Of course, many companies already have a solution. But, upgrading their current tool is something that many organizations do.
Checklist of Features and Key Requirements
These are some of the most important HRIS features to be aware of when searching for an employee platform.
- Employee Information Management
A complete employee directory should be included in HRM solutions. This could include personal information such as job and salary history. You can also include banking and tax details. In addition, you can add insurance plans, time-off requests, performance feedback, and other custom fields. This links all employee information to the main record and makes it easy for reporting and tracking.
- Recruitment and Hiring
Comprehensive HRM software can assist with all human resources responsibilities throughout the employee lifecycle. This includes recruiting and hiring. With the help of automated HR system functions, human resource management software will streamline hiring. Posting a job opportunity on multiple sites or social media channels is easy for businesses. HRIS software can be used to write job descriptions.
- Talent management
Talent management and human resource software can continue to evaluate employees after the interview process. Once employees have been hired, performance assessments give information on employee productivity, customer happiness, and more. These programs may provide automated feedback. Or, HR departments could base their reviews on an analysis provided by the software.
Depending on the system used, performance feedback for employees can be visible to the workforce via a dashboard. This eliminates the need to send out emails notifying employees about any evaluations. It also allows employees to take part in performance review meetings that are time-consuming.
- Benefits Management
Your human resources management software should simplify the information and workflows for benefit. Enabling employees to enrol through the HRM helps reduce mistakes and extra work.
- Financial Management
The most fundamental task of a human resource department is to manage the payments of workers. Your HRM system will streamline the HR functionality of your business and ensure that all employees are appropriately compensated. Many modules offer options for base salary administration as well as bonus programs, commissions, stock management and long-term incentive management. In addition, many HRM solutions include compensation management that will simplify your company’s financial planning.
- Time and Attendance Management
HRM systems can allow you to schedule shifts or attendance to meet staffing needs. Many HRM platforms allow employees to be notified when there is a change in their schedules or not meet the required staffing. Electronic timesheets streamline payroll and time tracking.
- Professional and learning
For your workforce to stay current, it is important to have training and learning courses. A learning management system (LMS) included in a human resources management platform may be pre-loaded with educational resources and give users the option to upload their customized materials to the software. Some HRM platforms can also be connected to external systems in order to deliver course content to your employees. In addition, you can reduce staffing and planning problems by knowing what certifications your employees have.
- Accounting
Accounting features in an HRM program promote financial planning. HR forecasting and budgeting can consolidate financial information and make it easier to plan and budget. These features in HR software make budgeting easy and enable you to see what-if scenarios. The automation of accounts receivable and accounts payable simplifies billing, especially in contract companies.
- Technical Features
Beyond functionality, it is also important to determine the technical features that HRIS software will be required by your business to use an HRM system. This may include standard technology elements such as mobile functionality or continued management options like security and governance. When considering these features, you should consider your existing technical infrastructure and knowledge.
Conclusion
A standard human resources management system is essential for all businesses. The need to organize employee information, manage time, track finances, and manage benefits information across all industries and sizes is critical. In addition, advanced learning systems, performance analytics, and accounting capabilities are required by many businesses beyond those basic HR features.
