The ability to manage constant disruption and change is key to success in today’s business climate. For that reason, the role of Human Resources (HR) has become increasingly critical, and HR professionals are moving beyond process and operation to lead their organizations in shaping their future. A human capital management (HCM) solution is a key ingredient for helping HR efficiently and effectively make that transition to strategic partner and influence in the business.
Deloitte — a leading provider of workplace insights, including the annual Global Human Capital Trends report —investigated and quantified the return on investment (ROI) of this system to understand some of the additional value that an HCM solution can enable in ten key areas:
- Applicant Tracking and Recruiting
- Onboarding New Employees
- Open Enrollment / Benefits Administration
- Time Management
- Expense Management
- Learning Management
- Performance Management
- Payroll and Tax
- Communications and Engagement
- Separation from the Organization
To understand the true ROI of investment in and articulate the benefits of an HCM solution, Deloitte conducted a survey with experts across the HR field. The results of the survey highlight the opportunity for cost savings across each of these responsibility areas given the manual effort currently that each task requires and the potential for further automation in each core responsibility area. With the role of HR at such a turning point, the report finds that “a fully integrated, modern HCMS is foundationally critical for driving the dynamic and digital future.”
Download your free copy of Deloitte’s Estimating the Return on Investment of a Human-Capital Management Solution for Various Human Resources Tasks to see the potential savings in each core responsibility area the right solution can offer.