Initially offering human resource and finance applications, PeopleSoft has evolved over the years to add tools and applications for business practices, including materials management and general business processes. In 2005, Oracle purchased the formerly independent PeopleSoft, further enhancing its capabilities.
PeopleSoft Human Capital Management (HCM) lets users execute everyday human resources tasks and analyze employee and organizational data with analytics software. How does PeopleSoft HCM work, and what benefits could it have for your company?
What Is PeopleSoft HCM and What is it Used For?
PeopleSoft is a combination of software applications that gives larger organizations and companies access to human resources services. The different types of applications include customer relationship management (CRM), financials and chain management (FSCM), human resources management systems (HRMS), and enterprise performance management (EPM). Employees might use PeopleSoft applications to manage human capital, keep records on employees, and plan specific employee career paths.
The PeopleSoft HCM system focuses on how you can better manage your company's entire workforce by analyzing employee productivity and efficiency and addressing talent management needs. By delivering a user-friendly design, which provides for greater user satisfaction, this software meets its customers' needs by offering a simplified solution.
PeopleSoft HCM lets you attract, retain, and engage your current or potential employees via its complete talent management process. You can manage employee data efficiently and streamline the administration aspects. As a bonus, your employees can maintain their profiles, updating pertinent information such as name, address, date of birth, and marital status. The software is accessible on mobile devices to further assist your needs, allowing you to access information when you're away from the office.
PeopleSoft HCM Modules
PeopleSoft HCM offers industry and business solutions for multifaceted companies. Any size company can benefit from its platform as it aims to assist with transactional operations. By centralizing and automating these functions, companies can reduce compliance costs while enhancing their overall operations. The PeopleSoft HCM platform has five modules to help you manage your operations:
- Global Core HCM This module provides a company directory, real-time analytical tools, and self-service functionality for all users. It also supports various international applications, which is beneficial for companies with locations in several countries.
- In-memory labor rules and monitoring. This module assists a company in making educated labor decisions by using real-time analytical tools. It helps companies remain compliant with overtime regulations.
- Talent management. This module gives companies assistance with recruiting and succession planning.
- Workforce management. This module enables companies manage their workforce by analyzing labor costs.
- Workforce service delivery. This module works as a collaborative and self-service tool to streamline everyday human resources tasks.
What Applications Does PeopleSoft HCM Use?
To help you and your company achieve specific goals, PeopleSoft HCM offers features and functionality through its applications. Specific applications work best with a single user, while others rely on cooperation from employees, managers, and human resource professionals. Some of the significant applications found in this software platform including the following:
- Absence Management. With this application, you can plan and manage the absence events within a specific time frame. You get the flexibility to define eligibility rules, whether they're mandated by the law, unions, industry standards, or your organization's policies.
- Compensation. You receive tools to administer salary, cash, and noncash plans to place compensation numbers and drive overall performance strategically.
- eBenefits. Employees can access your company's benefits program to review the current benefits and make allowable changes. This application's specific pages include information that details Flexible Spending Accounts, insurance, savings, dependents, and enrollment.
- ePerformance. This integrated solution fosters employee engagement and helps your company achieve organizational objectives. By working together, employees and managers can set individual performance goals to align with their company's goals.
- Payroll Interface. This full-featured payroll interface solution works no matter whether you're using an in-house or external payroll system. You can quickly transfer employee data and updates from other aspects of the HCM to this application.
- Recruiting. Managers and recruiters benefit from two recruiting applications: Recruiting Solutions and Candidate Gateway. Both give you the flexibility and information needed to make better and quicker business decisions.
What Does the PeopleSoft HCM 9.2 Update Have?
Released in March 2013, the PeopleSoft HCM 9.2 update included many improvements to the software application. This update enabled higher productivity among its high-frequency business owners, thanks to its more than 1,000 new features and functions.
Taking the user experience to the next level, PeopleSoft HCM 9.2 changed how people interacted with the software. Its intuitive, easy-to-use interface incorporates the consumer internet experience, increasing user efficiency, driving greater user adoption, and lowering training costs.
Some of the highlights of the update include the following:
- New free global text search. With more than 120 indices available, users can locate accurate search results for more efficient navigation.
- New visual guides. This addition allows users to navigate the system better and execute activities more manageably, including Activity Guides and Train Spot visualizations.
- Enhancement to Related Actions Framework. Initially added in PeopleTools 8.53, this framework further streamlines the navigation by allowing users to take action rather than depend on menu paths.
One of the most important benefits of this development is that significant upgrades are no longer required for customers to access new features and capabilities. Instead, through Oracle's Continuous Innovation Releases model, new content will be delivered as updates to the existing content. As a result, you can choose what updates you want and when you want them. Updates are available approximately every 10 weeks.
PeopleSoft HCM is a complex program that you might find challenging to operate if you're unfamiliar with its intricacies. If you find that you need help, reach out to Dimension Systems. For more than three decades, we've helped companies like yours implement new software and work through any software implementation and execution issues they might experience. We are one of the first PeopleSoft-managed service partners in North America, and our highly skilled team members have extensive training using PeopleSoft HCM. Call us today at 855-987-7329.