In the previous post (Part 1), we stated 5 must-have features of HRM software, and five (5) more features will be revealed in this post.
- Payroll Management
Payroll management helps administer accurate financial records of employees. It keeps track of their details — salaries, incentives, benefits, bonuses, deductions, and net pay. HR solutions streamline financial workflows and simplify payroll processes for the employer.
- Easy access to compensation and reward/bonus data.
- Less need for manual data input (if the information is in a system, the payroll software can access it, ensuring single input).
- A reduction in staffing time and overheads.
- A coordinated approach that doesn’t rely on a collection of databases, files, and spreadsheets.
Human resource management software with a robust performance management module evaluates employees beyond the interview process.
Once hired, performance assessments provide information on employee productivity and customer satisfaction. These assessments also offer automated feedback, or HR departments can base their reviews on the analysis provided by the software.
Depending on the system, employee performance feedback may be visible to the workforce via a dashboard or some other interface. This capability eliminates the need to notify employees of any evaluations via email or engage in time-consuming performance review meetings.
- Staff benefits
Managing employee benefits – including salary, healthcare plans, and pension contributions – is a vital part of any company. Often, it’s the most time-sapping activity of HR duties.
HRM automation can make it easier to take care of employee wages and administer benefits. Create employee plans, set up eligibility criteria, administer compensations, pay for vacations, and deduce taxes – all in one system.
HRM software should also allow regular employees to enroll for benefits, minimizing errors and administrative work.
- Learning and development
According to OECD, technology will transform almost 1 billion jobs by the next decade. Staying competitive, therefore, requires significant investments in reskilling and upskilling workers. It’s no wonder that market leaders, including Amazon and PwC, spend billions to keep their employees up to date.
A corporate Learning Management System is a valuable tool that can help you train your employees in a structured and cost-effective way. Just like with an ATS, you can often find essential learning management among HRMS software modules. However, they are typically far less flexible and feature-rich than standalone solutions.
Adopting an LMS can help you discover skill gaps, manage educational resources, organize individual and group training, maintain compliance, issue digital certificates, run aptitude tests, and more. If you want to learn more about this functionality, I’d recommend checking out our article on how to build a modern LMS.
- Time Tracking and Leave Entitlement
The thick folders in closets, where hundreds of resumes are filed, are being replaced by ATS — Applicant Tracking System. It automates the process of searching for candidates, allows you to evaluate the effectiveness of various recruiting channels, and decides what works well enough and where it is better to direct additional efforts and resources. One of the distinctive features of the HRMS system that other software platforms don’t provide is attendance management. Without any hassle, HRMS precisely controls absenteeism and administers tasks like leave entitlement, leave encashment, the total number of leaves taken, and the balance left. Absenteeism is an essential strategic element of the HRMS function to evaluate job satisfaction.
A standard human resource management system is necessary for all businesses — across all industries and company sizes.
Beyond basic modules, many businesses may also require advanced learning systems, performance analytics, and accounting capabilities.
Carefully evaluating your business requirements is the first step to finding a new HRMS. Staff Planet is the perfect solution to adopt as it is built to accommodate all business requirements in this regard.