Human resource is an important aspect for the success of any organization. Thus, companies are always in the hunt to find the latest methods, practices and technology to help the HR department run smoothly.
HRMS is one of the most effective technologies that can transform the HR department of your organization if you select the right solution for your organization. Being a software solution developed to help with day to day tasks involved in HR management, the system will make things simple, effective and less overwhelming for your HR team.
From recruitment, handling payrolls to performance evaluation, a good HRMS will enable you to handle your daily operations with much more ease.
If you are too in the hunt for a good HRMS here are 10 must-have components of an HRMS.
1. Payroll Management
A good payroll management function is a must in an HRMS.
Automating your payout process the system will help you cut down a significant amount of manual workload in payroll management. The module will help you track and manage employee hours easily while taking care of issuing checks and payroll deposits for employees. Once you have your system integrated, you also won’t have to stress over taxation as the system has features inbuilt to automate tax computation in compliance with the local tax laws.
Recruitment is one of the most chaotic operations every HR department wish if there were easier ways to simplify things.
The recruitment component of an HRMS is specially developed to improve the recruitment process with higher efficiency. From job posting, talent acquiring, interviewing to scoring candidates, the recruitment component will help you make things more organized and data more visible and accessible, taking the complexity out of the recruitment process.
3. Centralized database
The age of maintaining racks of files and piles of papers and folders of spreadsheets and documents you even don’t have a clear track of is long gone. The centralized database of an HRMS will help you store all the data of the department in a centralized hub that everyone can access easily.
With this, you will be able to receive real-time data updates improving data accuracy. Security of the confidential data will be improved, as a good HRMS has encryptions and several layers of security measures.
4. Employee data management
Managing employee files is a lot of work. Which is why all the good HRMS has a module dedicated to helping you tackle your struggles in managing employee data. From important dates, personal information, salary to work history, the component will help you store employee data digitally.
Everything will be well organized in one place allowing you to pull up any data or record anytime with ease. Thus, managers will be able to access data with a click of a button.
5. Attendance, absence and leave management
Keeping a good track of employee timesheets, attendance and schedules is a huge ordeal every HR manager struggle with. The time and absence management component of an HRMS comes with a set of features to help you tackle all your challenges better than ever before. It will help you manage timesheets, sketch out workforce schedules, keep up with leave requests and more while integrating all the data with the payroll management. Thus, you will be able to manage employee time and absence record tracking, reviewing and analyzing a lot easier.
6. Performance evaluation
Performance evaluation is another must-have component of an HRMS. From setting goals to tracking progress and, reviewing and analyzing a good HRMS will have comprehensive features that enable you to conduct your employee performance evaluation with much more ease. The system will provide you with all the employee information in one place, evaluating the performances against the KPIs you’ve assigned to the system.
7. Benefits management
Benefits management is another important component an HRMS should have. The module should have features that facilitate information on employee benefits the person is entitled to and the person is given and all the costs involved while simplifying the employee management documentation process which will come in handy in the IRS process. The module will also help you monitor and review financial data easily allowing you to maintain the benefits given to the employees in correspondence with the financial picture of the company.
Training your staff regularly is very important to keep your employees up to date. The training component of an HRMS has the ability to produce individual training programs for your staff. Be it your own training and learning materials or materials of the third party from an external system, you will be able to automate your staff training while keeping track of the expenditure and progress of the staff. The component will include features such as learning portals, individual user learning plans, training recommendations and more.
Guiding the new hires through the organization's onboarding and induction procedures falls on the shoulders of the HR team. The onboarding modules of an HRMS brings the right automation to the process enabling the HR department to introduce the new hire to the necessary people and to the organization effectively with a lesser effort. The component will be integrated with the talent management module of the system, thus automatically notifying relevant departments to handle onboarding functions of the new employee such as building access, user accounts, security passes and goal setting.
10. Reports and analytics
Analytics and report generation is another important component of an HRMS. The module provides in-depth reporting and analytical capabilities, that enable you to get a deep insight into what’s happening in HR of your organization. Thus, allowing you to develop better HR strategies to improve the operations of the department and ultimate the bottom-line of the organization.
In the modern business landscape, HR is becoming more and more important day by day as every company want to get the best yield from the talent that they have in their organization. An HRMS is a proven solution for this as it will help you manage and optimize your human resource wisely and effectively to the vigorous expansion you like your company to take towards.
Feel like your organization also needs an HRMS? Start your HRMS hunt from TigernixHRMS.