Find your Organization's Best-fit HCM Vendor

September 26, 2023

Sourcing the Best HCM Software Solutions in 2024

HR Employee sourcing the Best HCM software for their organization's needs

The ‘Best’ Human Capital Management (HCM) Solutions Meet Your Organization’s Needs

The best HCM software packages manage job recruitment, compliance and reporting and utilize workforce rewards and talent management. It helps engage employees for optimal productivity and retention. You wont find your company’s ‘best’ HCM solution on a list. In order to source the right HCM solution for your organization’s needs, you must perform a thorough evaluation.

Retaining top talent while optimizing costs, time, and resources is an ongoing challenge. However, the key to success lies in embracing HR digital transformation, and at the core of this transformation is selecting the best Human Capital Management (HCM) software solution for your organization. When you have the right HCM software in place, your recruitment and retention efforts can significantly benefit from this technological evolution.

Advantages of Sourcing the Right HCM Solution:

Mitigates the Risk of Losing Vital Technical Experts: By efficiently managing your workforce, you reduce the likelihood of losing crucial talent.
Easier Cross-Departmental Communication: A robust HCM system facilitates seamless sharing of information across different departments.
Enhances Employee and Customer Engagement: Improved HCM leads to increased engagement, benefiting both employees and customers.
Optimizes ROI on Onboarding: Efficient onboarding processes ensure you get the most out of your investments.
Streamlines Organizational Communication: Information flows more smoothly throughout your organization.
Boosts Talent Recruitment and Retention: The right HCM system can attract and retain top talent.
Fosters a Better Organizational Culture: A well-integrated HCM solution can help nurture a positive company culture.

What is HCM Software?

HCM, or Human Capital Management, software is designed to help organizations efficiently manage their workforce. Typically, an HCM platform comprises a suite of tech-powered HR tools and applications. These tools cover various HR functions, including payroll management, benefits administration, recruitment, performance management, and talent acquisition.

HCM software solutions such as Oracle, Workday, and SAP SuccessFactors offer a comprehensive set of HR capabilities. These tools support recruitment, onboarding, attendance tracking, leave management, training, payroll processing, performance assessment, and many more.

Given the significant impact an HCM suite can have on your organization, making the right decision is crucial. The risk associated with choosing the wrong solution can be substantial.

Sourcing the Best HCM Solution for Your Enterprise

An organization’s workforce is it’s most valuable asset. Recruiting and hiring employees is the primary function of any organization’s HR department. Retaining talent and ensuring that staff is the right fit for the role and organization is secondary. Any deficiencies in this process can be catastrophic for the company. The right HCM software can mitigate this risk.

When you embark on the journey to find the best HCM solution, you might begin by conducting an online search for “best HCM software” or “top HCM software vendors 2024.” While you may come across lists like “Top 7 HCM Software for 2024” on platforms like G2 Crowd and Gartner, it’s essential to remember that these rankings may be influenced by vendors who pay for exposure. These top-ranked solutions may not necessarily align with your organization’s unique requirements.

You will most likely see the “Top 7 HCM software for 2020” and look at the top players on G2 Crowd and Gartner. It’s essential to keep in mind that these solutions may be biased towards the vendors as most vendors pay to play in this space, and at this point should be taken as more general suggestions. These top-ranked solutions are probably the most popular selections within the industry; however, they may not fit your organization’s unique needs. In looking at a few of the “best” vendors, you may see some red flags, and begin to brainstorm ways to customize the platform to your organization’s needs. At this stage, you might contemplate engaging third party services to help.

Olive is a revolutionary cloud-based software sourcing platform designed for IT buyers and their teams to collaborate and streamline the RFP process, helping your organization source it’s best fit HCM Solution.

How to Source the best HCM Software for your Organization’s Needs

Step 1: Articulate Your Business Case with Precision

Initiate your HCM software selection journey by precisely defining a business case. Leverage AI-driven insights to ensure tangible benefits and address specific organizational challenges.

Step 2: Understand Your Organization’s HCM Needs

Collaboratively gather HCM requirements using streamlined tools, incorporating natural language processing for an efficient analysis. This approach saves time and enhances accuracy, providing a clear understanding of your organization’s distinctive needs.

Step 3: Collaborate and Rank Requirements

Engage your team in collaborative efforts to define and rank HCM software requirements. Simplify this process with Olive, streamlining the Request for Proposal (RFP) process.

Step 4: Assess TCO on the Right HCM Solution with Guidance

Evaluate the Total Cost Ownership (TCO) for HCM solutions with guided insights. Assess the value of HCM solutions against their costs, considering potential long-term savings. AI-driven approaches assist in making informed decisions aligned with your company’s goals. Olive’s TCO Feature automates this.

Step 5: Vendor Comparison Made Easy

Conduct a thorough vendor comparison effortlessly. Leverage AI-powered vendor comparison features in Olive to evaluate and score HCM vendors based on their alignment with your specific requirements.

Step 6: Shortlist Best-fit HCM Solution Vendors with Insights

Create a focused shortlist of best-fit HCM solution vendors guided by practical insights. Eliminate options exceeding your budget and not meeting top-ranked requirements. Use this data to guide you towards informed decisions.

Step 7: Streamlined Demos and Decision-making with Practicality

Schedule demos with shortlisted HCM solution vendors using AI-generated user stories and scripts. Guide demonstrations efficiently, ensuring key functionalities align with business needs. Collect stakeholder feedback and survey users.

Step 8: Select the Right HCM Software Vendor with Support

Select the HCM software vendor that aligns best with your business needs. Compare final choices against ranked requirements. Get support in making a comprehensive and unbiased decision.

Executive Reporting in Olive does this for you.

Avoid Bias, Simplify HCM Decision-Making, and Innovate Faster with Olive

Olive takes your list of ideal vendors and narrows it down to a shortlist that is guaranteed to meet your specific requirements.

Selecting the best-fit HCM solution is a long-term investment in your company’s future, affecting every aspect of your business. While the process can be lengthy and challenging, with numerous risks and salespeople trying to sway your decision, Olive simplifies it into one app. With Olive, stakeholders can collaborate, identify, and rank requirements, enabling you to review all relevant Human Capital Management solutions anonymously and in the context of your organization’s needs.

With Olive, you can:

Collaborate with your teams to define your organization’s specific HCM requirements
Evaluate available HCM Vendor options in the market.
Compare vendors based on your individual requirements.
Make an informed decision about the best HCM solution for your organization.
Source end-to-end HCM solutions for your organization’s needs.

Olive simplifies HCM Sourcing ensuring your organization finds it’s perfect technology match quickly and efficiently.