Are you switching off a PEO, where an HCM solution was provided for you, or have you recently made a technology purchase that might not have the necessary integration functionality you need?
Maybe your company is growing, you’re adding new locations, divisions, or different types of workers, and your current system can not seem to handle these changes. Perhaps you are tracking your employees in spreadsheets, accounting software, or (gasp) on paper.
Choosing a new HCM solution from the copious available options can surely be overwhelming and it can be challenging to determine which tools and features (and yes there are hundreds, just ask Josh Bersin) will best meet your needs. The HCM tech industry is vast. In 2021 alone, global HR tech investments have exceeded $9 Billion.
Whether you are starting from scratch, completely replacing your current HR technology stack, or something in between, there are a few core tools that most companies need to evaluate when they begin the process: HRIS, payroll, and benefits administration.
Here’s how to start:
Narrow Down Your Needs & What’s Most Important
Choose Between All-in-One vs Point Solutions
Look At The Integration Capabilities
Review Implementation Timelines & Support Model
1. Narrow Down Your Needs & Determine What’s Most Important
The first question you should be asking yourself is “what technology do we need?” What is it exactly you are looking to improve upon?
You must classify the difference between your must-haves and your nice-to-haves and then account for your timeline and budget. This will help you set the direction for your search. If you need help getting started, you can always speak with an external advisor or check out platform reviews on sites like G2 or Capterra.
2. Decide Between All-in-One vs Point Solutions
After determining what the most important items your HCM platform would need, likely the next decision to make is whether you’ll be looking at an all-in-one system (Rippling, Zenefits, Namely, Paycom, Paylocity, UltiPro, to name a few) or a set of point solutions (one partner for HRIS, another for payroll, and maybe another for benefits administration).
This decision should not be made lightly. Take a close look at your budget and your HR team’s internal workload. Point solutions will require some additional HR team time to manage, so how much data transfer between separate vendors are you willing to tolerate?
3. Look At The Integration Capabilities
Just when you thought you were done. The next step is to ask each platform about its integration capabilities with other HCM services, such as Learning Management, Applicant Tracking, timekeeping, or scheduling (the list goes on) systems that you already use or may potentially use in the future; and the external carriers & administrators that support your benefits program.
Partnerships between your HCM platform and external partners are a must to facilitate smooth operations. You certainly don’t want to be in a situation where you implement a platform, only to find that it doesn’t allow for the integrations you need once you start using it!
4. Review Implementation Timelines & Support
Product features will always catch your attention first, and it’s easy to get distracted by some of the innovative features an HCM software platform has to offer, but you can’t forget these critical questions:
How long do we have to implement this solution?
What are the platform’s standard timelines?
How much support do they provide during implementation?
How much support do they provide post-implementation?
These are the questions that will help you understand how your day-to-day may change as a result of implementing your new system.
How to Find the Best HCM Solution for Your Needs
When it comes to HCM tech, there is no single solution that is right for every company. We hope that these tips will help you get a better overview of how to determine what software aligns with your goals and needs, but if you want to cut out the guesswork and streamline the process, Bennie’s benefits technology consulting services are here to help you find the optimal solutions for your company.
Our team will help you understand the HR and benefits technology landscape, evaluate your current needs, and recommend the best setup for your company. Contact us today or schedule a demo to learn more about how our products and services.