Human capital management (HCM) consists of employee profile management, payroll & compensation, time & attendance, benefits & perks, workforce analytics, and training & development. It offers a solution to streamline human resource functions. The primary focus of these practices includes providing specific competencies and implementing three categories: workforce optimization, workforce management, and workforce acquisition. A satisfied and content employee could garner huge profits for the company–and to keep that in check–human capital management is required.
Several companies have addressed the issues faced such as their attendance, payroll, and profile management by their workforce and tried to deal with them through HCM. AirAsia, a Malaysian airline, has adopted Workday cloud technology in order to manage its around 22,000 employees across the globe. AirAsia is Southeast Asia’s largest budget carrier and has initiated digital transformation by adopting cloud technology for managing its workforce. The company operates flights across 22 markets from more than 140 destinations. A workday is a software that provides financial and HCM solutions. The company made a huge upgrade in HCM by integrating this software. This technology is developed in order to maintain “single-source truth and employee data.” Varun Bhatia, AirAsia’s chief people, and culture officer commented that the organization believes that a company needs to take a more personalized approach and increase the personal experience of the employees in order to prosper. The employees were enabled to access the cloud platform individually by using their smart devices anywhere and anytime. This was made possible after the integration of AirAsia with Workday. The software is a self-service platform and helps employees in managing their basic needs, including arranging their leaves.
The platform provided by the Workday stores the information of each employee and their records of employment. This includes their technical skill levels, career path, professional development, and standard information about that employee. Moreover, any employee of AirAsia can check their daily work schedule, track information about their salaries, and manage attendance. Rob Wells, the Workday president for Asia, said that by digitalization and taking help of the modern technology, AirAsia could allow its workforce to increase their efficiency by making their jobs hassle-free. He further added that it would help the workforce of AirAsia who serve us by flying with us, carrying our baggage, and ensuring that the plane is in working condition. Since they do not have time to visit the office desk every time, they face several problems, they would save their time and efforts by accessing the cloud technology through their smart devices to solve their problems effortlessly.
Another such company to undergo the reforms of HCM is MOD Pizza. MOD Pizza is a pioneer of artisan pie that customers can upgrade with their favorite toppings. The company has over 8,000 MOD Squaders (employees) that satisfy hungry customers. Ryan Muller, a senior enterprise system analyst at MOD Pizza stated that the main purpose of the corporation is not to just have a great pizza, they also aim to serve the people in the community. The additional stores faced new challenges such as nurturing and hiring employees, as well as managing the resultant data explosion. In order to deal with these problems, the organization integrated their old systems with cloud technology. This fulfilled their need for back-office ERP and HR. This integration has allowed them to leverage the intelligent core and weave together their end-to-end process.
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Many multinational companies and organizations have started investing to develop an effective HCM in order to take care of their employees. After extensive research, Allied Market Research estimated that the global human capital management market would garner $22.17 billion by 2023, growing at a CAGR of 7.8% from 2017 to 2023. As new cloud technologies develop, it would help big enterprises to control their working population and offer them different facilities in order to reduce their workload.