HCM (Human Capital Management)

• Focus: Strategic management and development of your workforce as a valuable asset.
• Scope: Encompasses the broader picture of HR functions and goes beyond administrative tasks.
• Key Features:
  • Talent Management (recruitment, onboarding, development)
  • Performance Management
  • Succession Planning
  • Workforce Analytics and Insights
  • Employee Engagement and Experience

HRIS (Human Resource Information System)

• Focus: Core administrative HR tasks and employee data management.
• Scope: Streamlines operational processes within the HR department.
• Key Features:
  • Employee Data Storage (personal information, job history)
  • Payroll and Benefits Administration
  • Time and Attendance Tracking
  • Compliance Management
  • Reporting

Which is better?

• HRIS: Ideal for smaller organizations and ones primarily focused on streamlining HR administration.
• HCM: More suitable for larger or growing organizations and those prioritizing:
  • Developing and retaining top talent
  • Gaining data-driven insights into their workforce
  • Creating a positive employee experience

Workday HCM

Workday is a prominent provider of cloud-based HCM software. Here’s what sets them apart:

• Unified Platform: Workday combines the functionality of traditionally separate HRIS, HRMS, and HCM components into a single system, promoting data integrity.
• Skills-Based Approach: Their Workday Skills Cloud uses machine learning to create a comprehensive skills database for your workforce, allowing you to better understand and leverage employee capabilities.
• Employee Experience: Workday emphasizes employee engagement with features like personalized interfaces and self-service tools.
• Adaptability: Designed to be flexible and adaptable to evolving business needs.

Should You Choose Workday HCM?

Factors to consider:

• Cost: Workday can be a more expensive option than some competitors.
• Implementation: Implementation can be complex, consider resources and expertise needed.
• Need: If you’re a larger organization seeking a comprehensive, data-driven approach to managing your human capital, Workday HCM could be a valuable choice.