10 Best HCM Software In 2019 [Expert Reviewed]

10 Best HCM Software In 2019 [Expert Reviewed]

For a manager, ensuring workforce planning, talent acquisition, and performance management are of the utmost importance. The question is: How can a manager do all of that and still have time for other things? The answer – with a solid HCM software.

As the present-day market faces a shortage of talent, employers must become smarter in their pursuit of attracting the right candidates, retaining employees, and developing their teams with human capital management practices.

Continue reading to learn about the importance of human capital management or jump straight to the list of the 10 best HCM software in the market.

What is Human Capital Management?

Human capital management is an approach that views the employees of an organization as assets, rather than individuals. HCM gauges the collective value of a company’s employees and focuses on reviewing, maintaining, and developing its workforce.

It encompasses all of the traditional human resource practices (like payroll management and reporting), along with employee tracking, performance management, workforce planning, and training and development.

The Importance of HCM

The most crucial asset of any company, whether large or small, isn’t the equipment, the building, or the goodwill – it’s the employees.

Employees are the resource that put the actual hours and efforts in to sustain and grow the business.

Therefore, the focus of human capital management is to improve the quality of a workforce by:

  • Assessing the human capital requirements of the organization (for example, planning ahead by identifying skill gaps for certain projects)
  • Attracting and hiring the right talent (for example, finding professionals with relevant skill sets)
  • Training and developing employees
  • Reviewing employee performance
  • Providing compensation and benefits
  • Figuring out ways to increase the productivity of employees (for example, identifying weaknesses in certain day-to-day processes)

Neglecting any of the factors above defeats the purpose of HCM, which, in turn, could jeopardize a company’s ability to scale.

Human Capital Management in Numbers

Let’s have a look at a few statistics to further understand the significance of HCM:

  • 83% of employers say that attracting and retaining employees is becoming a big challenge.
  • According to one source, the average cost of a bad hire is about $18,700.
  • 7 out of 10 people will stay at a company if provided with ample training and development opportunities.
  • On average, a job vacancy can cost a company somewhere around $500 per day.
  • As of now, around 32% of people want to switch their jobs, out of which 15% cited insufficient perks and benefits as the main reason.
  • Companies that provide regular feedback to employees experience 14.9% lower employee-turnover rate than companies that don’t.

What is HCM Software?

An HCM software is an enterprise-level, cloud-based solution that integrates, streamlines, and automates all human capital management processes – including recruitment, performance reviews, compensation management, and employee development.

Instead of having to deal with separate programs for each process, a reliable HCM software provides a way to manage everything from one platform.

This allows you to easily integrate multiple programs that your company manages.

HCM Software vs. General HR Software

Managers tend to use the terms ‘HCM software’ and ‘HR software’ interchangeably.

While the modern-day requirements of a single, 360-degree solution has blurred the lines and caused an overlap between the two products – there are some basic differences that are worth highlighting:

HCM SoftwareGeneral HR Software
Integrates all relevant HR-related processes under one umbrellaIs focused on a single task, like employee attendance management
Helps managers make long-term decisions on scaling the workforceHelps managers with day-to-day HR-related task(s)
Can help assess and improve the value of a company’s workforceCan neither help assess nor improve the existing value of the workforce

Managing Student Loan Repayment Benefits

Some employers use general HR software in tandem with HCM software to manage certain HR metrics.

For example, as an employer who contributes to the repayment of their staff’s student loans, it’s advised that you use general HR software to administer that perk.

This type of benefit has gained popularity as a means for employers to attract millennial employees to their workspaces.

In a survey, out of 1000 millennials, 53% expressed that they were willing to take a cut in salary in order to access this type of perk.

Employers are keen to get on board after recent changes that were made to the Employer Participation in Repayment Act of 2019.

With it, you do not pay taxes on contributions that you make toward your staff’s student loan repayment.

Since this perk is complex due to the sheer number of variables involved, you should use specific software to manage it separately.

The software provided by FutureFuel.io allows you to manage their staff’s student loan repayments under one platform.

Then, this software can be incorporated under broader HCM software.

The additional management serves as an internal measure within your organization to organize and regulate this type of perk.

The 10 Best HCM Software In 2019 – Reviewed & Ranked

When it comes to HCM systems, there are many options to choose from.

Each platform brings a unique set of features and advantages to the table – it’s up to you to decide which option best fulfills the requirements of your company.

Without further ado, here are the 10 best HCM software ruling the market:

1.    BizMerlinHR

BizMerlinHR is an AI-powered platform that offers a broad set of strategic HCM capabilities.

The platform transcends the traditional bounds of HRM/HCM, and targets IT managers and team leads, as well as, HR executives and TA specialists.

What does it do?

Here’s a list of features BizMerlinHR has to offer:

  • Application tracking system – get smart recommendations about potential candidates with an AI-powered ATS and hire the right talent.
  • Skill matrix – assess the skills of your employees, identify their strengths and weaknesses, and optimize your workforce.
  • Workforce planning – identify, predict, and close skill gaps to fulfill the requirements of your company.
  • Retention management – track risk factors, predict attrition, and get insight to nurture your team members in a better way.
  • Goal management – set and communicate your goals and increase employee engagement with ease.
  • And more – With an onboarding system, employee profiles, feedback system, performance management/review features, and a feedback system – BizMerlinHR packs a punch.

What makes it stand out?

Here are a few reasons BizMerlinHR made the list:

  • It’s one of the most configurable HCM software in the market. You can create your own workflows, performance review templates, and much more.
  • The platform offers a wide range of features, the likes of which aren’t offered by many other HCM software.
  • This HCM software allows seamless integration with other platforms like DocuSign, FreshBooks, Salesforce, etc.

If your company falls under the category of small or medium-sized enterprises, BizMerlinHR may be the perfect HCM software for you.

2.    Workday

Workday is another comprehensive HCM system that takes care of a number of areas, from basic HR management (like staffing and compliance) to broader workforce planning.

Judging by its vast potential, it’s safe to say that Workday is one of the most complete HCM software out there.

What does it do?

Here’s what Workday has to offer:

  • Global HR management – comply with global HR regulations and combine them with local practices, streamline processes, and get a bird’s-eye view of your company’s talent.
  • Reporting and analytics – gain valuable insight and identify critical trends to make your workforce more efficient.
  • Talent management software – identify talent, align the capabilities of your employees with organizational goals, and allow your employees to plan out their career development path.
  • Benefits enrollment software – design unique employee incentive programs to attract and retain top talent.
  • Compensation management software – manage the compensation plans for the entire company through a single platform.
  • And more – Workday also provides an audit and internal controls software, workforce planning software, knowledge-based learning software, as well as, software for payroll management, time-tracking and attendance, and expense management.

What makes it stand out?

Here are a few reasons Workday made the list:

  • It’s one of the most (if not the most) user-friendly HCM software in the market.
  • Workday offers global compliance and integration features (like the Global HRM software and the Global Payroll Cloud), which is great for MNEs.
  • It offers one of the best reporting and analytics tools.
  • It can integrate with more than 40 different platforms.

Since Workday offers different global compliance features, it’s perfect for companies with global roots.

3.    BambooHR

BambooHR is a “people-focused” platform packed with a ton of modules, each offering different HCM capabilities.

As of now, it’s one of the hottest HRIS/HCM software in the market.

What does it do?

Here are a few features you look can forward to with BambooHR:

  • People data and analytics – get a secured database for information about your employees. Gain access to employee records, create custom workflows, and generate HR reports on-the-go.
  • Hiring – reduce training costs by finding the right candidates with the help of a state-of-the-art ATS. A mobile hiring app makes the recruitment process easy for both, employers and candidates.
  • Onboarding – make the right impact on new hires with paperless onboarding. Enjoy the convenience of e-signatures and gain valuable insights about exiting employees from the automated offboarding system.
  • Compensation – track the hours your employees put in with ease. Not only that, but you can also get instant notifications whenever an employee puts in a request for paid time off.
  • Culture – make performance management easy with a cutting-edge performance appraisal software. You can also gauge how satisfied your employees are with the employee satisfaction software that uses the eNPS (employee net promotor score), which can help identify disengaged employees.

What makes it stand out?

Here are a few reasons BambooHR made the list:

  • It provides top-of-the-line customer support and a myriad of online resources. As a result, it is nearly impossible for users to get stuck.
  • The company offers a wide range of packages that meet the requirements of organizations of all sizes.
  • Continuous improvements and updates meet the ever-changing needs of modern-day companies.

Considering its unique analytics & reporting features and frequent updates, BambooHR is perfect for modern companies that rely on statistics to make, both trivial and significant decisions.

4.    Kronos Workforce Ready

Kronos Workforce Ready is an HCM suite that allows users to manage their entire workforce from a single platform.

This cutting-edge suite combines the power of workforce management and human capital management, to offer a unified solution in a user-friendly interface.

What does it do?

The Kronos Workforce Ready suite offers the following modules:

  • Talent acquisition – ensure the flow of high quality talent with a smart application tracking system.
  • Performance management – automate performance reviews/appraisals and nurture your employees with consistent feedback.
  • Compensation management – automate and streamline the compensation management cycle.
  • Attestation – comply with state and union policies by allowing employees to attest to the hours they’ve worked, and the meals & rest breaks they take.
  • ACA Manager – comply with the Affordable Care Act (ACA), minimize risks, and get alerts whenever an employee is about to become eligible.
  • And more – Tools for people analytics, time keeping, accrual tracking, and a scheduler.

What makes it stand out?

Here are a few reasons to invest in Kronos Workforce Ready:

  • The suite offers customization that can match the needs of your company’s requirements.
  • The platform is cloud-based and has a mobile app, which allows for easy access.
  • Kronos Workforce Ready sports a user-friendly interface.

Kronos Workforce Ready is intended for companies of all sizes, especially those with sub-divisions. Therefore, if you have a large enterprise with a divisional structure, this HCM system takes the cake.

5.    Ascentis

Ascentis offers “all-in-one” integrated human capital management solutions via their comprehensive suite.

The suite automates a number of HRM functions, along with some other critical business processes.

What does it do?

Ascentis offers the following HCM solutions:

  • HRIS and benefits management – simplify complex HR functions (like benefits administration, reporting, etc.) and get access to employee data in one place.
  • Payroll software and tax filing – automate payroll processing and avoid risks by leveraging the special tax filing services of Ascentis.
  • Talent management software – manage appraisals/performance reviews, employee learning paths, and compensation, all from a single platform.
  • Recruiting software – find the best candidates, ensure seamless onboarding, and much more with the recruiting software.
  • Time and attendance software – track hours of your employees, plan schedules, and ensure compliance.

What makes it stand out?

Here are some good reasons to select Ascentis for your HCM needs:

  • It has a user-friendly interface and simple customization/configuration capabilities.
  • The platform allows users to easily transfer the data of new employees from ATS and recruitment systems to employee records.
  • The customer support has a reputation for swift responses.

Ascentis has one of the best ATS and onboarding programs to offer, making it perfect for larger enterprises that engage in recruitment from time to time.

6.    Vibe HCM

Vibe HCM is another platform that offers core HR capabilities, along with special features for strategic employee engagement.

The cloud-based software can be accessed on any platform, from any corner of the world, and at any given time.

What does it do?

The Vibe HCM platform offers the following capabilities:

  • Recruit – create stunning career sites, select the right candidates with an effective ATS, get employee referrals, and much more.
  • Onboard – automate the onboarding process with welcome emails, profile creations, training and development, and more.
  • Communicate and connect – get access to a customizable content management system, a social network, and create talent profiles to connect your employees.
  • Manage – save time with self-service process transactions, enjoy fast payroll processing, keep track of labor costs, and more.
  • Develop and recognize – provide consistent feedback to your employees, recognize their strengths and weaknesses, and develop skills.
  • Measure – gauge employee satisfaction with engagement surveys, create talent charts, and use insightful information to make important decisions.

What makes it stand out?

Here are some good reasons to invest in the Vibe HCM:

  • It has lightning-fast implementation capabilities, great for saving both time and cost.
  • The company offers a world-class customer support and each user is assigned a dedicated Client Success Manager.
  • The platform offers rock-solid security, ensuring the safety of sensitive information.

If you’re looking for hassle-free implementation and top-notch customer support, Vibe HCM might be the perfect platform for you.

7.    Viventium

Next up on the list is Viventium – another cloud-based HCM software, packing its own unique sets of features.

The platform is intended for small and medium-sized businesses, and automates a number of processes, ranging from talent acquisition to payroll management.

What does it do?

  • Talent acquisition software – attract top talent with an ATS, create custom onboarding processes, and verify the information of applicants with just a few clicks.
  • Time and attendance software – track and manage the hours of your employees and choose whichever method you prefer (mobile devices, biometrics, etc.).
  • Online payroll software – save hours by managing the payroll on a cloud-based software with an intuitive user-interface.
  • ACA compliance software – keep track of regulations to ensure ACA compliance.
  • Business intelligence software – utilize critical data, create insightful reports, and make the right business decisions, at the right time.
  • Human resources service – engage in administrative and strategic HR from a single platform.

What makes it stand out?

Here are a few reasons why Viventium made the list:

  • It’s easy to create custom HR workflows.
  • The HCM software allows for seamless integration with other platforms (for example, ADP Workforce Now, TimeClock Plus, etc.).
  • The platform allows users to work on multiple payrolls at once.
  • The ACA compliance management capabilities are one of the best.

If you have a large workforce and have to manage multiple payrolls simultaneously, Viventium is a solid choice.

8.    ADP Workforce Now

ADP Workforce Now is a complete HCM platform that offers HR, payroll, talent, workforce, and benefits management capabilities.

As of now, it’s one of the most flexible HR and payroll solutions in the market.

What does it do?

ADP Workforce Now offers the following solutions:

  • Payroll – manage payroll, avoid tax and compliance errors, and provide employees access to valuable information through a single platform.
  • Workforce management – track time and attendance in real time and gain insights from comprehensive reports on hours worked.
  • HR management – update employee records, gain access to free onboarding templates, create insightful reports, and more.
  • Talent management – attract, select, onboard, and retain the cream of the crop with modern performance and compensation management features. Leverage data to come up with unique employee appreciation ideas and increase engagement.
  • Benefit solutions – manage administration and enrollment, and create flexible benefits plans.
  • Insights – leverage machine learning capabilities and uncover hidden trends to make critical business decisions.

What makes it stand out?

If you’re having second thoughts about investing in ADP Workforce Now, consider the following:

  • The platform offers flexibility in HR and payroll management like no other.
  • Users receive assistance and training from ADP Workforce Now professionals.
  • ADP Workforce Now sports a logical layout and can integrate with several other software, making implementation easy.
  • Each user is assigned a dedicated customer rep, who is available around the clock to provide assistance.

If you have a medium or large-sized enterprise, ADP Workforce Now may be the perfect HCM software for you.

9.    SentricHR

SentricHR is a web-based HR and payroll management software that automates and integrates a wide range of core business processes.

The platform has been designed for medium and large-sized enterprises, and sports features like paperless onboarding, payroll management, a central HRIS, and much more.

What does it do?

Here’s what SentricHR has to offer:

  • HRIS – store, manage, and access critical data, all through a single platform that integrates with a number of other applications.
  • Profiles – create profiles for your employees, keep track of their work, and allow them to do the same.
  • Documents – go paperless by leveraging e-signatures that comply with ESIGN and UETA, and manage recipients with ease.
  • Benefits – create and manage benefits plans, and allow your employees to see which plans they’re eligible for. For example, if you’ve partnered up with FutureFuel to help your employees crush their student debt, they’ll be able to check if their eligible for the program.
  • Talent – provide constructive feedback to your employees on time and make employee development easy.
  • And more – SentricHR also comes with a time and attendance software, as well as, a payroll management system, job board integration, and custom onboarding experiences.

What makes it stand out?

Here are a few reasons why SentricHR made the list:

  • The platform has one of the best payroll management systems in place, since it integrates with the time and attendance software and updates information in real time.
  • Since managers always have easy-access to critical information, they can create ad hoc reports in a flash.
  • This platform offers high configurability, especially if you’re familiar with HTML.

To summarize, if you’re looking for an all-around payroll management system, SentricHR may be the right option for you.

10. UltiPro

Last, but certainly not least, is UltiPro – another complete HCM software that combines the power of HR, payroll, and talent management, developed by Ultimate Software.

What does it do?

UltiPro offers the following features:

  • Human resource – increase productivity by providing employees with the resources and information they need to become more efficient.
  • Performance management – develop your workforce by automating the performance review and appraisal cycle.
  • Compensation management – provide your employees with the compensation they deserve via an intuitive user-interface.
  • Employee surveys and sentiment analysis – gather insightful information about the workplace experiences of your employees and make better-informed decisions to retain them.
  • Predictive analytics tool – extract insights about your company’s top-performing individuals, predict flight risks, and keep employee turnover under control.
  • And more – UltiPro also comes packed with recruitment tools, benefits administration software, learning software, as well as, payroll software, an employee file management system, and success management tools.

What makes it stand out?

Here are a few convincing reasons to select UltiPro:

  • The platform offers the longest list of modules, covering all human capital management needs
  • It’s packed with smart BI/analytics tools that help the workforce keep track of their progress
  • Users can connect with other users and exchange resources and guidance.

If you’re looking for an all-in-one solution, there’s no better option than UltiPro.

Time to Implement

Choosing the perfect HCM software begins with figuring out your company’s needs, and you can start by identifying your major HCM pain points.

Do your managers spend an entire day (or more) processing payrolls every month? Do your employees find your benefit plans confusing?

Or maybe, you’re unable to hire and retain the right candidates. It boils down to what you consider as “high value” (and your budget). As a result, your best bet is to examine your options, assess your needs, and invest in the HCM software that’s perfect for you.