A few years ago, HCM (human capital management) solutions were available exclusively to big enterprises looking to automate human resource and payroll administration. Nevertheless, with the advent of cloud based HR and payroll software, the benefits are now accessible to small and mid-sized businesses as well as start-ups.
Managing payroll and HR admin tasks with some legacy tool eats up loads of time and efforts that could be invested in other critical tasks. Small businesses often address key HR admin functions using Word documents, spreadsheets, paper forms, etc., resulting in an inefficient and sluggish HR department. Further, it may also pave way for data entry errors leading to costly or compliance problems.
Here are some areas wherein a cloud HCM payroll software may come to the rescue for small businesses:
An HCM software enables the applicants, employees, supervisors, recruiters and administrators to access specific information that they require when a position opens up. Further news pertaining to job openings can be distributed via social media, free job portals, careers page, job templates etc.
2. Admin Access to Key HR Data
When it comes to labour and time, it becomes quite efficient for your human resources personnel to share accurate data and communicate from a unified hub ensuring that everyone stays on the same page. Most importantly, HCM self service gives easy access to information such as company forms, payslips, salary summary, tax breakdowns, leaves, etc. to the employees. HR managers can use cloud HCM and payroll software for document management, reporting and tracking employee performance, benefits coverage etc.
3. Benefits Administration
Employers can enjoy total control over the information required for managing benefits payouts and plans. With a centralized and automated employee management system, it is relatively easy to update details of employees.
4. Compliance with Labour Laws
Cloud based HRMS solution can effectively support small businesses and start-ups in remaining compliant with the frequently changing employment regulations and laws. The solution ensures diligence in areas such as new-recruit reporting, employee compensations and benefits rights, background screenings, etc.
Click here to learn why compliance is more important than ever for HR.
5. Performance Tracking On The Go
A cloud HCM solution helps supervisors and managers to identify whether employees are working on the right track. In fact, it can also grant access to data required for tactical decision-making with the help of intelligent analytics and performance tracking.
6. Automatic Expense Tracking and Reporting
A feature-rich cloud based HRMS solution even allows employees to furnish expense reports and documents to be reimbursed at lightning speed. Data can be populated automatically from various sources including hotel itineraries, business transactions, scanned digital receipts, etc. for easy and swift processing.
Pocket HRMS is one such feature-rich and robust cloud based HRMS solution that enables your small business to enjoy the aforementioned benefits. It’s an all-inclusive, end-to-end, mobile and scalable HCM solution to provide big company advantages to a small business when it comes to HR and payroll functions.