SAP SE ( SAP Quick Quote SAP - Free Report) recently announced a new cloud-based offering with intuitive user interface — the SAP SuccessFactors Time Tracking — to its SAP SuccessFactors Human Experience Management (HXM) solutions’ portfolio. The solution is likely to be available from January 2021.
The latest solution will help business enterprises to record and monitor the time worked by employees as well as pay them accurately on time and in compliance with local regulatory requirements. It will offer enterprises a detailed account of the workforce labor costs like time accounts, different types of pays as well as planned and recorded time sheets to improve workforce cost control and decision making.
SAP SuccessFactors Time Tracking solution offers support for worldwide enterprises by incorporating specific pay information for each country, local time content like holiday calendars, as well as messages in local languages, further noted SAP.
A Look at Features
Smart time tracking feature will enable Human Resources (HR) teams to set up reminders via automatic alerts for employees and managers regarding time sheets and clocking out. Alerts will be useful in tackling several management and time keeping issues like excess overtime and generate warnings about the same.
The SuccessFactors Time Tracking solution will also help HR to automate the approvals for batch time sheets by deploying intelligent approval workflows.
SAP SuccessFactors Time Tracking solution is incorporated with time valuation trace feature. The time valuation trace feature offers valuable and comprehensive insights for every valuation step for an employee. The feature displays the calculation of specific time entries to enable HR teams to provide quick response to employees regarding any queries about their pay.
With time account payout feature, enterprises can offer employees the choice to count their overtime towards time off or get compensated for the overtime hours.
The offering can be combined with SAP’s other solutions like SAP SuccessFactors Employee Central and Employee Central Payroll solutions along with on-premise payroll software from SAP and clock terminal integration services. The integration will assist enterprises to disseminate data across several systems to guarantee accurate payments to employees.
HCM Market Presents Significant Prospects
Fortune Business Insights report, the worldwide human capital management (HCM) market is likely to witness a CAGR of 9.3% between 2020 and 2027 and reach $32.68 billion. The heightened requirement to manage scattered workforce owing to remote work trend induced by the coronavirus crisis is providing further impetus to the HCM market, added the report.
These projections bode well for SAP. The company’s proprietary cloud-based SAP SuccessFactors HXM solutions are gaining significant traction. SAP SuccessFactors HXM solutions ended the third quarter 2020 with more than 775 customers. Recent deal wins include Bahrain Airport Services, Rappi, Kmart Australia, Celeros, and Catholic Education Diocese of Parramatta.
During third-quarter 2020 conference call, the company noted that its SuccessFactors Employee Central solutions are being leveraged by 45% of the companies on Fortune 500 list. SuccessFactors Employee Central solutions form the mainstay of the company’s HXM offerings
However, stiff competition in HCM space is a concern for this Zacks Rank #4 (Sell) company. Some of the well-known players in the HCM market are
Workday ( WDAY Quick Quote WDAY - Free Report) , Oracle ( ORCL Quick Quote ORCL - Free Report) and Automatic Data Processing ( ADP Quick Quote ADP - Free Report) .
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