Software as a Service (SaaS) business solutions are always made to sound incredible by their vendors. It is also true that the right SaaS can prove to be an excellent resource when handling many different business functions especially one as time-consuming and detail-oriented as human capital management. The question then becomes how to find the right SaaS for your business needs.
Most SaaS products, as it relates to HCM, aid in the fulfillment of the same basic HR functions; timekeeping, payroll and performance management. As with many other things in this world, the key to finding, deploying and effectively using an HCM SaaS is in the details.
In this case, many of the details are included in the SaaS contract and should be carefully negotiated before the contract is signed. While the basics that effect the initial stages of the contract are almost always considered, there are also some items (not relevant until later in the process) such as renewal options, upgrade guarantees and data ownership that should also be considered before the signing ceremony.
The purchase of a SaaS for use in HCM is an important decision that will affect your company, its employees and its profitability for years to come. Be sure to consider all the details before signing on. For more detail on what to consider, read our article, “Five Less than Obvious Considerations when Purchasing an HCM SaaS Solution.”