What is HR Software & its importance for your Business
Let’s start with a fact here. The human resource software will have a market share of about $11 billion by 2023. Every growing business or company is well familiar with what HR software is, and if you are not, then you are missing out on a much more efficient way to work and manage your company. Like in almost every other field, human resource (HR) software is also continually developing. New apps are being introduced that are trying to keep pace with the ever-evolving technology to make HR management even more efficient. So knowing exactly what HR software is and how it works to lessen the human efforts in managing a business is pretty crucial.
What exactly is HR Software?
HR software is basically for managing the processes of a human resources department in a much more capable, effective, and organized way than a manual record-keeping can do. As its name suggests, HR software digitizes the company’s processes through its management system. It collects the information about the assets of an organization, i.e. the employees, and keeps complete track of all their activities, needs, and tasks.
An example of a top HR software is EddyHR.
In its early days, the HR software was mainly used to record the employee data, and their payrolls and keep a track of the benefits every employee is entitled to. But since the advent and advancement of automation in software, this has changed. The advanced cloud technology has made it necessary for the HR management software to go online and be integrated with much more complex and time-consuming tasks.
The ideal HR performance management software now takes less time to administer the tasks like payrolls and benefits and lets the HR department focus more on recruitment, keeping a track of their employees’ performance, enhancing the organizational culture, and doing everything else that is considered as talent management.
What Is HR Software – Management Optimization
Administrative tasks are unavoidable in any organization. But such tasks, along with all the paperwork takes too much valuable time for the HR department. Surely, such odd jobs and responsibilities are important, but fulfilling them keeps the HR team from focusing on other responsibilities of more strategic values.
The HR software takes over and makes the internal processes and administrative work digital even for small businesses. It enables the HR department to fully automate and speed up the mechanical tasks to improve productivity and save time. The saved time can then be allocated to handle such issues that add more value to the organization.
What Is HR Software – Benefits
Here are a few benefits of HR software:
1. Track the Important KPIs
To evaluate the progress of a company, KPIs are the most important metrics. KPIs allow you to measure the performance, quality, and productivity of the work carried out, and how certain services like customer service could be improved.
Setting the relevant KPIs and then keeping a track of them is crucial. With the help of HR software, creating a dashboard to track such data is fairly easy and more efficient. The software would help gather essential data like attendance, time duration, time taken to meet the deadlines, etc.
2. Managing the HR Dept. Efficiently
As HR software eases the access to and collection of data, it allows everyone in the HR department to keep an eye on what’s happening inside the company and how each employee is performing. It brings the workflows in automation and collects all the information in one place, hence increasing the efficiency of the HR department itself.
Everything is done over the online system. Evaluating performances, enhancing or revamping the recruitment processes, etc.
3. Enabling Employees & Giving Them Access To Information
Most HR software has an integrated system that enables the employees to have their employee portals. This gives the employees access to the information that answers their basic questions related to salaries, sick leaves, productivity, etc.
The HR department does not have to clarify and answer such questions all the time, which could otherwise be pretty overwhelming and unproductive. The HR software also gives the employees an option to file complaints regarding anything without involving the HR department every time.
What Is HR Software – Main Features
Every organization may have different needs when it comes to HR management. So it is crucial to analyze the features of each HR software and what it offers to give more value to your company.
Here are a few standout features a top-class HR software should provide.
- Applicant Tracking System (ATS)
- PTO Tracking
- Document Storage
- People Management
- Training Tracking
- Fair Pricing/Support/Training
Applicant Tracking System (ATS)
The top HR software has an applicant tracking system that is very efficient and time-saving for HR officials. The ATS systems provide a variety of features that helps the HR department track the lifecycle of employees and manage their performance. They include job boards, resumes, and interview features for hiring new people.
Best software like EddyHR has ATS systems that save hours on weekly basis by improving the hiring processes, and automating the communications with potential candidates. It also helps in keeping a track of applicant progress.
Paid Time Off (PTO)
The paid time off policies is very hectic and time-consuming to implement with old and outdated software. But still, they are the employees’ favorite policy in any organization. A good HR software should be able to handle all such requests and let the HR officials efficiently handle PTO queries and manage them in a time-efficient manner.
A great HR software, for instance, makes this process transparent and lets the managers and admins know when the employees are to take their PTOs. It also lets the HR track and respond to all the time-off requests very quickly while saving time. It also lets you create the PTO policies and manage them for all the employees together.
Document Storage and Electronic Signatures
It is a commonality that the HR department is the one that has to deal with the most paperwork. If only there is software that can help organize all of it to help spend lesser time on documentation? That’s what top HR software does. All the documentation processes should be digital. Create, sign and store documents on cloud storage. No need to store stacks of paper in the office anymore.
Who does it best? It’s EddyHR again. It helps you move away from the spreadsheets and organizes your documents on the cloud. How does it help? Well, it is easy, efficient, and much more secure.
Good HR software should help make the lives of the employees better. After all, they are the most valuable asset of any organization. It should let the HR officials keep track of the employee with just a few clicks. All of the information should be available in one place. The HR department should not be spending time digging through the cabinets to find any contact information of any employee.
Training is an essential part of any job. Good HR software should enable you to track everything that has a renewal or expiration date. It should notify you if any new pieces of training are available, who needs to complete them and who hasn’t done them yet.
A good HR software will take away all your worries because it has built-in reports that are easy to access. It can keep track of a lot of employees and their training, certification, licenses, and other stuff. You can also customize your training, create relevant descriptions, and even add any new employees who are required to do those pieces of training.
One of the stand-out features of good HR software should be its pricing. It should provide great value for money at a reasonable price. Also, the support and training it provides should be flawless in terms of quick response and helpfulness. As a bonus, a free version of the HR management software should be included for checking out the features.
Now that you know what HR performance management software is, hopefully, you will be able to choose the one that best fits your needs. Software like EddyHR is top-notch for small and medium businesses. They are easy to use and stress-free to learn.
Now, if you have streamlined your HR, it is time to grow your business and you can start from here: How To Do SMS Marketing-Top Tips & Tricks