HRMS For SMEs: It's A Need, Not A Want!

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“Digitalisation is for here to stay. And it is imperative for businesses of all shapes and sizes to use it to their benefit and jump onboard.”

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HRMS For SMEs: Its A Need Not A Want “Digitalisation is for here to stay. And it is imperative for businesses of all shapes and sizes to use it to their benefit and jump onboard.” Sriram Iyer Founder CEO hrtech.sg A lot has been emphasised on the need for all sizes of enterprises to embrace technology to not just sustain but expand too. But the Small and Medium Enterprises SMEs are always challenged with limited resources. Often than not a basic tool is often overlooked by most SMEs due to budgetary constraints which in fact can provide them an edge in the competitive talent landscape - we are talking about the quintessential Human Resources Management System HRMS. WHAT IS A HRMS HRMS is a software application or platform that automates integrates and manages all routine HR processes of an organisation such as managing employee and organisational information Payroll Benefits Administration Workforce Scheduling Shifts Management Leave Management Expenses Claims Management Performance Management Recruitment Learning Development and so on.

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Such platforms which are now available on the cloud too enable the HR teams to significantly increase their productivity by making their overall operations effective and efficient. These are now made available to SMEs in a format that is user-friendly easily administered and usable by someone with no or little tech knowledge. Managing the workforce can now be done truly with the click of a button. NEED FOR ADOPTION OF A HRM SYSTEM Highlighted below are some key benefits of using an HRMS: 1. “Plug Play” readymade cloud systems require little configuration and setup thereby enabling easier adoption of the new system by employees HR administrators. 2. Reduced costs due to on-cloud deployment with no upfront infrastructure costs. Not just that the new cloud-based HRMS for small businesses cost just a few dollars per employee per month for basic versions. Like an a-la-carte menu you can pick and choose the functionalities required and cost might vary accordingly. This significantly lowers not just the capital expenditure but also operating expenditure costs due to lower labour print electricity expenses 3. Recruitment Onboarding cycles are reduced as data is now easily managed in one location allowing companies to monitor progress generate employment offers and seamlessly onboard / integrate newcomers. 4. Enhanced Talent Experience through an effective online performance management system with 360-degree feedback real-time monitoring of KPI’s and recording of data. These would enable better employee performance and higher employee retention.

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5. Improved Employee Self-service option allows users to operate with a single-click to manage their personal and job- related information in one place. Not just that it helps in effectively managing millennials who like to be hands-on in getting things done without seeking help. 6. Faster employee service delivery by all support functions as they now have common access to information 7. Increased data accuracy means fewer corrections thereby enabling seamless information flow across departments 8. Adherence to data privacy and compliance aspects as they are designed to address the needs of enterprises which have presence across multiple countries and different legal framework 9. Most importantly Data Analytics with insightful metrics across multiple parameters are now provided at the click of a button thereby helping businesses make informed decisions Today HRTech marketplace is flooded with multiple local multi-national HRMS providers. The sheer volume of service providers means selecting the right HRMS can be a daunting experience. Hence here are some key points to consider before you make the final decision on the service provider: 1. Perform a comprehensive comparative differential analysis and opt for an HRMS that fits the organisation’s needs as every service provider have their specific strengths 2. While price may be a key shortlisting criterion it is also important to consider the ease of deployment maintenance compliance and privacy laws. For example if there are local laws governing cloud deployment or data related aspects such aspects need to be adhered to a factored mandatorily 3. Based on your organisational maturity in the growth cycle the HR team’s requirements might vary significantly. While one

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organisation would require a more advance “Learning Development” functionality some others might require a more advance “Workforce Tracking Deployment” functionality. Hence it’s important for the HR team to map out the nature of requirements across its various HR functions such as Recruitment Employee Onboarding Performance Management System Learning Development Employee Communication and Payroll Benefits Administration to finalise the appropriate system. A detailed HRTech Market Map 2019 of hrtech service providers servicing the Singapore talent marketplace is provided here. This can be a quick reference guide for members to be aware of the various HRMS service provider options available in Singapore. This market map was put together by hrtech.sg a Singapore-based HRTech advisory and analyst firm Adrian Tan a HRTech subject matter expert. Digitalisation is for here to stay. And it is imperative for businesses of all shapes and sizes to use it to their benefit and jump onboard. Today a better employee experience can easily be created by HR teams leveraging technology to seamlessly delight a multi-generational workforce with differential needs. Phone: +65-90251164 Email: infohrtech.sg Ikigai Enablers Pte Ltd 17-01 Suntec Tower 5 5 Temasek Boulevard Singapore – 038985

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