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Human Capital Management (HCM) is a set of practices employed to manage human resources of an organization. These practices focus on satisfying the specific needs of organizations, and are majorly implemented in three areas:
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In the present scenario, understanding the economy is a vast term. No one knows what factors are important in terms of investment without managing the capital. Organizations have to face a ton of issues if they don’t manage the same in a reliable manner. The fraud transactions and risks are the major trouble creators. Effective management always makes sure proper utilization and records can be accessed anytime when users want.
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Following are the four major pillars of effective human capital management:
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Oracle Fusion Cloud Human Capital Management is natively built for the cloud and offers a wide range of applications required for an organization to manage human resources. It streamlines the work process of HR leaders with unique solutions for every stage of an employee lifecycle which include attracting new talent, screening, hiring, on-boarding, managing payroll, managing time and absence, managing performance, compensation, and benefits, optimizing workflow, etc.
Oracle Fusion HCM cloud built with an AI-first approach and allows individuals to make real-time smarter decisions. It is highly flexible and easily integrates with multiple applications like supply chain, financials, CRM etc. Oracle offers a wide range of products designed for HCM which include Global HR, Talent Management, Workforce Management, Workforce Rewards, and Work-Life Solutions.
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LDG stands for Legislative Data Group and is useful when it comes to portioning the payroll and the data which is concerned. Wherever enterprises are present, there is always a need for one group for smooth operations. Payroll is generally processed and is generally associated with the legislative code.Each legislative data group consists of elements like legislative code, own cost key flexfield structure, and currency. Other factors that matter largely in LDG are the structure of the task and the current one is utilized.
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There are three types of plans available in Oracle Fusion HCM. They are
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The main advantage of Reference Data sharing is that it eliminates duplicate data in the common transactional data.
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FSM is abbreviated as Functional Setup Manager (“FSM ”) and it is the essential component of Oracle Fusion applications. It allows developers/administrators to manage application operations and design objects. It streamlines the implementation process experience for all Fusion applications across HCM, ERP, CX, and SCM pillars.
FSM allows you to:
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Dealing with hierarchical data is always a big issue. It is not always possible for the users to keep up the pace with it simply. These trees are nothing but the graphical representation of the same. Even the entire structure of an organization can be represented with the help of it. This makes it easy for users to effectively manage and understand the tasks that are vital. It also enables users to make some important decisions.
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Watchlist is an essential component of Oracle Fusion components that gives the users a set of shortcuts to work areas based on the user preferences. It consists of items delivered by applications and items that are created by the end-user.
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Oracle Fast Formula is a tool to write formulas using English words and basic mathematical functions to perform calculations or comparisons. Fast Formula is an easy way to customize the existing functionality in Fusion Benefits and it hides the complexity of accessing the database tables and columns.
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OTBI can integrate with Fusion HCM extract in the following two ways:
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For this, a user simply needs to select the EES (Establish Enterprise Structure). This is available under the DIC task list.
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Below are the advantages of ESC in Oracle Fusion HCM.
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It can hold 6 sections at a time and not more than that
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Oracle Absence Management is a core component of Oracle Cloud HCM that enables you to effectively set rules for managing employee absenteeism globally and locally. This would bring down the elements associated with absenteeism such as productivity, cost, and risk. Using Absence management organizations can build, customize, and configure simplified absence management plans.
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Following are the different Oracle HCM modules available and each of them contributes their part to streamline the process to manage the human resources of an organization across the globe.
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Data loader is the tool used for migrating data in Oracle Fusion HCM.
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Yes, Oracle Fusion HCM is a currency independent platform. It contains inter currency conversion features that help users to understand the currency concepts. Users can know the rates of local currency and can also manage currency aspects in Oracle Fusion HCM.
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It largely depends on the overall skills, experience, educational qualification, areas of interest, as well as efforts. With the help of these factors, it is possible for the organizations to make sure that there is always a positive work environment and thus maximum efficiency.
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The major factors that play a vital role in the HCM