Human Capital Management (HCM) systems have gone through a sea of change in the recent years. HR managers today recognize the importance of adopting more agile and flexible technologies that can cater to their needs. This has resulted in the emergence of innovative cloud-based HCM products like Mihi.
Low Implementation Cost
The Total Cost of Ownership (TCO) is important to consider when selecting a new HCM product. A cloud-based solution reduces costs by:
- Being hosted on the cloud. This allows companies to do away with upfront investment on hardware or software installation
- Reducing maintenance or disaster recovery costs
- Allows companies to pay on a more affordable subscription model
Reduced Training Costs
Companies invest a significant amount of time and money in training employees. Training employees on a cloud-based product is not only faster, but easier as online tutorials provide employees with help where they need it.
With the introduction of GDPR, HR managers cannot afford to take compliance, data privacy, or security concerns lightly. Most cloud-based HCM solutions have compliance concerns built in and taken care of.
Advanced Reporting & Analytics
Most traditional software solutions have limited reporting tools. But most cloud products are rich in reporting and analytical features that enable business leaders in decision making. For example, Mihi has inbuilt integrated graphical reports and dashboards that users can customize with a click of their mouse.
On the average, a cloud-based HCM installs faster than an on-premise solution. The difference in implementation time is further beneficial when companies have multiple locations.
HR managers know all too well that how difficult it is to forecast demand. And most traditional solutions have rigid resource allocation structure. In contrast, cloud HCM offers a subscription-based pricing model in which you pay what you use at any given time.
Cloud products are the future of human capital management solutions. Global companies are already embracing it because of its immense potential to improve and streamline HR functions.
Would you like more information about Mihi or do you want a free demo? Please get in touch with us at +1.408.703.0455 or email us at firstname.lastname@example.org.