What is HCM Cloud?
Oracle HCM Cloud is software to optimize the working of human resource departments and enable them to hire the best-suited people for the correct role. The software system assists HR professionals in managing and enhancing the entire work cycle, from shortlisting and hurling candidates till their retirement. The organization’s workforce is the most valuable asset of the company and something that competitors cannot copy. The value multiplies, and efficiency increases when the workforce is satisfied, motivated, and fully equipped with the required resources.
It’s either a win-win for the organization and its employees or a loss for both. The workforce seeks satisfaction, and the organization seeks growth and returns. HCM Cloud fills the gap and thus immensely benefits both businesses and the workforce. In this article, we will discuss the benefits of implementing HCM Cloud for businesses.
Benefits of implementing HCM Cloud for the companies:
Oracle HCM is a scalable Human Capital Management solution that makes it suitable for businesses of all sizes. Initially, businesses can customize and choose product modules suitable for them and expand later as the business grows in volume and geographies. It eases multiple hiring, acquiring companies, and managing multiple locations.
2. Complete Solution-
The human resources department takes care of multiple HR functions such as shortlisting candidates, interviewing, onboarding, orientation, training, payroll, leave management, offboarding, retirement, and more. Using a different system for all the takes can be a hassle, especially when the company size is growing. Oracle HCM eliminates the need to use multiple HR systems to manage different functions. It is a comprehensive HCM solution that undertakes all the processes and makes working smooth and organized in an organization. Moreover, it aligns the work with other departments such as accounts, marketing, etc.
3. Enhanced User Experience-
Complex and rigid workflow processes spoil the user experience and make it difficult for them to accept and use the software. Oracle, therefore, combined simplicity and intelligence to solve the problem and bring a desirable solution. Oracle HCM interface is personalized to match employees’ working styles and increases efficiency. It can match the organization’s and brand’s requirements and provide an enhanced and intuitive online and mobile user experience.
In a fast-paced environment and changing market, organizations’ working styles and requirements also keep changing rapidly. Therefore, they look for solutions that can be configured easily per the change in needs and do not require IT involvement whenever something arises. Oracle HCM solution is a one-stop solution for all of it. It allows teams to work independently and manage and configure changes due to mergers, acquisitions, reorganization, regulatory compliance, or more. It allows them to configure the organization’s charts to the model workforce and set the processes.
5. Performance Focused-
The unified HCM solution allows the organization to improve workforce performance. They can identify high performers and reward them for their achievements. Plus, it motivates others to increase their contribution and increase employee satisfaction. Satisfied employees bring more efficiency, thus improving the overall company’s performance on various levels. It becomes possible because of the consolidated database. Scattered information makes it impossible to identify the performers correctly. Moreover, the inclusion of machine learning and AI adds to the benefit of predicting performers and risk of attrition and helps companies plan and not lag.
6. Intelligent System-
The advantage of using Oracle products is that they build all the SaaS software on their Cloud platforms and infrastructure. Plus, Oracle HCM uses AI (Artificial Intelligence) and Machine Learning, the next-generation technologies, to increase operational efficiency. This combination of AI, Machine Learning, and its platform provides enhanced agility and enables the workforce to work smarter and faster.
Moreover, it helps identify employees with the potential risk of leaving and enables organizations to retain them. And we have already talked about how these technologies help predict high-performers and potential attrition risk.
7. Simplified Maintenance-
Simplified maintenance of an HCM Cloud lowers the dependency of HR professionals on the IT department, providing more time to focus on other critical tasks. On the other hand, it saves the HR department time that would otherwise be wasted on briefing the problem and waiting for it to be resolved by IT, increasing efficiency.
Moreover, it enables managers and HRs to track and analyze the employees’ performances, salaries, compensations, and other variables without adding to the workload. It also helps them make fast decisions and keep the workforce satisfied.
8. Cost of Ownership-
A reduction in the total cost of ownership means more returns on investment (ROI). When companies choose SaaS software over on-premises, they reduce the expenses of installing and maintaining the hardware afterward. It becomes a significant reason why SaaS users get more ROI. However, it is not enough! To make the most out of HCM Cloud, HR must use the data to hire, train the candidates in the best possible way and retain the assets.
9. High Security-
Oracle pays special attention to data security for their customers across the globe. Oracle HCM has multi-layered security that meets local and international rules and regulations. It keeps data protected using continuous monitoring and encryption to mitigate risk. Moreover, as work from anywhere is becoming prominent for most companies, it becomes crucial that the data is accessed by the right employees only. The advanced HCM Cloud keeps financial and employees’ data secure with limited access and multi-layer identification. For it to happen smoothly, choosing the correct Oracle implementation partner early in the process is essential to ensure the proper security of all the data in the Cloud.
To conclude, Oracle HCM Cloud is a complete solution for businesses that enables them to hire suitable candidates for their respective roles. It helps them manage their workforce better and gives timely performance-based incentives that boost the performance of the employees and keep them motivated.
At the same time, motivated and satisfied employees work with all their hearts, adding to the business’s efficiency and revenue. However, to get the most out of it, it is essential to choose the right implementation partner, preferably the right Oracle Partner.