Imagine an organization with hundreds of employees but still relying on manual, old school techniques for administration and employee management.
This results in having an unproductive and disorganized taskforce wasting most of the time in doing unnecessary tasks.ย ย
Hence, to deal with this inefficiency, a smarter and unified solution is being opted by many companies. This contemporary approach is an HR Management software, established to streamline and automate HR related activities.
Earlier it was believed that such technological innovations were purposed to serveย theย bigger organization.
But overย aย while, even SMEs are now shifting over HR software to cultivate productivity and efficiency atย a large scale.
Theย Indian Marketย forย Human Resources Management System โ Present and Future
Overย theย past few years,ย we have witnessed a consistent rise in demand and market cap ofย HR technology in India.
As per the market experts, the current valuation of HR software in India marksย upย toย 30 billion dollars. Moreover, amid changing industry trends and increasing demand for technological assistance in HR, expert opinion and statistics forecast this market cap to getย increased byย 34 billion dollarsย by 2021, which is massive.
Impact ofย COVID-19
The rise of a new and deadly disease was diagnosed in early 2020. Starting from China, the virus soon engulfedย theย almost entire world, resulting in being tagged as a pandemic byย WHO.
With no development in finding vaccinesย yet, social distancing is the only way to control its spread.
This unfortunate situation has severely affectedย businesses and eventually devastating economies.
Thisย hasย madeย work-from-home culture acquiring foreground in industries.
Since India has imposed complete lockdown, companies switched to this working model in a bid to survive during such tough times.
Trade pundits and experts forecast this asย aย long-term implementationย for many businesses.
TCS model: redefining dynamics of working culture
One of the tech giants ofย theย Indian industry, Tata Consultancy Services is planning to take a big and revolutionary step by enablingย 75% of their employees to work from home by 2025.ย
According to theย TCS CEO & MD Rajesh Gopinathan, this global lockdown has pavedย theย wayย for many companies to mull over the possibility of remote working culture.
If this successfully gets implemented, this pioneering model will soon become an industrial trend. And this will generate an absolute needย for an efficient cloud-basedย HRMSย softwareย that not just manages employees, but ensuresย the growth inย theirย productivityย andย efficiency.
What is HRMS software and its components?
An HRMS softwareย is a next-gen technological setup designed to aid human resource professionalsย toย manageย everything from employee hire to retire.
A modern HR management systemย focuses onย people and not just processes, enabling HR managers toย regulate HR operations single-handedly and efficiently. Now the question arises, โWhat should be an ideal and perfectย HRMS system?โ
Hence, below we are presentingย aย few must-have components of an HR management solutionย โย ย
Centralized and streamlined databaseย ย
Long gone are the days of managing pilesย of papers and racks of files. A modernย HR management solutionย offers an efficient platform to keep vital employee & organization info organized and accessible at fingertips.
Redefined recruitmentย ย
One of theย most desired components required in an HRMS solution.ย The selection of a wrong and inefficient asset may result in efficiency and monitory loss.ย ย
Performance evaluation
Employee retention is more challenging than selection.
This calls for timely evaluation and appreciation of employee performance. Thus, having toolsย forย performance assessment becomes an absolute need.
Increased employee involvementย
The system should not be a channel of one-way communication. Todayโs employees demand equal involvement in the organizational structure.
Hence an HRMS system needs to be equipped with the tools and features promoting employee collaboration.ย ย
Analyze HR trends
In todayโs competitive scenario, market analysis isย aย much-needed component for HR managers. Data helps them improvingย theย companyโsย productivity, increase worker retention,ย and implement better policies.ย ย
Manage finance/payroll
This has been the most complex structure for HR managers to deal with. Right from employee contract to salary declaration, expense management to payslip creation, an HRMS is expected to have a robust Payroll component.ย ย
Use and benefit of HRMSย software: A statistical reviewย
As per a global survey conducted on Human Resources Technology the data revealed how tech portfolios are helping organizations to modernize and streamline HR activities.
Few are the findings that are presented below:
Adding to this, the survey also focuses on the benefits of cloud-based HR software. The cloud solution is gaining massive popularity, as per the stats discussed below:
(Entire data is based on the 2020 survey carried out by PwC)
Reasonsย to use HRMS software
COVID-19 has made it necessary than ever for organizations to opt and rely on anย HRMS orโฏhumanย resource management system solution.
Through this blog we are going to enlighten our readers with some of the major reasons that make companies replace theย manual management of human resource activitiesย with contemporary HR management solution:
Time-savingย ย
Time is money,ย and hence it is the biggest reason for deploying HR managementย systemย in your organization.
Automating process not only saves time and resourcesย but helps companies controlย their expenses too.
From reduced labor to optimizing your taskforce, the HR software handles every critical issue that makes organizations deliver more in less time.
Findingย theย right talentย ย
As per the HR technology survey 2020,ย 58% of the total respondents face challenges in finding, acquiring and retainingย theย right talent from the pool.
To simplify the recruitment process companies are rapidly selecting HR softwareย to digitize and speed-up their recruitment process.
Improving employee experienceย ย
In the same survey,ย 42% of respondents find it difficult to improveย theย employee experience.ย This can be achieved through increased employee involvement.
With the help of an efficient HR software employees can manage their own profiles, fill their own details and can also raise an issue or give suggestionsย regardingย the organizational management, thus realizing better experience.
Communicationย ย
Establishing effective communication looks barely possible through old techniques.ย Multiple are the modern tools in HR software that helpย to setย uninterrupted and easy communication among and within the teams.
HR can instantly share messages, important announcements,ย or declarations with a particular employee, team,ย or department.
Any change in policies canย be immediately uploaded and shared withย theย entire organization in real-time.ย Thus, this becomes a prime need for organizations to acquire HRMS systems.ย ย
Scalabilityย ย
Thisย isย one of the importantย reasons why companies are choosing automated HR systems over manual and traditional approaches.
Since every organization aims atย growingย bigger,ย you must have a system to make this period of transformation or expansion easier for you.
Manualย methodsย could only complicate the processes, whilstย a scalableย HR software can easily adaptย to theย expansionย within no time.ย ย
These are the various reasonsย that makeย HR management softwareย a must-have tool for your organization.
BatchMaster, a renowned brand known for delivering best-in-class technological solutionsย forย business needs, presentsย HeRd.
It is a complete package of tools and features designedย toย cut the complexities of employee management.ย For detailed info about plans and features, reach us atย sales@batchmaster.comย
