of organizational development plans as well as change management, employee engagement, as well as training for leaders.

What are the Benefits of HCM Software?

A. Improving Employee Engagement

• According to 2021’s Microsoft report, 41 percent of employees are thinking about quitting their jobs or changing careers in a phenomenon that is being called”the “Great Resignation”. Engagement of employees is crucial to attracting and keeping business’s best employees however, according to the survey, 85% of employees aren’t engaged at present in their work.
• HCM tools like pulse surveys and employee recognition schemes and benefit programs are effective HCM solutions to bridge the gap between engagement and productivity.
• These tools also give insight into how employees are in danger of disengagement, allowing organizations to react swiftly to keep top talent and identify the areas where resource gaps could be in the near future.

B. Analyzing Employee Efficiency

• The software for managing human capital gathers important data about every aspect of employee performance. This allows businesses to evaluate the efficiency of their entire organization and also allows them to examine efficiency and productivity at an organizational role and even at an individual level.
• With a clear knowledge of productivity and efficiency Managers can make use of this information to identify areas how processes can be improved and help inform future plans for the workforce based on actual utilization and capacity.

C. Increasing Learning and Development

• Effective programs are an essential aspect of employee retention and improving the capacity of an organization. It was surprising to learn that many employees quit because of a lack of progression in their careers. This is why it is important to provide personal opportunity for growth.
• Companies will require some form of software to monitor personal development and training to ensure that every employee has their own personal development plan. In addition to tracking individual development, Human Capital Management systems can also give employees information on education and training opportunities within the organization.

How to Choose the Best HCM Software

• With all the Human Capital Management system vendors trying to gain their share of the market, it may be difficult to locate the right solution in the vast array of the top HCM software firms.
• In order to determine the most effective system for your particular business it is recommended to look at these aspects when comparing the most effective HCM software:

I. Usability

• The most difficult part of selecting the best HCM solution is assessing the functionality of different solutions. The user-friendly design is essential however, there are other aspects to consider in addition. For instance, how easy is it for employees to master how to use the system? How often will the platform be updated with new features, and fresh interface layouts?
• It is important to know the amount of support provided from the company. Does the documentation be clear? What are the contact channels in the event of a problem?

ii. The core features and functions:

Management of talent

• The systems for managing talent help companies to manage employee engagement, recruitment and compensation, as well as performance, and leadership development. Consider it an employee CRM aiding you in recruiting as well as promote and comprehend your workforce’s performance in full.
• A quality HCM solution will have all of the above functions, plus automation to reduce the time spent on tedious tasks.

Management of workforce

• Workforce management systems assist employers to track, analyze and plan for workforce capacity.
• If your business also utilizes external resources, it’s essential to find HCM solutions that offer the ability to manage contingent workforces. This allows managers to track the information of employees who aren’t core, such as consultants and freelancers.

Management of performance

• HCM software can streamline and streamline performance management by allowing supervisors and employees to work together on performance records shared by both parties that can be stored within a single system.

Development and training

• The most effective HCM software can support the development and learning strategy of an organization , permitting employees to select their own learning opportunities, while the ability of managers to provide their employees with the appropriate learning opportunities based on their individual development program.

Self-service by employees

• Your HCM solution should not only be only for HR. Every employee are expected to be able to utilize the system to upload timesheets, pay expenses, and interact with their personal data. It is ideal that this be accessible on both mobile and desktop computers.

Management of compensation

• You must be able to make use of your HCM system to easily analyse and alter compensation data which will aid with future planning of compensation and making sure that your pay levels are equitable and fair throughout your company.

Automation of workflows

• The top HCM software will allow you to build your personal workflows that are customized to handle multiple HR processes. These workflows are then utilized to automate routine tasks, and make sure that the processes are followed regularly

Process and conformity

• In terms of processes, along with the need to define what needs to be done and when, you must be able to easily review the information contained in your HCM software to determine if compliance violations occur and address any issues swiftly.

Analytics of the Workforce

• HCM software can give valuable insights into the business metrics that relate to employee turnover, hiring and performance of employees.

iii. Scalability:

• Like any other software that is critical to business that you choose, it’s important to choose an HCM solution that’s suitable for your organization’s needs. Most vendors present themselves as either small to middle-sized enterprise (SMB) or an enterprise solution, and it’s crucial to determine which side you’re on.
• While you’re focusing on meeting your needs now It’s also important to think about scaling and how your system will cope with the expansion in your staff. Do you anticipate increasing cost per user? Does the HCM software vendor provide the ever-growing array of features that your company may require over time?

iv. Compliance:

• Numerous companies are suffering the costs and reputational damage caused by violations of compliance. To avoid this from happening, you must select an HCM system that can support the procedures that are required in your specific region or even internationally if you require.

v. Security:

• The data that is used for HCM software is generally highly sensitive. Certain pieces of information are protected under laws, such as driver’s license and social security numbers. The chosen HCM system must offer adequate security against cyber-attacks as well as unauthorized access to protect your data.

vi. Integrations:

• It’s crucial that your selected HCM platform is compatible with other critical systems for business that include your and other third-party payroll providers. Most vendors should offer an extensive list of standard integrations.

10 Best HCM Software Solutions

• If you’re in search of Human Capital Management software, here are a few of the most effective solutions to include in your list of options.

1. Workday

• Employed by top companies like Adobe along with General Electric, Workday Human Capital Management is an HCM system that is built around a single model of data.
• It provides a single user experience and security model with a single set global capabilities. It’s perfect for mid-sized to large companies that require enterprise-grade features on the cloud.

Features of Key Workday in HCM include:

• Multilingual and multi-geographic support.
• Cloud Connect offers Cloud Connect for third-party payroll integration
• It also includes a feature for strategic workforce planning.
• It also includes an option for career and development planning.
• Simple and extremely intuitive user interface
• Secure yourself from cyberattacks with secure data storage
• Combines people, financial, and operational data together into one source of truth
• Real-time employee engagement is supported to measure employee engagement

Pros

Workday provides a single system that has a single login and a set of security options so that employees can access the same system to manage their pay performance, performances, training and development, and training.

Cons

A few users have reported that the mobile application is simpler to use than the web-based version. The reporting features are not as extensive for users who require specific reporting.

Pricing

There is no trial offer for free. Workday hasn’t made public their pricing, so you’ll need to call directly to request a quote.

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2. Oracle Human Capital Management

• Oracle Fusion Cloud HCM helps mid-sized to large enterprises handle the HR processes of their company from the moment the employee is first hired to the time they retire.
• It offers the same experience across all devices, and lets users modify data from one location and make it simpler for them to make informed decisions and stay in touch with their reports and data.
• Connecting with the greater Oracle family of products, Oracle has revamped the ERP, HCM as well as EPM applications to run on the cloud to form part of the comprehensive SaaS suite.

Important Oracle HCM features include:

• It provides a complete workflow management system and advanced automated features.
• Self-service portal accessible for employees to access on desktops and mobile devices
• Offers a variety of HR-related modules, training and development and payroll, as well as compensation management and workforce analytics. many more.
• The Core HR module is particularly designed for companies that have multiple locations, assisting in streamlining HR processes across borders
• Oracle HCM solution allows companies to create flexible benefits programs which are specifically tailored to needs
• It also includes social collaboration capabilities embedded to boost employee involvement

Pros

With a wide range of features, Oracle HCM solution is one of the most complete solutions on the market. It is also able to be used in many different methods to meet various security requirements, including cloud-based services such as private cloud, public cloud, on-premise and also in hybrid settings.

Cons

Oracle HCM Cloud is not suitable for businesses with less than 100 employees.

Pricing

Trials are free. Global Human Resources starts from $13.00 per month for each employee, and Workforce Rewards adds $3.00 per month per user. Talent Acquisition starts at $5.00 per month per user.

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3. NetSuite SuitePeople HCM

• Ideal for businesses that are of any size, NetSuite’s SuitePeople HR software allows you to integrate payroll, HR, and finance information into one HCM solution. Also, the software makes it simpler to obtain data from other sources, by removing the need to connect multiple systems.
• It is especially well-suited for small businesses looking to manage their core HR functions with safe and secure manner.

The Key NetSuite SuitePeople features of HCM include:

• Employees can edit their profiles and manage their teams and view their HR data in a secure manner.
• SuitePeople Performance Management module provides an easy-to-use central location to manage the process of reviewing performance
• Complete Workforce Management functionality incorporates workforce plan with benefits, compensation, as well as time-off management
• Combines HR and financial information into one source of truth
• HR Analytics provides role-based dashboards for HR as well as other users who are authorized.
• Role-based security permits organizations to define permission levels for executive and managers, supervisors, and employees.

Pros

For businesses who are already using NetSuite’s larger ERP Platform, SuitePeople is available as an add-on module that fits seamlessly into broader processes and tools for business.

Cons

The UI could appear old as well, especially when you compare it to different HCM platforms.

Pricing

There is no trial for free. Users sign up to NetSuite for an annual licence fee , which is available upon demand. It is comprised of three major components: the platform’s core as well as optional modules and several users. It also includes an one-time fee for implementation for the initial configuration.

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4. ADP Vantage HCM

• The ADP Vantage HCM cloud application is an employee pay and HCM software. ADP Vantage offers integrated tools that include HR Payroll, Workforce Management, Benefits, Recruiting, Talent Management, and It is an HCM solution that is well-suited to companies with over 1000 employees.

Key ADP Vantage HCM features:

• Employee Self Service available across both mobile and the web
• Comprehensive capabilities in Performance and Talent Capabilities in Management
• Multi-channel support is provided with whitepapers, videos, FAQs, email support and forums.
• Robust analytics and insight generated with ADP(r) DataCloud
• Personalized support via an account manager who is devoted to your account
• Multi-language support across German, English, French, Italian, Dutch, Portuguese, Spanish, Chinese (Simplified)
• Provides the required information for Form 1094-C and Form-1095C and assists in streamlining ACA requirements for compliance

Pros

ADP Vantage HCM is great for large businesses with complicated processes that require all the features and functions offered through the system.

Cons

This may indicate that ADP Vantage is not suitable for smaller to medium-sized businesses. Customers also complain of poor response times by the customer support department.

Pricing

There is no trial for free. ADP Vantage doesn’t publicly release its pricing details, therefore you must contact ADP Vantage directly to request an estimate.

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5. Peoplesoft HCM

• It was first launched through PeopleSoft back in the year 1995 it was later purchased in 1995 by Oracle after 2005. PeopleSoft HCM is more effective for medium, small and large businesses with complex business requirements.
• The tool comes with a wide range of HR capabilities and is able to be used on-premise or via the cloud, making it an ideal candidate for companies that are concerned about security and want total control over their hosting of data.

The key Peoplesoft HCM features include:

• Global Core HCM provides self-service functions for all users and provides multi-national assistance
• Helps with Workforce Management including absence and resource management
• Workforce Service Delivery module can help simplify common HR tasks, such as the administration of benefits and pay
• Talent management software assists with a variety of tasks, from recruiting and compensation to succession and development
• Provides a central database that is secure, accessible and global of data about employees
• It is easy to integrate with third-party applications

Pros

The most admired characteristics in PeopleSoft is its capacity to handle large quantities of data/records easily. It also has the capability to design customized queries within the system based on your specific requirements.

Cons

The software is difficult to learn and is difficult to explain new employees. It’s not intuitive and requires extensive training to make sure employees are correctly onboarded.

Pricing

There is no free trial to try. Pricing is based on quotes and is can be requested upon request.

6. SAP SuccessFactors

• It is part of the larger SAP product range, SAP SuccessFactors provides a cloud-based HCM solution that manages diverse HR functions, including business alignment, performance of people recruiting, learning, and processes.
• It’s suitable for any size of business and is employed in more than 60 industries.

The key SAP SuccessFactors HCM functions:

• The module Performance and Goals helps you keep track of employee performance and growth
• SAP Process Integration makes integrations between SAP and non-SAP applications simple
• Integration seamlessly with SAP ERP HCM. It also allows for simple data import to SuccessFactors
• Facilitates and automates the global tracking of employee time while ensuring compliance with rules
• Facilitates global compliance through localized best-practice procedures that are established and followed by SAP experts in the countries that SAP supports.

Pros

It is simple to integrate SAP SuccessFactors into all SAP applications, so that you can pull information from the whole enterprise and establish one point of truth for HR data.

Cons

Although it’s a fantastic solution for SMBs, the cost for implementing SuccessFactors SAP may be quite high when in comparison to other solutions that target the similar market.

Pricing

There is no trial offer for free. Pricing for annual subscriptions starts at $85 per month per user for businesses with less than 100 employees, and an increment in the scale after that.

7. peopleHum

• PeopleHum is the Codie 2019 global Award-winning, complete employee engagement and people management platform that aids organizations in making smart decisions about their people.
• With the latest HR tech features like Resume Parsing and Selection Probability Score Human Resources Analytics performance Management Metrics and Leave Management and many more peopleHum is the complete solution for all of your people requirements.

Key peopleHum HCM features:

• Automate workflows and approvers across system and departmental silos which results in faster processing times as well as a decrease in the manual input of data and a happier and more efficient workforce.
• An unifying platform that offers an integrated ecosystem for you to use and expand as your requirements or your business expands.
• Simple to use, onboard train, monitor and scales – simple to learn. Simple, yet powerful. the sophistication of technology.
• peopleHum platform is natively built to allow localization and multi-lingual support.
  Connect with your customers regardless of where they are on the perfect platform both on desktop and mobile.
• Learn to read between the lines and gain valuable insights into the main drivers for engagement using AI-powered HR analytics software.
• Role-based security lets organizations define permission levels for executive and managers, supervisors, and employees.

Pros

peopleHum is an all-in-one AI and automated HR software designed to help you retire to work designed for Human Resources to drive business outcomes. The cloud-based HR platform is designed to offer seamless employee experiences that transcend HR silos and focuses on hiring and onboarding, or even performance. peopleHum aids in centralizing information and automating tasks related to transactions to help HR keep up with the times.

Cons

peopleHum has no internal payroll system. They connect to a variety of local payroll providers.

Pricing

A 14-day trial is available for free. Contact them directly to request an estimate.

8. Kronos Workforce Ready(r) Suite

• Kronos Workforce Ready is a cost-effective cloud-based Human Capital Management platform, that lets SMB companies to oversee their workforce from one location.
• The toolkit that is integrated provides businesses access to tools that are available to salaried, part-time, full-time or hourly workers. Additionally, it has a mobile application, Workforce Ready Mobile, which is accessible on iOS as well as Android and is part of the suite of products at no cost.

Key Kronos Workforce Ready(r) Suite HCM features:

• It provides a single solution for payroll, HR and talent management, as well as managing the workforce, and more
• Have modules specifically designed for SMBs
• Assists organizations in setting the user level for system administrators managers, employees, and system admins.
• Administrators of the system can modify Kronos Workforce Read’s workflows along with templates in order to assure that the whole business is in sync and in compliance
• Single portal login allows employees to self-serve as well as change their own personal information.
• Included are important benefit administration, as well as management and administration features
• Android as well as iOS apps are able to support some (but it is not the complete) websites, but not all.

Pros

The Kronos Workforce Ready(r) suite provides an enterprise-level feature set, including the review of performance, payroll and applicant tracking for a very affordable cost.

Cons

The vast array of features could make it difficult for SMBs to utilize and initial setup can be difficult for businesses that don’t have dedicated HR staff.

Pricing

No trial trial is available for free. Pricing starts at $6/month for a user.

9. PeopleStrategy eHCM

• PeopleStrategy eHCM is an HCM solution that is suitable for businesses that have 50-500 employees, but it is designed with the capability to expand or decrease its size. It is generally employed by large companies so that they benefit from its extensive capabilities.
• The cloud-based platform enables businesses to connect the management of data and workflows into one central platform that simplifies the process of data entry by employees and increases efficiency.

Key PeopleStrategy HCM features:

• The supported languages are English and Spanish
• Managers and employees can access their own portals for updating and manage data
• Platform’s Workforce Management solution includes an online scheduler, which allows users to easily access the details
• The user experience is identical across all devices.
• Workflows can be modified to ensure compliance and meet company requirements.
• Facilitates sharing of data across the organization to simplify the process of reporting

Pros

PeopleStrategy eHCM utilizes an object-oriented database system that records the connections between the data across various records. This makes it faster to develop new applications extensions and to make changes to records across several areas.

Cons

PeopleStrategy eHCM does not offer standalone modules, which means you need to purchase the whole package. It is however flexible and adaptable.

Pricing

It does not provide a free trial. The pricing model of PeopleStrategy is comprised of two major components – the cost per seat for access to the system, as well as ongoing support as well as one-time installation fees. Pricing begins at $10 per month per user.

10. Epicor HCM

• Epicor HCM is a human capital management software that includes tools that support the basic HR functions in addition to other modules. It’s designed for companies of all sizes and is particularly suitable for those working who work in the non-profit, legal, and healthcare industries.
• Epicor HCM can be found in three different deployment alternatives (public cloud, private cloud, and on-premise.

The Key Epicor HCM Features:

• Effective tools for Talent Management enable HR to gain real-time insight into your abilities the talent you have, your current workforce, and gaps that need to be filled
• Provides deep insights into the workforce through reports and analytics that assist in meeting the requirements for compliance.
• Distinct Law Firm Pack is specifically designed to meet the needs of HR professionals within the legal sector
• Utilizes automated time-off systems to reduce the effect and cost of absences
• Total Compensation Management helps you improve satisfaction of employees without significantly costing more.

Pros

Epicor HCM provides out of the box tools for customization that enable users to build custom workflows and business processes.

Cons

Epicor HCM is a desktop-only application and currently does not offer mobile apps.

Pricing

There is no trial offer for free. Pricing is based on a quote and is can be requested upon request.

Improve Your HCM Software Adoption and Training

• Whatever HCM application service you choose Apty’s Digital Adoption Platform will help your employees to navigate effortlessly through the various options, since it guides them through every step, and makes sure they are able to complete their tasks by being process-compliant.
• It offers in-app training that helps them improve their skills and assists them in understanding complex concepts in real-time while performing their task. Furthermore, the walkthroughs could be converted into different formats that are suited to various types of learners.
• All of these features of Apty can reduce mistakes, empower employees to save time, and increase the value for your HCM application by ensuring a faster rate of return.