HRMS software benefits: 7 ways to help your business grow
When it comes to Human Resources Management Software (HRMS), it’s easy to see only the costs and headaches of implementing the system.
But there are distinct benefits HRMS software can bring to your company, notably saving money while tracking performance and eliminating redundant HR tasks.
So, whether you’re looking to implement HRMS in your
business – or you’re trying to convince higher-ups to upgrade or consolidate
your current system – here are seven ways HRMS will help your business grow.
Accelerate your hiring process
Right now, it is a candidates’ market and hiring for your
business can be tough. Not only must HR professionals and hiring managers
create job listings, answer inquiries, and find relevant candidates to
interview; they must then interview the candidates, process their paperwork and
oversee the entire onboarding process.
HRMS can help you create job listings and source top talent
by analyzing resumes by keyword, it can also assist by automating some of the
paperwork making onboarding easier for you and your team if that employee is
hired. This feature is amplified if you integrate your HRMS with an applicant
tracking system, which can really help you dig deep into employee
analytics, solve hiring bottlenecks, and discover who needs hiring help in your
company.
Retain your best employees
Retaining employees is often a matter of engaging employees.
Engaged employees perform better, because they feel like they’re a part of your
team, enjoy the work they do and want to learn more about it to improve
themselves and their performance. HRMS solutions help employee engagement by
providing a way for employees to continue their education with training and
development programs. Many HRMS options have an e-learning feature that
employees can complete at their own pace.
Since training and development opportunities are often
ranked higher in employee satisfaction surveys than monetary benefits, allowing
your employees to grow and learn with the company is likely to keep them around
for much longer. Plus, better training means more skilled employees – so it’s a
win-win.
Automate repetitive HR tasks
If you’re always bogged-down handling repetitive tasks and
routine admin work, you certainly won’t have much time to focus on more
in-depth projects like improvements in the greater work environment. After all,
an improved work environment will likely boost employee morale and performance!
So, what tasks can be automated with HRMS?
- Payroll. Track and automate payments, maintain
records, calculate taxes and withholdings, and safely manage direct deposit
information. Employees can even access their paystubs electronically. - Benefits. Automatically update and track
benefits such as insurance, vacation time, 401(k)s, and FMLA among others. - Timekeeping. Monitor employee attendance, track
hours and overtime, create timesheets and maintain timeclock.
Each HRMS vendor offers modules such as the above, and more,
to help automate otherwise repetitive and time-consuming tasks. We all know
that the more repetitive a task is, the easier it is to slip up – and sometimes
these small mistakes can be costly. Automation of these kinds of tasks will
help improve record accuracy, prevent duplicate records, and leads to fewer
errors overall.
Save time with an employee portal
You may have employees who work from home, work in a
different office location, or are on an
extended holiday; enabling them to access an employee self-service portal can
take care of a lot of the HR-related needs of an offsite worker. Rather than
waiting until everyone’s schedules mesh, an employee has access to change their
mailing address, print out pay stubs, request PTO, see 401(k) rates, and link
to any insurances or other benefits right from one dash. This can save a lot of
time for the employee, their manager, and the HR department.
It’s not just for offsite employees, either. Many of the
questions that employees have can be answered by the ability to access this
information. For example, an employee could look up their pay rates, vacation
accrual, sick leave balances, or pay schedule.
Additionally, if your company uses HRMS to track employee
KPIs, employees can monitor performance metrics ahead of any sort of
performance review meetings.
Improve employee performance
We all know that the mere thought of a
performance review is enough to strike dread into the hearts of workers and
managers, alike. But what if you could alleviate the stress, have accurate data
to back-up job performance, and know that you and your employee (or manager)
are on the same page before the meeting even occurs? That’s where HRMS comes
in. HRMS allows an employee to track his or her progress right in the employee
self-service portal. They can develop their goals and make adjustments and
improvements to their work based on this data.
Managers have access to this same information, and with it,
they can make suggestions, give more accurate feedback, and assist employees
with goal planning. Management can even recognize an
employee’s achievements before the meeting, or in between meetings,
enabling them to reward good work – which is essential to better performance
and productivity.
Secure employees’ data and maintain compliance
With so many labor laws, regulations, and tax codes in play
it’s a struggle just to keep up-to-date with everything. HRMS automatically keeps
an eye on new regulations, changing laws, data privacy and anything else that
might affect your company’s compliance.
It is the responsibility of an employer to be sure that
employee data is protected and is not misused. Avoid any costly security breach
issues or lawsuits and sleep better at night knowing that your HRMS is watching
for any sudden law changes that could affect your business. It might seem
strange to think of, but HRMS also helps to protect against outside threats by
encrypting the data it houses, making it inaccessible to unauthorized users.
Go paperless
Lots of companies these days are ‘going green’ to help
reduce waste but they’re also likely to be saving money along the way. Reducing
the amount of paper your business uses can be a great help in cutting costs on
supplies. But how can HRMS help you go paperless?
- Signatures and approvals on contracts can be
done right in HRMS, - records are safely maintained by the HRMS vendor
on their servers, - and payroll can be sent via direct deposit instead
of paper checks.
Going paperless with your HRMS can help reduce clutter in
the office and might even help to eliminate bulky storage leaving room for more
staff.
What now?
HRMS solutions can help your business grow by attracting and
retaining staff, reducing supply costs, freeing up time for more difficult
tasks, and helping to improve employee performance. You may even save money in
the purchase of an all-in-one HRMS since you won’t have to worry about the cost
and time sink in training for several different programs.
Investing in the right HRMS for your business needs is the
most important factor, so make yourself a checklist for what you need and
research which vendors offer the types of features that are important to you.
If you’re interested in seeing all that HRMS has to offer,
take a peek at our definitive guide
to HRMS to learn more.
The post HRMS software benefits: 7 ways to help your business grow appeared first on HR Morning.
