Human capital is the newer, more correct term to use to refer to the people in an organization. They are no longer seen as resources, which perform only specific functions and which will eventually be depleted or spent. Instead, people are more of capital on whom an organization invests. Not at all two-dimensional with a specific, and finite, qualities, human capital is complex, multi-faceted, and has potential which cannot be quantified in simple terms.
Human capital management (HCM) solutions were developed to aid human capital managers to better assess, evaluate and develop human capital. There are various HCM software vendors in the industry, and in the Philippines in general, but some are more credible than others, backed by a successful global brand and a first-rate knowledge of the needs of HCM professional.
SuccessFactors, for instance, has an HCM suite that provides complete, cloud based core HR functions that allows HCM managers to perform transactions, make processes more efficient and mine data for best results, with features for social collaboration and mobile functionality.
The company offers more than basic or core HR functions. The SuccessFactors HCM suite also provides for analytics and talent management, among others.
HCM is not an ordinary or stagnant field. Because we deal with people, their complex nature and boundless potential, as well as the countless ways they can be evaluated and developed, a function-based software would not do. The information obtain about people can be mined and made useful to the organization, often in ways that are not too obvious. They grow and advance in ways that may not be predicted.
Other HCM software vendors may be able to provide practical help in the most common HR functions, like storing personal information of employees or processing their salaries and benefits. This in itself has its advantages like minimizing the risk of human error and making processes more efficient and less time consuming.
However, an organization with human capital goals and who values human talent, and takes their contribution and development seriously, would want to go beyond these standard capabilities. This is where the holistic suite offered by SuccessFactors comes in, especially since it is backed by the SAP name — a decades-old global brand that has pioneered some of the world’s most indispensable business tools.
Finally, an HCM software does not stand alone, nor can it purport to be the first to come up with great ideas. HCM solutions always carry with them the wisdom and experience of the industry over the years. Best practices are called that for a reason, and good HCM software vendors will recognize that there are valuable lessons to be learned in looking at what the others are doing, not necessarily to copy them but to get a feel of how the industry is coping, moving and advancing and how things can be improved.
Because human capital is dynamic and vibrant, so should HCM software be. Anything less is not an