FREMONT, CA: The industrial revolution marked the handover of the economy from agriculture to the industrial sector. As the industrial setup evolved, it birthed the need for an efficient communication channel to look into the matters of the employees, including the wages, welfare, grievances, and so on. To meet these demands, the human resource management was formed.
The digital revolution of the twenty-first century has paved the way for the development of human resource management software (HRMS). It leverages information technology (IT) to streamline the various HR functions. The HRMS market has witnessed significant growth over the last few years, and it is projected to touch $30 billion by the year 2025. The growing adoption of modern technologies has enabled companies to effectively organize and manage time, wage, location, and industry information, and to draw actionable insights from them. The implementation of HRMS has enabled organizations to automate their HR processes. It has not only led to an increase in productivity and efficiency but also allowed the HR department to focus on value-adding and business-critical tasks.
Here are some of the trends seen in the HRMS space:
Inter-Organizational social networks have enabled effective employee interaction. It has allowed the HR teams to analyze the connections between various employees, and leverage the information to coordinate an effective response for augmenting productivity.
Performance Management System
The organizations are now moving toward a continuous feedback loop, implementing useful management software to track the performance of employees. It has facilitated an unbiased appraisal through online performance reviews, enabling the organizations to determine employee readiness, performance rating, and their career potential.
The HRMS has enabled the development of personalized experiences for different career stages. It has led to the emergence of e-learning, which allows the employees to learn small units of information from their mobile phones.
Organizations can achieve the best results by employing online learning platforms offered by leading companies such as Torch LMS to train their employees and enhance the capacity of their workforce.
Artificial Intelligence (AI)
Many organizations are leveraging AI tools to automate their HR processes. The utilization of machine learning (ML) has enabled them to predict the outcomes of their employee-defined objectives. The electronic AI helpdesks can tend to queries of the users and provide automated responses. It can also be used to track employee mood over time and predict their outcomes. It enables organizations to form effective strategies aimed for the retention of employees.
AI can also be leveraged in learning programs to assist in the skill development of employees. Adopting effective micro learning strategies allow employers to train their employees without the need for real-time classroom or teacher. The learning applications provided by HRMS can seamlessly integrate with the compensation module, enabling productive rewarding for outperforming employees. It allows the HR teams to efficiently manage the training courses, maintain training attendance, and form reports.
Big Data and Predictive Analytics
The cut-throat competition for talent acquisition has spurred the organizations to focus on employee satisfaction and ensure their engagement. HR management is now moving from tactical HR toward predictive analytics. The incorporation of HRMS has provided them with the necessary tools to manage the troves of data and unearth valuable analytics. It not only eliminates the need for extensive spreadsheet and paperwork but also reduces time consumption. In this regard, Strategic Management Decisions offers advanced analytics which the organizations can leverage to enhance business outcomes.
The HRMS is integrated with a central information hub, which the employees can leverage to access the organizational data. The transparency in critical data about payroll, leave, and attendance increases employee trust, as well as productivity. It also enables them to download pay slips and to view leave updates and tax liabilities without approaching the HR. The mobile access of HRMS data allows the employees to stay connected with the managers, while also allowing the HR teams to manage employee data from anywhere.
For instance, the technology solution DailyPay offers employees complete control over their payments. The patent-pending technology enables users to manage their bills and reach their financial goals. It not only ensures employee retention but also reduces turnover.
Organizations can now leverage HRMS to develop predefined statuary, and MIS reports. It offers seamless access to various reports in multiple formats. Also, the robust filters enable the HR teams to generate reports based on specific parameters, especially on the request of senior management.
In this regard, organizations can leverage the enterprise solution offered by SyncHR to streamline HR operations, including benefits, payroll, and reporting.
The HR teams can avail the HRMS at various cost-effective price points. The investment is HRMS is almost negligible when compared to the cost benefits facilitated by it. It eliminates duplication of information and maintains accuracy, saving time as well as driving efficiency. The leave management system of HRMS enables employees to directly report their absences to the managers without involving the HR. Organizations can leverage the HRMS solutions offered by leading companies such as eData to streamline their HR operations and cut down costs.
The practical implementation of HRMS fuels employee engagement through features such as self-service, payroll management, leave management, and so on, leading to enhanced productivity. It also streamlines the processes between employees and the HR department, ensuring employee satisfaction, as well as saving the time of HR departments. HRMS can also enhance the onboarding process, thus increasing employee retention. The utilization of electronic tools to complete the paperwork will free up the HR personnel, allowing them to craft effective strategies for prolonged engagement of employees.
The HRMS enables organizations to track the evolving government regulations and ensure compliance, thus avoiding the fines and penalties. The cloud HRMS updates its database with regular updates regarding statuary changes by government agencies. Companies such as OnBlick specialize in automating HR and immigration compliance policies and processes to ensure adherence to the relevant regulations.
Innovation and Change
Organizations can stay at the helm of innovation by adopting the latest HRMS solutions. It not only enhances efficiency and productivity but also reduces errors. The cloud HRMS is updated with the best practices in the HR space, enabling organizations to stay toe to toe with any technological change.
The adoption of HRMS has equipped HR personnel with the necessary tools to manage the available data and form insights which can be leveraged to create new opportunities and drive innovation. The incorporation of HRMS applications in smartphones has made the information available at the fingertips. The advancement of this technology not only enables a personalized experience for the users but also augments the business decisions of organizations.
However, forming an engaged and productive workforce depends on more than technology. Software is as effective as the person utilizing it, and the same goes for the HR personnel. Hence, it is necessary to align the goals and objectives of the organization with the capability of HRMS to reap optimal outcomes.