The Benefits Of Using HR Software For The Indian SMEs
It is one quarter down in 2019 and the automation is a buzz in the HR arena but most of the organizations are still in the preliminary phase of basic automation when it comes to HR functions. As they are following the footprints of their global counterparts and conglomerates, they are migrating to SaaS-based HR Software and if you’re willing to invest in one to get the benefits offered by it, this article may help you figure out the relevance of dedicated HR Tech for your business...
Staffing:
The businesses can spend as high as 33% of the total employee remuneration in order to replace the leaving employee (Source: 2017 Employee Retention Report, Work Institute) and 14% recruiters hinted that AI would replace them (Source: Global Recruiting Trends 2018, LinkedIn). The advent of freelancing and gig economy in India is keeping HR professionals concerned over the issues of employee retention and engagement. The use of HR technology can help by scheduling the recruitment process with adequate reporting features. This functionality can bifurcate the whole hiring process into stages as per the concerned job profile and curb down the costs of HR turnover.
Payroll Processing:
The Payroll Processing is one area which seems to be a walk in the garden job but it requires numerous inputs from attendance and leave musters, travel and expense reports and from performance track records, which are to be compiled in Spreadsheet tools to make proper disbursement. A marathon of disbursing payments and filling statutory compliance reports follows it which haunts all HR executives. Most of these tasks if done manually using a Spreadsheet tool, it would be thoroughly counter-productive as the cost incurred for these tasks is often neglected. But as APA, you can cut down 80% of the amount spent on Payroll Processing using office automation.
Accessibility and Security:
An aspect of running a growing organization is handling employee records efficiently. The cloud-based solutions are effective in this area as they empower employees and employers to access the HR System from their own personal devices over the internet connection. Perhaps, people worry about the security of their data stored on the cloud but clouds are much safer than the stand-alone software solutions. They offer best in class security features as IT companies invest continuous efforts and money in proper discretion of data. This has collectively urged employers to enforce BYOD (Bring Your Own Device) Policy as most of their workforce owns at least one smart device and using them saves money and provides convenience.
Statutory Compliances:
India is one of the most complex taxation structures around the globe and economic reforms have major changes in the statutory compliances in a dynamic manner. Consulting the services of an accountant or lawyer may be a standard procedure for most of the Indian businesses but the HR Software acts with agility and responsiveness in dealing with such situations. These Software solutions are updated without stalling the daily activities. The statutory filings like the ECR files and PF report required on a monthly and quarterly basis can be generated by the software thus ensuring HR of complete adherence to the laid down regulations.
Self-Servicing:
ESS Portal is another feature that enhances employee engagement. The employees can upload, and update changes in their personal and work information by themselves using the ESS Portal. This helps improve transparency within the organization and saves the time of the employer as well. For instance, generating and distributing payslips using an ESS Portal will allow staff to view and download their salary slips without approaching the HR department in the working hours. Also, they can update their investment proofs and loan details along with downloading taxation particulars for the filing returns.
Summing It Up
Today most of the organizations are more conscious about their business expansion and expenditures, but they need to consider the fact that the amount they spend on HR functions could possibly be cut down with the use of software that also without compromising with the quality. These cloud-based hr softwares offer services with a monthly subscription model, which is more cost-effective than traditional stand-alone software. They help you improve HR productivity while reducing redundant workload. They empower the decision-making process by providing proper reports and are user-friendly, making the best of the technology opportunities.
Source: https://factohr.com/hr-software/