10 CONSIDERATIONS WHEN CHOOSING AN HCM VENDOR
Selecting a human capital management solution is an arduous and involved task. The approach will vary depending on the size of your company, budget limitations, number of employees and so on. Here are some important things to consider while making your decision.
Understand your goals
Take some time to map out your company’s mission, objectives and goals. Involve your executive management team to ensure nothing is missed and all decision-makers are on the same page.
Know your vendor’s specialty
Fit is important when hiring a vendor, so you need to be sure you understand your potential partner’s sweet spot and experience. Does it target a particular industry? Is it used to working with small or large companies? If you have 150 employees and $30 million in revenue, you don’t want to work with a vendor whose other customers have $1 billion or more in revenue. Chances are, you’d end up near the bottom of the vendor’s priorities. You also might be buying more than you need. Ask for a breakdown of customer demographics and be sure you fit.
Decide how much you need to automate. Don’t automate for the sake of automation. Your current processes might already be effective, efficient and seamless enough, so why spend the money?
Metrics, reporting and customization
How robust do you need your reporting and metrics to be? What key outputs do you want from the system? How easy is reporting? Do you pull from a drop-down menu or do you need a bachelor’s degree in computer science to run a report? Can you easily make changes to the system or are you buying something off the shelf with no customization options? These are important questions to ask.
Check references and ask for a product demonstration
First, find references through your own contacts. Ask for the good, the bad and the ugly so you know what to go after and what to avoid. Then, use this knowledge to arm yourself with quality questions during the product demonstration.
Find out how often the product is upgraded and at what cost. Also, ask the vendor to define the complexity of each upgrade. Is it a 15-minute reboot or does it take five days of dedicated support from an internal IT resource?
Make sure you understand what’s provided and what isn’t. Does the vendor have a tiered system of product support with differing cost structures? If your employees have questions, issues or concerns about the service, it’s important for them to easily contact the HCM vendor to get what they need. Quality customer service is a must-have, which is why RiseSmart’s outplacement solution provides one-on-one career coaching and we have a 100-percent customer retention rate.
Third-party system integration
Find out how the system will interact with other systems you already have in place, such as payroll, timekeeping, ATS, benefits vendors, etc. Ask which third-party vendors can or have been integrated in the past.
Implementation and ongoing support
Make sure you understand the complexity of implementation as well as ongoing maintenance. Many companies focus on only the implementation piece and fail to fully understand the ramifications of ongoing maintenance costs. Speak with an implementation specialist in detail before buying.
Ultimately, it comes down to whether the solution meets your company’s needs and delivers the results you want. RiseSmart prides itself on its next-generation outplacement solution because it does just that – moves workers to their next job fast.