Blog | Sep 24, 2013
Oracle Fusion HCM Cloud Solutions - Highlights & Key Practices to Increase ROI
Oracle Fusion Human Capital Management (HCM) Cloud solutions can be leveraged to shed tremendous HR IT costs. In addition these solutions provide more intuitive user interfaces with predictive analytics capabilities thus fostering faster decision making leading to greater end-results. With Oracle Fusion HCM you can deliver HR analytics and HCM processes to mobile devices like iPhones, iPads etc. Functions like these are helping to transform the way companies manage their Human Resources processes.
Some of the major challenges around Human Resource Management are employee retention, timely processing of the merit cycle, annual benefits enrollment and overall analytics of data. Let’s take a look at how Oracle’s Fusion HCM solution can help streamline these challenges.
- Oracle Fusion HCM has a graphical representation of all the top talent of your organization. There is an ability to drill down on those people and make comparisons, highlight the key performers and outline the resources with a high risk of leaving, enabling better resource retention. With companies blocking networking sites like twitter and Facebook, networking within the company using an approved tool, which is more dynamic and instantly connects people, is another major benefit of Oracles Fusion HCM.
- HR Managers struggle with compensation related information if it is not readily available to make decisions during the merit cycle which can result in the merit process becoming cumbersome. With the fusion HCM compensation module, Oracle has brought all the real-time data on a single dashboard and that provides all the information to the managers that are required during compensation planning and disbursements.
- With regards to employee benefits, the solution offers a single page view. With one look you can gather information like employee benefit eligibility and proper tagging of the staff to the programs and plans, making the administration of employee benefits less time consuming. In addition, an intuitive Workflow driven dashboard through Employee Self Service is available to the employees for benefit enrollments.
- The analytics that are provided in fusion payroll enables payroll administrators to catch any potential issues before-hand and correct them before the payroll is processed.
Return on investment is always a major consideration when making an investment in your company. Here are some key best practices for HCM solutions that you can utilize to increase your return on investment and lower risks:
- Identify your HR processes and select a complete HCM solution: You need to determine the HCM capabilities that are required and their interaction with each other to maximize business. The key is to understand the interaction of the related HCM processes in different modules and select an HCM solution that allows you to deliver a complete solution without starting a new process at every turn.
- Identify the integration points with other non-HCM applications and solutions: You need to take into account the standard integration of HCM modules with other applications like, Procure-to-pay, Project Accounting, and Internet Expenses etc. For instance sharing the HR position hierarchies for procure-to-pay workflow processes ensures that the procurement managers making purchases are managers with the appropriate authority to make the types of purchases they are making. Considering the need for these integrations will reduce ongoing technical costs and enable greater automated workflow from the solutions implemented.
- Identify international scalability and data ownership compliances: You need to ensure availability, redundancy and performance at all global locations by taking into account the global scalability feature of the HCM solutions. For instance, Multi language support ensures that the managers don't need to maintain separate systems and will help bring together key processes and data thus maximizing business results. Data privacy norms, which differ by country, needs to be considered and long term control of data should be maintained.
Thinking of how HCM would fit within your organization?
Here is an example of how you can leverage the Oracle Fusion HCM Cloud solution: In Talent Management you know that talent drives the vision of your company. The first step is to employ strong tools to identify the key talent and retain them. You need to capture the entire picture, for instance talent reviews to identify who you have, performance and goal management to see clear direction and then chain all that to rewards and compensation. Thus you should be able to see how this contributes to your business alignment. Excellent service, risk management and data ownership are equally critical for your global compliances. Besides, employees data should be rock solid secure.
So how do you accomplish all of the above?
Oracle HCM Cloud is a globally scalable solution. The product has matured where you can have it up and running quickly, thus reducing your project investment and helping to achieve a faster ROI.
Human Resource Management is an extremely important part of an organizations structure. The management of employee data, skill sets, benefits and compensation can be the decision point of solid employee retention or continuous attrition. With all of the data that needs to be managed, off-line and disparate systems create a laborious and complex process that can lead to mistakes, and the end result is cost to the bottom line. As your company continues to grow, it might not be a bad idea to take a look at how an integrated solution like Oracle’s Fusion HCM can put you at ease with how your employee data is being managed. After all, a solid employee base can be the difference between being in the red or being in the black.