Developing nations of the world have started gaining their footing in providing technological solutions to companies around the world. From services to products, Human Resource software solutions are getting a high level of attention from around the world including the USA, UK, UAE, and other countries.
One of the niches in which companies like Resourceinn are adding value is HR Software. There are a number of different software options that cater to the needs of different modules like core HR, attendance, payroll, performance, and so on.
The Old & Traditional
Previously, the way to manage all human resources was done manually. For some companies, this didn’t have any huge issue as they only had to manage a handful of employees, unlike some other companies where the number of employees is more than a few hundred.
The point is that managing a small group of people is certainly possible. Their attendance, performance, and payroll can be done manually. You can simply use a spreadsheet and add their names, attendance, total number of hours worked, and other details.
Now imagine a company with multiple departments and tens of employees in every department. Also, with more success, the company is also going to have to increase in its number of employees. It means new recruitment.
New recruitment means managing more employees, more payrolls, more calculations, and compliance issues, and more chances of error. There are studies that have shared that the number of errors actually directly relates to extra cost. Companies have even faced thousands of dollars in costs because of a few errors.
According to research by IBM, bad data is costing US-based businesses about 3.1 trillion dollars in one year. With an efficient HR Management Software, however, this issue is resolved.
The Ultimate Efficient Solution
If you start implementing technological solutions in your everyday processes then the outcome will surprise you, to say the least. If you are using an HR and payroll management software then know that the following are some of the benefits that you get, and there are a lot more. More and more advancements are coming with updates.
- Efficiency that shines
HR Software helps in automating the work you do. The time needed to complete employee management manually meant many hours of hard work. With this software, however, you don’t have to calculate anything. The software does it for you.
This means the same task that took hours is now completed within a few minutes. This is what automation is all about.
- Productivity that matters
When all processes become fast while showing fewer mistakes, then it basically leads to high productivity. When the productivity is higher, it means more time is available for the HR professionals to make strategic decisions based on data.
- Decisions that light up the spark
With a great HR software in hand, the chances of making better decisions increase. For example, once the HR is able to check the performance, attendance records, and engagement levels for employees, the data helps in making better decisions like giving bonuses, giving promotions, and more.
- Legal Compliance is no longer hectic
When you get a system for managing your HR processes, make sure that it can:
- Help in adapting with respect to the country the software is going to be used in
- Add taxation details for deduction purposes
- Add other details including provident fund, insurance, and so on
In this way, all mandatory requirements of compliance are achieved easily.
Explained with Example
Real-time data is how you can make the right decisions at the right time. By using HR and Payroll management software, the chances of error minimizes.
When humans do payroll and taxation calculations themselves, blunders costing millions of dollars happen. It actually happened. Once, Citibank accidentally dispersed approximately 900 million US dollars due to human error. This is exactly why automation is a big blessing for the business industry that is operating hundreds of processes on a daily basis.
Many companies are shifting towards automating their payroll completely. This is because when using a payroll management system, the calculations including taxation, leaves, deductions, and so on is done without using a sheet. This means lower chance of error.
Then there is recruitment automation. Today, with a single job post, there are chances that you receive hundreds of resumes. Now, a couple of HR professionals alone cannot go through all of these resumes if they want to perform screening accurately.
This is where the recruitment software comes in handy. It can use your filters to screen the resumes that match your requirements by 80% or more.
Conclusion
When there are fewer errors and faster results, companies tend to grow better and faster. This is usually done when automation is added as a crucial element in the daily business processes.
Many local firms now have a big opportunity. If achieving growth in a global market is what your end game is, then adding automation by using software for different departments is essential. The HR and Payroll management software is how HR can streamline all processes and make them error-free.