Numerous companies worldwide have recognized the importance of human capital and are investing in the effective management of employees in a big way. Here is what you need to know about hiring, Human Capital Management (HCM), HCM software, and so forth.
Human Capital Management
Fundamentally, HCM is a term used to describe the process of using strategic and tactical practices for the acquisition, employment, and development of a company’s employees to maximize their overall productivity and value.
Human Capital Management is being given particular importance nowadays, given how companies have understood the value of employees in this day and age. Organizations deem it extremely necessary to use HCM to attract and retain dedicated employees of high caliber to increase and maintain their overall productivity.
Human Capital Management facilitates the easy and free flow of information between superiors and subordinates. Employees can avail easy access to senior management, which leaves no room for confusion or misunderstanding.
Human Capital Management Software
Given how employees can make or break an organization, several organizations now employ Human Capital Management software to automate and streamline recruitment and training procedures. HCM software includes a wide array of useful applications to simplify the process of acquiring employees, developing them to company standards, and tracking their progress.
The Benefits of HCM Software
An HCM software allows your business to use an integrated platform to handle your payroll management and human resource operations with ease.
It also makes the following data accessible: time, attendance, and productivity, thereby enabling managers to analyze the performance of their employees and generate accurate reports.
Simple and Straightforward Recruitment
HCM software also simplifies the process of recruitment. This software allows the management and HR professionals to draw in impressive resumes, monitor potential candidates, and identify those that may fit the organization the best.
If you plan on onboarding new employees, be sure to consider a new hire onboarding checklist that covers all the necessary steps of the onboarding process. Here are the essential new hire checklist steps:
Submit a job requisition form to the Human Resources (HR) Department
Before anything else, you need to submit a job requisition form to the HR department to make the new hire official.
Perform a complete background check
Performing a background check for most positions is crucial to ensure the safety and security of clients and colleagues.
Run through the schedule and the job specifics
Be sure to get in touch with the employee and confirm the agenda for the first week and give them some basic rules and information.
Run through job responsibilities and duties
You need to email the employee the specifics of the job and answer any questions that they may have. Also, include the new employee welcome letter
Take care of the New Hire Forms
It is a good idea to take care of the new hire forms before day one begins.
Be ready with instructions for the team
It is vital to absorb your new employees into your company culture. It is a good idea to ask each team to introduce the new employee, possibly set up introductory meetings with key staff members, and a tour of the workplace.
Setting up their work environment
Setting up the work environment typically includes cleaning the workspace and getting IT equipment ready like computers and phones.
New hire training schedule
It is an excellent idea to schedule training for your new employees if required.
New Hire Work Forms
Here are some new hire forms you ought to know about.
Employee Information Form
This form collects essential information on new hires like emergency contacts.
A W-4 form is a federal form that needs to be filled up before the first paycheck is sanctioned. This form lets the employer know how much money to withhold from the employee’s paycheck for federal taxes
An I-9 form is a federal form that needs to be filled to ensure employment eligibility in the U.S.
Equal Opportunity Data Form
This form is necessary for companies with over a hundred employees or over fifty employees that handle federal contracts.
Self Identification Forms
This form is designed to gather information on gender, race or ethnicity, and veteran status. It is generally required for federal contractors
Background Check Forms
The employee may need to fill an authorization form for some background checks.
A W-2 form needs to be filled out by the employer and given to each employee by the 31st of January.
New Hire Checklists for the First Year
If you are onboarding employees, you need to have your new hire checklists ready for the first year.
For day one, have the following ready:
- Start with a general job orientation for new employees and include tours and introductions.
- Be sure to explain the first week’s schedule and work timings.
- Explain the company’s professional ethics and code of conduct.
- Explain all the company’s policies, such as safety and security policies.
- Make sure your employees know their compensation and benefits.
- Give your employees an employee handbook and answer any questions that they may have.
- Be sure to review your employee’s position information.
- Help set up their work environment. This may include their computers and other equipment.
There you have it – a gist of what to expect when dealing with HCM and new employee onboarding.