In the contemporary landscape of workforce management, optimizing human capital management (HCM) initiatives is paramount for organizational success. Enter Oracle Human Capital Management.
From core human resources functions to advanced modules for talent acquisition, learning, and workforce management, Oracle HCM represents a comprehensive solution designed to meet the evolving demands of the modern workplace and revolutionize how companies approach talent management and critical HR operations.
In this article, we’ll discuss the key components and capabilities of the Oracle Cloud HCM platform, how it empowers organizations to strategically manage and leverage their people, and where our team of expert Oracle consultants can come in to help.
What is Oracle HCM?
Oracle Human Capital Management (HCM), or Oracle Fusion Cloud HCM, is a comprehensive cloud solution designed to help users connect their most important people and processes across their entire enterprise in one place.
The Oracle HCM Cloud offers a single data model, a user-friendly interface, and an AI-embedded system infrastructure that enables organizations to manage their workforce more effectively, plan and optimize a global workforce through a common data source, and improve employee engagement.
With the Oracle Cloud HCM platform, organizations across industries can:
- Leverage advanced scalability, security, and innovation features to improve the employee lifecycle
- Outline a strategic approach to people management through a single source of data
- Easily scale employee experiences based on evolving employee skills and workforce trends
- Utilize workforce modeling and prediction tools to improve connections between peers
Key Components of the Oracle Cloud HCM Environment
Here’s a closer look at the main components of the Oracle HCM Cloud solution:
1) Core Human Resources
Oracle’s Human Resources platform provides intelligent tools that enable customers to effectively plan, execute, manage, and optimize their most critical people processes, empower HR leaders to personalize the employee experience, and facilitate better decision-making across a global HR landscape.
The end-to-end HR solution includes the following functionality:
- Workforce Modeling: Leverage pre-built workforce modeling attributes to adapt existing workforce plans to current demand, determine the impact of workforce change on performance, and organize workers by their predicted risk of turnover.
- Benefits Administration: Utilize self-service enrollment features to guide employees through the benefits enrollment process, calculate and monitor benefits plan rates for each employee group, and create flexible benefits plans to meet individual needs.
- Work-Life Solutions: Improve work-life opportunities by providing personalized volunteer recommendations in My Volunteering, developing stronger brand influence and reach through My Brand, and creating activities to improve employee productivity in My Wellness.
- Workforce Planning: Leverage drag-and-drop tools and ‘what-if’ scenarios to understand critical workforce decisions, gain full visibility into concurrent planning objectives from other teams, and manage and visualize data from Microsoft Excel directly in Oracle HCM.
2) Talent Management
With advanced talent management capabilities, the Oracle HCM Cloud enables talent teams to take control of the entire talent lifecycle, improve decision-making, and manage talent acquisition, onboarding, career development, and more in one location.
Here are a few key features of the Oracle HCM Talent Management suite:
- Recruiting: Leverage native CRM tools and connections with external platforms like LinkedIn to attract target talent pools on personalized landing pages, improve hiring efficiency, consolidate and review talent pools, and drive better employee retention over time.
- Onboarding: Deliver seamless onboarding experiences by managing all onboarding data in a unified platform, sharing new-hire tasks on a personalized to-do list, and driving productivity.
- Performance Management: Embed generative AI functionality into performance management operations to create personalized action plans for each employee, facilitate collaboration on shared goals, improve goal setting and tracking, and drive value through unique workforce rewards.
- Succession Planning: Utilize intelligent visualizations and a dynamic dashboard to identify the best talent for open positions, create flexible talent pools to meet future business goals, and maximize the value of talent review processes across business units.
3) Payroll Management
Regardless of an organization’s industry, size, or type of workforce, the Oracle Cloud HCM platform simplifies payroll processing and management, enabling users to accelerate employee payment and maintain compliance with local, state, national, and global payroll regulations.
Here are a few key components of Oracle’s Payroll software:
- Oracle Payroll: Provides financial flexibility through any-time pay and retroactive pay options and enables organizations to process high volumes of payroll data quickly and accurately, improve global reach, and minimize compliance risks through automatic payroll updates.
- Oracle Payroll Core: Offers access to automated features like multiple assignments and retroactive pay to streamline payroll processes, design payroll procedures based on international requirements and business objectives, and reduce the amount of time spent on processing payroll.
- Oracle Payroll Interface: Delivers a single, integrated system to manage all critical HCM and Payroll data, gain comprehensive insight into workforce trends and initiatives, and directly transfer effective dated transactions from Oracle HCM to the payroll system.
- Oracle Payroll Connect: Integrates the Oracle Cloud HCM platform with third-party payroll providers to provide a single-user experience for payroll transactions, complete payroll processing without leaving the Oracle Cloud, and improve access to critical payroll information.
4) Workforce Management
The Oracle HCM Cloud provides dynamic skills that enable companies to align workforce management initiatives with business strategy, improve control over the entire workforce, and reduce compliance risks by connecting time, scheduling, and leave management with payroll and personnel data.
Oracle HCM Cloud provides the following workforce management features for users:
- Time and Labor Management: Provides user-friendly tools that enable users to enter time data through personalized calendars, support all worker types, ensure fair scheduling for holidays and rotations, and ensure data integrity across the entire HR system.
- Labor Optimization: Leverage artificial intelligence (AI)-powered optimization tools to automate shift creation and assignment, align labor to prioritized areas of demand, and integrate data from multiple sources to improve scheduling accuracy.
- Scheduling: Gain real-time visibility into labor demand to improve productivity and engagement, maintain compliance with labor regulations and predictability requirements, and leverage self-service tools to let users choose when to swap, release, or pick up shifts.
- Absence Management: Utilize global coverage capabilities to manage absences, configure absence rules without modifying application code, and reduce total costs by tracking absence trends and other critical HR data metrics.
Getting Started with Our Team
Whether you need help implementing Oracle solutions for the first time, additional support outlining human capital management objectives to align with changing workforce trends, or just an extra hand getting started on your Oracle journey, Surety Systems is here to help.
Our senior-level Oracle consulting team has the knowledge, skills, and experience to handle all your critical implementation or integration project needs and help you maximize success in the long run.
Contact Us
Interested in learning more about Oracle’s Cloud HCM solutions or where our team of expert Oracle consultants can fit in your organization? Ready to get started on a project with us?
Contact us today!
