The market for Human resource management has a high magnitude. It is an industry worth billion dollars and the one that has employed more than 3 billion skilled people across the globe. So, introducing an automated tool that we know as HRMS now was quite an obvious action because the opportunity to grow here with something like this was immense. Even though some hardships were faced by HR software as it was not accepted with arms wide open initially, now it is embraced by most of the companies!
While human resource management works on several principles like that of personnel tracking, admin related and recruitment etc, it has been estimated that now this industry in itself has made it big in quite some time. After all, it is worth 14 billion.
So, we thought enlightening you with some of the facts related to HRMS would be great. So here we go!
1. Better key performers care and workforce handling-
To grow at a good pace, companies need to manage their employees well. Without HRMS software, it can be difficult, but with it, it’s not. Infact, many companies have been able to sustain or maintain productivity in this pandemic from home too using HR software. The software really helps in improving the experience and streamlining every HR process from recruitment to exit of employees. It also ensures a great retention rate by making sure employees are happy and letting you know the areas for improvement.
2. Customisations of forms and providing templates
For every module, wherein forms are required, the HRMS software provides templates. This helps you save the time that you might invest in it if templates were not available. For instance, in recruitment the feedback form templates are there, for most frequently made surveys, the vendor provides you templates already even for insurance and wage contracts.
3. Automatic work time tracking integration
This fact is something that many people are not aware of. Yes, time tracking is an important feature and there are different ways of tracking it. This feature has proved to be more helpful from the time when biometrics have become a thing of passe which is this year itself. Now employees can mark attendance online/ offline through the mobile app so that they are marked as present.
4. Helps in employee collaboration
One thing that would have been hard to achieve besides attendance in this pandemic was collaborating from different locations. Now, people can send links, documents, images and videos, texts using HR software itself. This helps save time and eliminates the need to use multiple apps.
5. Better attendance management
Managing attendance remotely is one heck of a task and now holidays can be marked in the software in advance, leaves can be applied for from the employees’ end only. The attendance is consolidated and calculated by the payroll software automatically without any hassle. Geo attendance marking is also there, the employees just need to get their locations approved by their managers, rest everything is sorted. This makes the employees and HRs worry-free at the month-end.
6. Security is guaranteed
All the cloud-based HRMS software offer a high level of security which leaves no or very less chance of any security threat to the data of the company. The data is encrypted and confidential private data of a company stays safe.
Also Read: The HR Software Market Reinvents Itself
7. Data tempering prevention
One of the best advantages of this is that the software gives the access to information to different people in the company as much as you want them to know, The controls are in the hands of the HR and he can then set the access right, page rights and even view and edit rights for employees across the company.
8. No paperwork
There are no paper records and everything is digital, because of this, there are no chances of getting any data lost or errors. Infact, even the employee details personal and professional including Aadhar card, medical claim, appointment letter and everything else is saved in the profile section of the employee. What this means is that employees from hire to retire in an organisation that uses HRMS software have everything in the software without a single paper being wasted.
9. Great ROI guaranteed
Corporates that use HRMS software enjoy benefits. The amount that they have invested in the software, the ROI that comes in return to them is great. How? You must have this question buzzing in your head. So, when you invest in software, over time it helps you save so much money and time directly and indirectly that you end up saving more money than you actually invested in the software. Also, there is no money wasted in penalties as no errors are there.
10. Cloud-based systems
The trend has shifted from on-premise to cloud-based software for screening, learning, hiring and every other HR function, even when it comes to finding the future leaders within the organization. The concept of Cloud based software is relatively new and a real boon to the businesses not just to manage payroll but everything between and beyond it!
The usage of cloud systems makes the liability of managing and storing so much of company data to another vendor. It keeps worrying at least in this context away from you. Also, the software is so helpful and the industry is growing so much that now many companies have started making their HRMS software. There is no need to get the software manually upgraded and that’s the best part!
Earlier even the payroll software, even they were frowned upon. However, now HRMS software is seen as a necessity. Something that every company must have as it is not about processing the salaries on time but also keeping the employees happy and satisfied.
So, the aforementioned things were some that we thought you might not be aware of if you are not using software to manage your HR functions. Let us know other things in the comments too!