Almost every new startup that was formed in the last year or so can testify, human capital management is no joke, especially with the diversity of the modern workforce, and all the demands they have with regards to the workplace. This leads to confusion in the leadership and management realms of the company. Fortunately, human capital management services such as Dayforce HCM streamline the process of human capital management a lot. Services like these form the backbone of any good HR strategy for startups.
Dayforce HCM and other related HCM services are simply third-party human capital management engines that manage several HR-related tasks in your company, such as payroll processing, benefits, workforce and talent management. SO, with all its features and qualities, is Dayforce HCM a good fit for your company?
Let’s find out.
About Dayforce HCM
Dayforce by Ceridian, is one of the major Human Capital Management (HCM) services providers in the market, today. The company has a huge number of very exclusive clientele. Founded in 2012, the company has grown to accommodate client firms of any size, from smaller companies to large corporations. The platform provides a number of HR-related services, and can potentially take over all the HCM responsibilities from human HR managers altogether.
Prime Features of Dayforce HCM
Dayforce is an established HR services provider and has one of the industry’s widest repertoires of features. It basically takes over every aspect of human capital management, from managing payrolls to onboarding talent and performing performance assessments across the board. Overall, it aims for companies to automate their HCM departments within their larger HR framework.
Let’s go over some of the major features of the software.
The benefits management feature allows companies to simply let the software platform manage each individual employee’s applicable benefits, in order to allow HR managers and professionals to concentrate on retention and other tasks. The platform makes the process of benefits management much easier, with life event management, open re-enrollment, and administration, all the while providing guided support.
This feature lets you calculate and adjust net pay in real-time, and let the software process the entire company’s payroll by itself. Payroll processing can be quite a hassle, especially towards the end of each month, even more for companies with salaried employees. This software means you don’t have to process payrolls in team-wise batches.
This feature lets you attract, manage and retain the best of workforce talent, without having to come u with complex strategies for doing so. All you have to do is input the specifications you have in mind for the ideal talent, and let the software take over onboarding, and managing the workforce. Basically, it lets you supercharge your human capital management experience, without having to take HR certifications.
Every single employee needs to have a complete record of themselves in an organization, and this feature lets you make just such a record. It accumulates all the relevant information about the employee, and centralizes it in one place, letting managers and leadership pull up their record when they want. In addition, it automates a number of general HR management tasks.
This feature lets you manage the entirety of your workforce and increase the operational efficiency of your employees through clever operational strategies. In addition, it helps improve your organization’s compliance with a number of complex and stringent labor laws and regulations.
The software suite comes with a number of features that help human resources professionals perform their tasks to the best of their abilities. This is done by automating a lot of the tasks that would usually need manual human resources management input. In addition, the software service lets companies allocate a number of their HR-related operations, while they concentrate on growing and scaling.
Pros and Cons of Dayforce HCM
Here are some of the reasons why and why not to use Dayforce HCM.
- Highly configurable, to individual companies’ needs.
- Simple and intuitive interface, designed for professionals.
- Excellent record-keeping feature.
- A single database for all employee data and records.
- A few bugs in the HTML timesheets.
- It doesn’t work optimally on Chrome.
- Lack of mass email communications.
Dayforce HCM Pricing
The pricing structure for Dayforce HCM is not revealed in the public domain and is based on the individual requirements of the organization that subscribes to it. However, according to some third-party sources, the payroll-benefits package costs from $10-11.50 per employee.
Is Dayforce HCM Worth It?
While it lacks some important employee-centric features, such as a student loan refinance calculator to help employees manage their personal finances, it does have a whole suite of features that can be beneficial to growing enterprises. Ultimately, it is good software, with a highly customizable set of services.