Most human capital software has the ability to both manage daily needs such as payroll and to track, analyze, and support employees on an ongoing basis. There are web-based products and versions for use with desktops. Some products also have phone applications so they can be used in the field for functions such as reporting expenses or time. Human capital software can come as one product or as a series of modules which may be combined as needed.
A typical human capital software system will help with three major functions: daily human resource management, workforce tracking, and employee development. In addition to payroll, daily tasks can include tracking, storing, and reporting employee data and organization of time, tax, and benefit information. Workforce tracking often consists of performance management and analysis, with the goal of finding new leaders and ensuring that resources are properly allocated. Employee development can include learning management and the tasks of talent management, including recruiting, training, retention, and development.
Some kinds of human capital software also have analytical tools which can be used to plan workforce strategy. This can include planning for anything related to human resources, such as benefits, training, and personnel changes. Records of efforts such as recruiting, hiring, and retention can also be helpful tools for planning strategy.
Human capital software can also provide tools for all employees to use. These features are typically used to make the workforce more self-sufficient, thus saving time and money. Some common features include time and expense tracking and self-service access to key information such as details about benefits.
Another feature found in some types of human capital software enables the use of the workforce database for other functions. This can include the generation of company-wide communications, planning for special events, and any other function that requires access to large portions of workforce data. Depending on the function, the information generated may be fed back into the human capital management system. For example, the attendance records for a training session may be used to update employees’ development records.
Many kinds of human capital software have the ability to generate reports. These can be used for taxes, presentations, and strategic planning sessions. Reports can also be useful for performance reviews and overall employee tracking. Employees in areas outside of human resources may be able to use these functions to track personal information as well.
