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HCM promises to deliver operational efficiencies, but the strategic benefits are still elusive.
Unlike WellPoint, most companies cannot boast that their HCM rollouts have resulted in increased revenues. But well-run HCM systems can reap big cost-cutting rewards.
The savings have been exceptionally clear at Canada Post. In addition to creating an employee portal that allows workers to manage a number of their own benefits, the company brought its payroll back in-house, eliminating the cost of outsourcing and reducing its existing payroll department by 20 percent. Creating a national online network that gives managers a uniform way to track overtime pay and absenteeism has shaved more than $9 million dollars a year since it was implemented in 2003.
As HCM software matures, the strategic benefits may yet materialize. At the moment, however, enterprises will have to settle for simple cost savings. And there's nothing wrong with that.
Ask your department heads:
Would the availability of deeper employee metrics improve staff morale?
Ask your executive team:
What kind of information would help identify future leaders?
Ask your COO:
How can we use employee data to create operational efficiencies?
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