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1) How do I apply the SAP HR knowledge in a real time implementation?
2) What main areas should be covered?
3) What do employers typically look for in an SAP HR functional module?
This question is far too vast to fully answer in this type of medium. I still learn something new nearly every day. There is simply no substitute for experience nor is there anything that I can tell you that will make you a productive SAP HR implementer. You need to serve on an implementation team to gain that experience.
The main areas to be covered are PA, OM, Payroll, Time, and Benefits. I would consider Training, Recruiting, Compensation Management et al to be secondary areas. The truth is that all of those modules can be the main focus at any particular client.
Employers are looking for people with a proven track record of implementing SAP HR. In the current market they can and should be very particular about consultants and employees having that track record.
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