What is Human Capital Management (HCM) ? | HCM Simplified

A quick overview of HCM and it’s components. It walks through the life-cycle of all the HCM modules – Core HR, Recruitment, Compensation Management, Performance Management, Time and Leave Management, Benefits and Payroll.
The HRMS(Human Resources Management Systems) or HCM (Human Capital Management) process and it’s elements that this video explains is same across all the HCM or HRMS softwares such as PeopleSoft, Workday, KRONOS, Successfactors, ADP and SAP etc..

Let’s see what all it covers across HCM Modules:

Recruitment:
Create Job Requisition
Job Posting
Job Applications or applying for the job
Screening of candidates
Conducting Interviews
Send Job Offer
Accepting the Offer
Candidate Hired

Core HR:
Onboarding a new Hire
Personal Information Update
Location Update
Job Promotion
Transfer
Termination

Performance Management:
Setting up Goals
Monitoring Performance
Performance Evaluation
Appraisal or salary increment

Compensation:
Set Organization/Department Budget
Calculate Salary Increment
Propose Salary Increment
Finalize Salary Increment
Awarding the Increment

Time and Leave Management (TLM)
Leave Request
Leaves Approved
Timesheet Entry
Approving Timesheet
Calculate Payable Time
Sending payable time or calculated time to Payroll

Benefits:
Life Events – Child Birth, Marrige, Divorce, Legal Separation
Open Enrollment
Process Benefits
Send Benefit Data to Payroll

Payroll:
Take input from TLM (Payable Time or Calculated Time), Take input from Benefit etc..
Calculate wage and Salary
Confirm Wage and Salary/Paycheck
Deposit Salary
Generate Payslip
Payroll data to GL (General Ledger)

If you are interested in full HCM training videos then let us know via comment or visit https://peoplesoftconcept.blogspot.com/ for more details.

Also See:

How COBRA Act works in US

How Self Service works in TLM

#hcm #humancapitalmanagement #hcmwalkthrough