Scope of oracle fusion HCM
Human Capital Management (HCM) is a process that helps organizations manage and develop their workforce. By aligning employee goals with organizational objectives, HCM can improve worker productivity and engagement while reducing costs. The scope of oracle fusion HCM encompasses all aspects of an organization’s workforce, from hiring and onboarding to performance management and succession planning.
What is Oracle Fusion HCM
Human Capital Management (HCM) is a term used to describe managing an organization’s most important asset – its people. HCM covers all aspects of employee management, from attracting and recruiting top talent to providing ongoing training and development opportunities, managing payroll and benefits, tracking employee performance, and managing succession planning.
Recent years have witnessed a shift towards “integrated HR,” which refers to using technology to manage all aspects of the employee lifecycle in a centralized system. This approach offers many benefits, including increased efficiency and accuracy, improved compliance with employment regulations, and greater visibility into trending data that can inform strategic decision-making.
One of the leading examples of an integrated HR system is Oracle Fusion HCM. Oracle Fusion HCM is a cloud-based solution that includes a full suite of modules for managing all aspects of the employee lifecycle.
These modules include
Recruitment: Oracle Fusion HCM includes tools for job posting, candidate screening, interview scheduling, and offer management.
Onboarding: The onboarding module helps new employees acclimate to their roles by providing access to company policies, onboarding checklists, and learning materials.
Compensation: The compensation module provides employees with self-service tools for viewing their pay stubs and tax withholdings, requesting time off, or making changes to their benefits elections.
Performance Management: The performance management module includes tools for setting goals, tracking progress, and providing feedback.
Oracle Fusion HCM also includes a mobile app that gives employees access to their HR information from any device. The app includes features like viewing pay stubs, requesting time off, and viewing performance reviews.
Functions & Features
Human resource management (HRM) is creating, maintaining, and improving the human capital within an organization. HRM covers all aspects of employee management, from recruiting and selecting employees to train and development, performance appraisal, and employee relations.
Human resource management’s primary objective is to put the most qualified workers in each position at all times. To do this, HRM must identify the workforce requirements, attract suitable candidates, select the most qualified candidates, develop the necessary skills in these employees, and retain them within the organization.
Human resource management (HRM) characteristics range from small businesses to multinational corporations. However, some standard features include employee records management, payroll administration, benefits administration, performance management, employee training and development, and compliance with labour laws.
Statistics of HCM
Human Capital Management (HCM) is a strategic approach to managing people in organizations. It focuses on the policies and processes that influence employee acquisition, development, deployment, and retention. HCM includes talent management, learning and development, succession planning, and HR analytics.
HCM is a relatively new term gaining popularity in the business world. According to a report by Bersin by Deloitte, HCM software spending is predicted to reach $12 billion by 2025. The global HCM software market is estimated to be worth $6.7 billion.
The scope of HCM can vary depending on the organization’s needs. Some organizations only need HR software that manages employee records and payroll, while others want a comprehensive system that covers all aspects of HCM.
Several statistics show the scope of HCM:
- The global HCM software market is estimated to be worth $21.8 billion in 2021.
- HCM software spending is predicted to reach $12 billion by 2025.
- It is predicted that the Human Capital Management Software Market will grow at a CAGR of 6.7% between 2017 and 2027.
- The average return on investment (ROI) for HCM software is estimated to be 22%.
- Projections show that by 2025, the market for talent management software will have grown to $10.8 billion worldwide.
Future Scope of HCM
The future human capital management scope will likely evolve the current process. In the long term, we will see the emergence of a more seamless integration between HR and IT, as well as an increased focus on data analytics and artificial intelligence.
We will also see a shift in how HR professionals work with organizations’ managers and employees. They will continue to be responsible for recruiting and hiring. Still, they will also be expected to provide guidance and coaching to help managers make better decisions about optimizing their workforce.
HCM has been around for decades and continues to evolve. Many experts consider it the “new normal.” But there’s no doubt that it will continue to evolve as well. To stay competitive, businesses must adapt their approach to HCM or risk becoming obsolete.
Benefits of HCM for Businesses
There are several benefits businesses can enjoy by implementing an HCM system. The most significant benefit is the ability to optimize workforce management. With an HCM system, businesses can effectively identify staffing needs and deploy the necessary resources to meet those needs. This helps ensure that businesses always have the correct number of employees to meet customer demands.
Another critical benefit of HCM is improved communication and collaboration between employees. By using an HCM system, businesses can create a central repository for employee communications and files. This makes it easy for employees to share information and collaborate on projects, which can help boost productivity and efficiency.
Finally, an HCM system can help businesses better manage their financial resources. By tracking employee time and attendance, businesses can more accurately allocate labour costs. In the long run, this can reduce costs for businesses.
Managing a company’s human resources is often called HCM (Human Capital Management). The administration of employee information, payroll, benefits, and productivity are all part of this.
HCMs can vary in scope and size, but most will include some or all of the following modules:
- Employee self-service
- Manager self-service
- Applicant tracking & onboarding
- Compensation management
- Time & attendance tracking
- Performance management.
With an HCM degree, you will have many opportunities open to you. Many of our graduates pursue careers in human resources, but there are also opportunities in marketing, sales, and operations.
There is a growing demand for skilled HCM professionals, so now is a great time to pursue this degree.
Salaries in HCM
According to Oracle HCM salary statistics, the average annual salary in November 2022 is $132423. Most employees generally earn between $105,000 and $156,000 a year. The average annual salary of a Human Capital Management Consultant in India ranges from 2.7 lakhs INR to 14.5 lakhs INR.
How to learn HCM & Where to learn HCM
There are various ways to learn HCM. Individuals can take advantage of online resources like webinars, blogs, and articles. Alternatively, they can enroll in a formal training program offered by an accredited institution. Some organizations also offer in-house training on HCM best practices. Regardless of how you choose to learn, To maximize productivity in your company, it’s essential to stay abreast of industry developments.
Oracle Fusion HCM online training on Applications Fusion Advance is provided by Trio Tech Software Trainings. Both theoretical and practical subjects will be covered in the Oracle Fusion HCM Training. We provide both corporate and online Oracle Fusion training with the placement support.
The scope of Oracle fusion, is vast and ever-changing. Organizations can effectively manage their human capital with the right tools and processes to drive business success. By understanding the different aspects of HCM, including employee recruitment, performance management, and training and development, organizations can create a comprehensive strategy that will help them attract, retain, and develop the best talent.