You need this! Why an HRMS is essential for any business
Running a business is hard work, but when you see your business start to take off, it can be hugely rewarding. Ideally, as your business gains traction, you should be focusing on innovation and devising new business strategies to strengthen your company’s position in the market. However, the foundations of your business must be stable before you can branch out and try new things.
Well, what is the most essential building block in a business you ask? The people who run it of course.
Hence, many companies have started to invest in Human Resource Management Systems (HRMS) to help organize employees efficiently and effectively. An HRMS is a software that encapsulates various HR processes in a single platform. It helps to automate mundane, manual tasks and consolidates important information. This means that keeping employee needs met no longer requires hours of work, with HR processes being digitalized, you will have adequate resources to allocate to business scaling efforts.
So, if you’re someone that is still agonizing over manually processing HR paperwork, read on to find out how adopting an HRMS can help you leave your HR nightmares behind.
1. Organised Employee Data
With an HRMS, manual processes such as sorting through receipts and medical certificates can be eliminated. Claims and leave can now be tracked directly in the system and HR managers can pull up the relevant data when needed. Having a central HR system also means that employee data can all be stored in one place, making it more organized and manageable. HR staff can browse any employee information with one click and can readily update profiles when they see fit. The filter functions in an HRMS also means that finding specific data is fast and hassle-free. Scheduling and leave functions in an HRMS also help managers organize manpower more effectively as they will always know who is on leave and who is in the office.
Moreover, utilizing an HRMS makes onboarding new employees very convenient as newly imported data will be standardized with the rest of the employee information in the platform. Further, with information being stored on an integrated platform rather than on paper or scattered computer files, the risk of losing important employee material is significantly lowered.
2. Optimised Employee Management
Generally, an HRMS lets an organisation store more than just the basic personal particulars of its employees. It usually allows HR managers to input other information such as an employee’s leave entitlements, status, salary, and career progression. This helps to streamline data management as HR personnel can easily keep track and update a myriad of information in real-time via the platform.
In addition, with the career progression tool, an HR manager will be able to monitor which employees have been working in a position for a long time and are due for a promotion. Performance appraisals may also be stored in the HRMS, this helps managers monitor which employees have been meeting expectations and which need a little push. This information helps to ensure that an organization rewards its employees fairly for the work that they put in and that employees feel valued.
3. Helps In Compliance
An HRMS also helps to meet compliance standards. For example, when monthly payslips are generated in the platform, the HRMS ensures that they are in accordance with IRAS and MOM requirements. Some platforms even utilize the Auto-Inclusion Scheme (AIS) in their platform, meaning that an employee’s income information will be automatically included in an employee’s income tax assessment. Other functions include the auto-calculation of CPF contributions and GST for claims made. This lifts a great burden off the HR manager’s shoulder as they can rest assured knowing that they are always in the know of the current regulations and that employee salaries are generated accurately.
4. Self-Administered HR Tools
One of the biggest advantages of adopting an HRMS is the ability for employees to access self-administered HR tools. HR platforms allow employees to log into the system with their own credentials and monitor their benefit entitlements any time they want. They can conveniently make their own leave and claim submissions through the system, bypassing the task of having to approach the HR staff for such trivial tasks. This increases employee engagement and helps improve employee satisfaction. With employees taking care of their own needs, HR personnel are no longer bombarded with endless demands and questions. Thus, they can now focus on more strategic tasks such as lowering employee turnover and improving company culture and morale.
Benefit.X’s HRMS
At Benefit.X, we have our very own HRMS that serves the functions highlighted above. However, what makes us unique is that we have a mobile application that works in conjunction with the HRMS. This makes employee self-service even more convenient as employees can submit claims, submit leave, update their particulars and review their payslips all within the app.
On top of the HRMS, we also offer Corporate Cards catered specifically to small businesses. Business expenses charged to the card will be tracked, categorised and auto-generated as a claim in the app, making expense management that much easier.
If you are interested in adopting an HRMS in your organization, feel free to check us out! Get our HRMS for free when you sign up for the Benefit.X Corporate Card.
For more information, visit our website at https://benefit.exchange/hrms/
Bonus: We have an ongoing promotion that offers new sign-ups a 5-year fee waiver on the corporate card (worth $60). Simply use the referral code “EARLYBIRD” to enjoy the offer! This promotion is only valid until the end of July 2020, don’t miss out!
All in all, an HRMS is a tool that is essential to any organization, regardless of its size. It eradicates repetitive tasks that can be automated and drastically increases efficiency. Your competitors are already using it, we strongly suggest that you start too!
Claudia is currently the Marketing Executive at Benefit.X.
Benefit.X powers Small Businesses with Corporate Cards and Digital Loan Options while complimenting their business operations with a cutting-edge Benefits and Human Resource Management (HRM) solution.
Find out more at https://benefit.exchange/
