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HRMS Management Software

HRMS Management Software


What is HRMS Management Software?

An HRMS, or human resources management system, is a suite of software applications used to manage human resources and related processes throughout the employee lifecycle. An HRMS enables a company to fully understand its workforce while staying compliant with changing tax laws and labor regulations.

HR leaders and staff are the primary users, given that they run day-to-day workforce operations and are responsible for compliance and performance reporting. However, HR isn’t the only department that benefits. Companies can empower managers and employees with self-service for common tasks—an important selling point for younger hires. Executives can use an HRMS to generate data on workforce trends and their business implications.

Functions of an HRMS
When considering which HRMS is right for your company, it’s helpful to think in terms of functional components. Generally, modern systems cover seven areas, with varying levels of focus.

Candidate management: Relates to employment offers to candidates and how you promote your brand to both the outside world and current employees who may wish to apply for internal jobs or make referrals.

Employee engagement: People who are more engaged tend to produce higher-quality work and more fully adopt the company’s values and execute its vision, so how an employee connects with leadership and colleagues is important. 

Employee management: There’s a reason this function is often referred to as “core HR.” Delivers a central portal to support analysis, reporting and compliance processes. It’s where you structure your workforce into organizational units, like departments or locations; define reporting relationships between managers and employees; and align payroll to accounting cost centers. It’s here where personal information is recorded and maintained, and this function is the cornerstone of efforts to offer employee self-service, maximize reporting and improve HR service delivery.

Optimization: Gleaning information from the HRMS to develop a vision for the future workforce is a primary selling point. It’s also the least-utilized function of a typical HRMS. The real value of this function usually comes to the fore with a merger or acquisition, sharp economic swings in either direction or when executives exit. Companies that take a proactive approach to optimizing the workforce are more resilient to change, have higher retention of top talent and better employee engagement.

Payroll: This is also a primary function of the HRMS—calculating earnings from gross to net or net to gross and withholding individual deductions and issuing payments can be made just as routine as paying the rent. Payroll functions comprise benefit elections and both employee and employer costs. Full-service payroll solutions also automate tax filing and deposits. Self-service functions allow employees to make changes to elective deductions, direct deposit accounts and tax withholdings and retrieve copies of earning statements without HR assistance.

Benefits of an HRMS
The fundamental payoff of an HRMS is having all your workforce information in a central repository. That lowers compliance risks, provides a rich data set to inform decision-making, helps keep employees engaged and makes HR professionals more productive and their processes more efficient.

Better, deeper insights: Without an HRMS, employees and managers create data in various places, from spreadsheets to expense apps to paper records, making it impossible to gain a comprehensive view of workforce costs. With an HRMS, all data is in a single bucket, with higher integrity. That enables better, faster decision-making. It’s also pivotal to a workforce planning and analytics initiative, where a company assesses its current workforce and compares that reality with future needs as determined by business objectives. Some key benefits here are the ability to identify and address skills gaps before they hurt productivity, codify succession plans and keep a handle on labor costs by analyzing how overtime or double time payments affect financial performance.

With an HRMS, HR teams can also spot early indicators of problems. For example, if high-performing employees in one department leave at a higher-than-normal rate An HRMS can connect dots and help identify at-risk employees.

Improved employee engagement: An HRMS is invaluable in developing and retaining talent—something HR leaders are passionate about. Within an HRMS, HR can create training curriculums, personalize learning plans and career paths and set up mentorships.

In fact, Harvard Business Review suggests that skills development is of prime importance to younger employees and specifically suggests a mentoring program focused on sharing expertise. Gen Z and Millennial workers also expect to be asked, on a regular basis, about their experiences. An HRMS can both match senior people in one department or geography with those who can benefit from a mentoring relationship, conducted virtually, and deliver and tabulate employee satisfaction and engagement surveys.

All these development activities are then tracked in the HRMS to recognize development milestones. That helps keep employees on track and loyal to the company.

Process efficiency & a culture of self-service: Responding to inquiries or administering large programs, like benefits enrollment or performance reviews, can take up to 40% of an HR professional’s time each week—and in many cases, individuals would be more than happy to do that work themselves. Within an HRMS, HR can set up a knowledge repository so people can find answers to frequently asked questions, and employees and managers can securely access their own records, enabling HR to focus on more value-added services.

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