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Harnessing the Power of HCM and the Oracle HCM Cloud

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We expect firms to embrace technology breakthroughs to increase efficiency, whether we are at home or work. Many people assume that as technology advances, so will we. Technology allows us to pick up on pre-existing behavior and expand on it. It’s no wonder forward-thinking company executives are turning to cloud technology to help elevate HR’s function and rebuild their organization for the future. According to Gartner research, 30% of global midmarket and large organizations engaged in a cloud-deployed human capital administration package for administrative HR and talent management in 2020. The shift is underway, and if your organization has not yet planned to elevate HR in this manner, now is the moment.

What is Oracle HCM?

Oracle HCM (Human Capital Management) cloud provides HR leaders with an end-to-end solution for managing every stage of the employee lifecycle, including attracting talent, screening, hiring, on-boarding, managing time and absence, managing payroll, compensation and benefits, managing performance and developing talent, reviewing skill, and optimizing workflow. An HCM cloud solution designed with AI enables executives and individual contributors to make quicker and more informed choices. It interacts with financials, supply chains, customer experience, and other modules to match your HR department with your organization’s business goals. It also supports platform-as-a-service (PaaS) for custom-built apps. Oracle Fusion HCM cloud online training can be checked here for more information.

Oracle’s HCM cloud offerings include:

  • Global HR: A one-stop shop for engaging your workers and optimizing processes. Core HR, Workforce Directory, Workforce Predictions, Workforce Modeling, HR Help Desk, and Workforce Health and Safety Incidents are all part of the package. With this solution, you can find and keep the greatest employees. Talent Acquisition, Goal and Performance Management, Career Development, Talent Review, and Succession Planning are all included.
  • Employee Benefits: With Compensation, Benefits, Payroll, and Sales Compensation, you can differentiate yourself and win the talent battle.
  • Workforce Management: Make the most of your time using Time, Labor, and Absence Management.
  • Work-Life Solutions: Involve workers in My Brand, Wellness, Volunteering, and Competitions.

Why shift to HCM?

HCM leverages cloud computing to provide a dynamic, talent-centric, and immersive experience to assist businesses in modernizing their Human Resources (HR) capabilities. The key advantages of employing cloud technology are that all changes are automated, saving time, cutting expenses, keeping data secure, and utilizing the industry’s finest technological innovations, providing businesses with a significant competitive edge. Companies that use a cloud-based HCM system may swiftly integrate cutting-edge technologies without wasting time or money.

Shift to Better Decision Making

HR has previously been relegated to back-office and administrative responsibilities. However, with HCM, HR can now connect with overall company strategy, assist in creating a digital workforce and workplace, and contribute significantly to ROI. For example, you can quickly build your organizational chart, model your employees using salary data, and set up procedures with HCM without involving IT. Embedded analytics create a customized dashboard with the data that helps you make educated decisions and succeed.

Managing Employee Lifecycle

Dashboards and metrics are simple to set up, delivering the power of aggregated, global data to key stakeholders throughout the business. This information is becoming increasingly important to firms for headcount analysis, organizational growth, and expansion into worldwide operations and new goods and services. This data ensures that critical talent is available to support the organization’s strategic development.

Oracle HCM Cloud may assist a company in managing its complete employee lifecycle. It is a unified global cloud solution for human resources, talent management, learning, talent acquisition, work-life, HR support desk, payroll, benefits, compensation, and time and labor. It may also link your firm by establishing a larger Oracle corporate cloud with apps spanning Finance, Supply Chain, Service, Sales, EPM, and Marketing. Better user engagement and adoption, faster procedures, increased productivity, quicker IT deployment, and lower total cost of ownership may produce company value. 

Save on IT Costs

HR departments use various software to handle their data and operations, some narrow and specialized, while others cover a few tasks. It’s hardly surprising that quickly managing these technologies’ upgrades and licenses becomes a full-time job.

An HCM Cloud Solution integrates all of these tasks and techniques into a single system, and all updates and new features are automated, with little or no additional cost and no service disruption. Add to it the artificial intelligence aspect, in which the HCM Cloud solution learns systematic procedures to become more intelligent. Employees that pose a flight risk can be identified using machine learning techniques. Simply having this information allows HR to operate more effectively and efficiently. Furthermore, having a single system allows a corporation to be more agile and adaptable.

Enhances Security

Employee salary and social security numbers are only two such examples of highly sensitive information. When this information is housed in several systems, the danger of a data breach increases because it works to keep private information out of the wrong hands; a single-sign-on option with two-factor authentication is becoming the norm. It also aids in limiting the PII (Personally Identifiable Information) compliance standards that are common in today’s society.

Oracle HCM Cloud provides multi-layered protection, data encryption by default, and cutting-edge data centers. By running on best-in-class Oracle cloud infrastructure and providing unified identity and security management, Oracle’s cloud platform offers security, scalability, availability, and performance. Furthermore, Oracle employs some of the world’s leading security professionals in information, database, application, infrastructure, and network security.

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Easy Customization and Career Management

All companies need a product that can cater to their different requirements, but on the other hand, the companies do not want to move away from their core structure. In this situation, the Oracle HCM will give you the best of both worlds and strike a balance between the existing standard and the need for customization.

The correct technology is required to continue attracting, managing, and keeping the greatest employees. AI drives the Oracle HCM to assess risk capabilities and health and safety features. As a result, it is reasonable to state that Oracle HCM promotes talent management by integrating core HR tasks such as performance and talent management. HR managers can also use technologies to control workplace competitiveness.

Ways to Use HCM Solutions

  • Oracle HR analytics complement Oracle Applications by providing insight into performance patterns. It gives robust reporting and workforce insights based on HR best practices, prebuilt dashboards, reports, and analytics.
  • Employee success may be promoted and supported by matching corporate strategy with employee goals and creating a social atmosphere where employees can interact, cooperate, and exchange expertise.
  • Oracle HCM’s performance management tools provide real-time business analytics and insight into the performance process. It is intended to assist employees and corporate executives in managing employee performance.
  • Workforce incentives may assist your business in attracting and retaining talent. Oracle HCM Workforce Rewards Cloud helps you properly compensate your employees, provide flexible benefits, and provide effective payroll administration.
  • Spend fewer hours on documentation and more time on employee engagement. Oracle HCM offers scalable solutions for managing the intricacies of payroll and the problems of local compliance, taxes, and other issues.
  • Improve your employee experience by modernizing your HR operation. It can assist you with aligning corporate worldwide HR procedures, meeting local regulatory requirements, and engaging your staff to offer greater productivity.

Beneficial Features in Oracle Cloud HCM

Oracle Cloud HCM is an employee outreach tool that enables human resource departments to send and track messages to inform and engage their employees. Oracle HCM Communicate is an HR-specific application embedded directly within Oracle Cloud HCM. Because it is linked to workforce data, HR can develop tailored, trusted messages that lead employees to meaningful action and offer the information required to promote trust and productivity, foster organizational culture, and improve the employee experience.

Employees want to feel acknowledged and appreciated daily and see that their boss cares about their well-being by taking action on issues affecting their growth and working experience. Oracle Touchpoints streamlines the process by providing employees with a continuous listening and action channel and assisting managers in reacting during their regular job so that everyone feels noticed and cared for in an open, responsive culture.

Conclusion

The people strategy required to support employees’ experiences in the modern workplace is always evolving. As a result, HR departments must be adaptable to meet business and workforce demands. There are tools to help people grow and flourish no matter where they work by enabling ongoing innovation in the cloud.

HR objectives have shifted to rethinking how you encourage workers to perform tasks, understand and build abilities, and acquire answers to crucial people problems. With changes to how we offer employee experience, communication, and engagement, Oracle Cloud HCM can serve your needs.

To know more about Oracle HCM and its benefits, you can check out IQ stream and other articles on Oracle.

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