Human capital management (HCM) software is designed to streamline and automate a company’s HR processes. By automating HR tasks, HCM software can help businesses improve their efficiency and performance.
HCM software typically includes modules for employee onboarding, time and attendance tracking, benefits administration, and payroll management.
Some HCM solutions also offer employee self-service portals, performance management tools, and learning management systems.
In this article, we will take a look at the best HCM software solutions in today’s market. We’ve evaluated these products based on their features, pricing, and user reviews.
Pricing plans for HCM software vary depending on the vendor and the specific features included in the solution.
Table of Contents
Best HCM Software
#1 Oracle Fusion Cloud HCM
Oracle Fusion Cloud HCM is a cloud-based human capital management software suite that offers a complete set of HR tools for managing your workforce. The software includes modules for payroll, benefits, talent management, and time and attendance.
Fusion Cloud HCM is part of Oracle’s larger Fusion ERP suite, which also includes financials, supply chain management, and customer relationship management applications.
Fusion Cloud HCM is suitable for businesses of all sizes. It offers a flexible subscription pricing model that allows you to pay only for the features you need.
Oracle Cloud HCM Overview
#2 SAP SuccessFactors HCM Suite
SAP SuccessFactors is a cloud-based human capital management (HCM) software suite that covers all core HR processes, from recruiting and onboarding to time and attendance tracking.
Pros: The system offers a comprehensive suite of HR tools, including performance management, succession planning, and learning management. It also integrates with SAP’s business suite of applications, making it easy to manage employee data across the organization.
Cons: SAP SuccessFactors can be expensive and complex to implement. Additionally, some users have reported difficulty using the system’s interface.
Pricing: Contact SAP for a quote.
Bottom Line: SAP SuccessFactors is a comprehensive HCM software suite that offers deep integration with other SAP products. It can be expensive and complex to implement, however.
SAP HCM VS SAP SuccessFactors HXM Comparison
#3 BambooHR
BambooHR is one of the leading HCM software solutions on the market. It offers a comprehensive suite of HR tools, including an employee onboarding module, time and attendance tracking, benefits administration, and payroll management.
BambooHR’s pricing plans start at $10 per employee per month. There is also a free 14-day trial available so you can try out the product before you commit to a subscription.
#4 Gusto
Gusto is another popular HCM software solution that offers a comprehensive set of HR tools. It includes an employee onboarding module, time and attendance tracking, benefits administration, payroll management, and more.
Gusto’s pricing plans start at $39 per month + $6 per employee per month. There is also a free 30-day trial available so you can test out the product before you commit to a subscription.
#5 ClearCompany HRM
ClearCompany HRM is a cloud-based human capital management software suite that offers a complete set of HR tools for managing your workforce. The software includes modules for payroll, benefits, talent management, and time and attendance.
#6 Ceridian Dayforce HCM
Ceridian Dayforce HCM is a leading human capital management software that offers a comprehensive suite of HR tools and features.
The software is designed to help organizations manage their workforce more effectively and efficiently.
Ceridian Dayforce HCM provides users with a variety of features and tools, including employee self-service, time and attendance tracking, payroll management, benefits administration, talent management, and much more.
Ceridian Dayforce HCM is a comprehensive human capital management software solution that helps organizations manage their workforce more effectively and efficiently.
The software provides users with a variety of features and tools to help them better manage their employees, including employee self-service, time and attendance tracking, payroll management, benefits administration, talent management, and much more.
Ceridian Dayforce HCM is a great option for organizations of all sizes that are looking for a comprehensive and user-friendly human capital management software solution.
#7 Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources.
Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world’s largest companies, educational institutions, and government agencies. Organizations ranging from medium-sized businesses to Fortune 50 enterprises have selected Workday.
Workday provides a comprehensive suite of applications for managing global workforce compliance, tracking employee performance, and improving organizational agility. The company offers a number of features that are unique in the market, including:
- A social collaboration tool that enables employees to connect with each other and share information
- A comprehensive set of tools for managing global workforce compliance
- A performance management system that helps managers identify and develop high potential employees
Workday’s applications are available in 19 languages and can be deployed in the cloud or on-premises.
Workday is headquartered in Pleasanton, California.
Workday HCM and Financials: Implementation Challenges Revealed [Common Risks and Pitfalls]
#8 Kronos Workforce Central
Kronos Workforce Central is a comprehensive HCM solution that offers a single database for all your employee data.
With Kronos Workforce Central, you can manage payroll, benefits, talent, and time and attendance in one system.
Kronos Workforce Central also offers robust reporting and analytics capabilities to help you make better decisions about your workforce.
Kronos Workforce Central is a great option for businesses that want an all-in-one HCM solution. However, Kronos Workforce Central is not the right fit for businesses that are looking for a more specialized solution or that already have an existing HRIS system in place.
#9 ADP Vantage HCM
ADP Vantage HCM is a cloud-based human capital management software solution for midsize and large businesses.
It offers a suite of features including payroll, benefits, talent management, time and attendance, and more. ADP Vantage HCM is known for its high levels of customer satisfaction and its ability to meet the needs of businesses of all sizes.
#10 PeopleFluent
PeopleFluent is a leading provider of cloud-based human capital management solutions. The company offers a suite of products that includes workforce planning, performance management, recruiting, and learning and development.
PeopleFluent also has a strong focus on analytics and reporting, which helps businesses make data-driven decisions about their workforce.
#11 Zenefits
Zenefits is an all-in-one HCM software that offers a suite of features to help businesses manage their HR needs. This includes a payroll system, benefits management, and performance tracking.
Zenefits also has a strong focus on compliance, which is important for businesses of all sizes. The software is constantly updated to ensure that it meets all the latest compliance standards.
Advantages:
- Compliance-focused
- All-in-one solution
- Suite of features
Features to Look For in HCM Software
When considering an HCM software solution for your business, there are a few key features to look for:
Employee Self-Service
This feature allows employees to view and update their own information in the system, freeing up HR staff to focus on other tasks.
Time and Attendance Tracking
This feature helps businesses track employee time and attendance, ensuring that employees are being paid accurately and that they are meeting their attendance goals.
Payroll Management
This feature helps businesses manage their payroll processes more efficiently, including calculating employee taxes, deductions, and benefits.
Benefits Administration
This feature helps businesses administer employee benefits, such as health insurance and retirement plans.
Talent Management
This feature helps businesses identify and develop high-potential employees, and create succession plans for key positions.
Analytics and Reporting
This feature provides businesses with the ability to generate reports on a variety of HR data points, such as employee turnover, time and attendance, and recruiting metrics.
This information can help businesses make data-driven decisions about their workforce.
What is Human Capital Management (HCM)?
What Are the Benefits of HCM Software?
There are a number of benefits that businesses can realize by implementing an HCM software solution, including:
Improved Efficiency
HCM software can help businesses automate and streamline their HR processes, saving time and increasing efficiency.
Better Employee Engagement
By providing employees with self-service capabilities and access to their HR data, HCM software can help increase employee engagement and satisfaction.
Reduced Costs
HCM software can help businesses save money by reducing the need for paper records and manual processes.
In addition, HCM software can help businesses improve their time and attendance tracking, payroll management, and benefits administration processes, all of which can lead to cost savings.
Improved Decision Making
The analytics and reporting features of HCM software can help businesses make data-driven decisions about their workforce.
This information can help businesses identify issues such as employee turnover, skills gaps, and recruiting challenges, and take action to improve their HR processes.
What Are the Different Types of HCM Software?
There are a few different types of HCM software available on the market, including:
On-Premise HCM Software
On-premise HCM software is installed on a company’s own servers and is typically more expensive than other types of HCM software.
However, on-premise HCM software gives businesses more control over their data and security.
Cloud-Based HCM Software
Cloud-based HCM software is hosted by the software vendor and is typically less expensive than on-premise HCM software.
Cloud-based HCM software is a good option for businesses that want to save money and don’t need the same level of control over their data as they would with on-premise HCM software.
SaaS HCM Software
SaaS (Software as a Service) HCM software is a type of cloud-based HCM software that is typically subscription-based.
SaaS HCM software is a good option for businesses that want to have the convenience of cloud-based software without the upfront costs.
Mobile HCM Software
Mobile HCM software is designed to be used on mobile devices, such as smartphones and tablets.
Mobile HCM software is a good option for businesses that want their employees to be able to access HR data and information on the go.
How to Use HCM Software
There are a few different ways that businesses can use HCM software to improve their HR processes, including:
Automating HR Processes
HCM software can help businesses automate their HR processes, such as time and attendance tracking, payroll management, and benefits administration.
By automating these processes, businesses can save time and increase efficiency.
Improving Employee Self-Service
HCM software can help businesses improve their employee self-service capabilities by giving employees the ability to access their HR data and information online.
This can help increase employee engagement and satisfaction.
Generating Reports
The analytics and reporting features of HCM software can help businesses generate reports on a variety of HR data points.
This information can be used to identify issues and trends, and make data-driven decisions about the workforce.
What to Look for in an HCM Software Solution
When considering an HCM software solution for your business, there are a few things to keep in mind, including:
Features
The features offered by an HCM software solution will vary depending on the vendor.
Be sure to consider the features that are most important to your business when evaluating different HCM software solutions.
Pricing
The pricing of an HCM software solution will also vary depending on the vendor.
Be sure to consider the total cost of ownership when evaluating different HCM software solutions.
Deployment
Another thing to consider when evaluating HCM software solutions is the deployment model.
On-premise HCM software is installed on a company’s own servers and is typically more expensive than other types of HCM software.
Cloud-based HCM software is hosted by the software vendor and is typically less expensive than on-premise HCM software.
SaaS (Software as a Service) HCM software is a type of cloud-based HCM software that is typically subscription-based.
Support
When considering an HCM software solution, be sure to evaluate the vendor’s support offerings.
Some vendors offer 24/7 support, while others only offer support during business hours.
Be sure to consider the level of support that you need when evaluating HCM software solutions.
FAQs – Human Capital Management (HCM) Software
What is HCM software?
HCM software is a type of software that helps businesses manage their human resources.
HCM software can be used for a variety of HR processes, including time and attendance tracking, payroll management, benefits administration, and employee self-service.
What are the benefits of HCM software?
There are a number of benefits that businesses can experience by using HCM software, including:
Automating HR Processes – HCM software can help businesses automate their HR processes, such as time and attendance tracking, payroll management, and benefits administration.
Improving Employee Self-Service – HCM software can help businesses improve their employee self-service capabilities by giving employees the ability to access their HR data and information online.
Generating Reports – The analytics and reporting features of HCM software can help businesses generate reports on a variety of HR data points.
What to look for in an HCM Software Solution?
When considering an HCM software solution for your business, there are a few things to keep in mind, including: features, pricing, deployment, and support.
Be sure to consider the needs of your business when evaluating different HCM software solutions.
How much does HCM software cost?
The cost of HCM software will vary depending on the vendor and the features offered.
Be sure to consider the total cost of ownership when evaluating different HCM software solutions.
What is the difference between HCM and ERP software?
This video gives a good overview of the differences between HCM software and ERP software:
ERP vs. HCM Software: What is the Difference? [Understanding ERP Software and HCM Software]
Conclusion – Human Capital Management (HCM) Software
HCM software is a type of software that helps businesses manage their human resources.
There are a number of benefits that businesses can experience by using HCM software, including automating HR processes, improving employee self-service, and generating reports.
When considering an HCM software solution for your business, there are a few things to keep in mind, including: features, pricing, deployment, and support.
The cost of HCM software will vary depending on the vendor and the features offered. Be sure to consider the needs of your business when evaluating different HCM software solutions.
Vendors – Human Capital Management (HCM) Software
There are a number of vendors that offer HCM software solutions, including:
- SAP SuccessFactors
- Oracle HCM Cloud
- Workday HCM
- UltiPro
- BambooHR
- Namely
- Zenefits
- Gusto
- Rippling
- Breezy HR
- Personio
Related software categories
- Background check software
- Benefits administration software
- Compensation management software
- Corporate LMS
- Corporate wellness software
- eLearning and Training software
- Employee scheduling software
- Onboarding software
- Staffing software
- Talent management software
- Workforce analytics software
- Workforce management software
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