Human Capital Management: Ultimate Guide

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Human Capital Management (HCM) Software Solutions Guide

HR, PAYROL & TALENT MANAGEMENT

Optimising Human Capital Management (HCM) For a Modern Workforce

Embracing Digital Transformation To Attract And Retain Talent In 2025

In 2025, the workforce landscape in Australia and New Zealand continues to evolve rapidly. As businesses adapt to a new era of work, there is a growing emphasis on optimising employee experiences, enhancing workplace culture, and ensuring flexible working conditions. This shift is driven by employees’ increasing expectations for meaningful work, better pay, and conditions that support a healthy work-life balance.

Human Capital Management (HCM) systems encompass a broad range of HR functions, including Payroll, Workforce Management (WFM), Talent Management, and more. These systems are critical for modern organisations to manage their workforce effectively, streamline processes, and create a compelling employee experience. If you’re looking for a best-of-breed rostering and workforce management shortlist, download our WFM & Rostering Guide.

Finding the Right HCM Solution for Your Business

    Human Capital Management (HCM), also sometimes referred to as Human Resources Information System (HRIS) or Human Resources Management System (HRMS), can help organisations manage all or part of the employee experience with the organisation. From managing the hiring process to onboarding and induction, to managing employee data, attendance, performance, payroll, training and learning, and benefits.

    Many of the solutions integrate with recruiting/applicant tracking and payroll software. In addition, a number offer workforce management capability enabling businesses to manage the rostering of personnel and tracking of time and materials to jobs/projects.

    This guide’s main focus is on integrated HCM solutions. For a best of breed rostering and workforce shortlist please access our WFM & Rostering Guide. Or for Insights into leading Learning Management System (LMS) platforms and their key capabilities access our LMS Guide.

     

    Below is an overview of the key functionality offered in leading integrated HCM platforms.

    Best-of-breed solutions offer one or more of these functions.

    Considerations In Purchasing A HCM Solution

    HCMMrrelated EXTENT OF HCM CAPABILITY REQUIRED

    HCM solutions are loaded with a number of features, which can complicate the purchasing process. It can sometimes be difficult to distinguish core features from the more optional ones.

    Key HCM solution areas can be categorised as follows:

    • Workforce Planning
    • Core HR
    • Employee Engagement
    • Employee Management
    • Recruitment and On-boarding
    • Talent Management and Succession Planning
    • Training and Development
    • Offboarding
    • Reporting
    • Workforce Management
    • Learning Management
    • Payroll

    Buyers should carefully identify the types of HCM software related to their businesses and make purchase decisions accordingly.

    Integrated Solution Vs Best of Breed

    This may depend on the above buying decision as to the scope of the HCM solutions required for the business, and the associated complexity of requirements. This may then lend itself to a more integrated solution or taking a Best of Breed approach. 

    The decision is not typically made until the key business requirements are understood and then a market scan can be done to confirm possible solution candidates. 

    Access the 2025 HCM Guide Now or check out some of our related Best of Breed Guides:

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