HR Management Software: Development Time, Cost, Features, and More
As the fourth industrial revolution transforms the way human and material resources are perceived, the process of hiring, training, and managing the workforce has changed too. From recruiting employees to tracking their performance, calculating wages, and issuing payroll, Human Resource Management Software constantly records, maintains, and updates employee data across the organization. The accuracy, integrity, accessibility, and security of this data is critical to the allocation of finances and the smooth functioning of an enterprise. Let’s take a look at everything you need to know before HR software development for your business.
Development Time and Cost
While HR software development from scratch can cost a fortune, the licensing and delivery model of SaaS saves enterprises a lot of money. Being hosted centrally, it only incurs a periodic subscription charge which includes server, maintenance, and update. It costs about >2500$ per month and provides a secure, scalable, easy-to-migrate platform for human resource management..
Features of HR Management Software
The multifarious features of HRMS make it an asset for your organization. Let’s list a few features that help enterprises manage hiring, onboarding, compensation, benefits, and more:
Central Employee Database
HRMS systems comprise a central database that stores employee data in the form of employee profiles that makes managing employee scheduling, tracking, and documentation. It is often integrated with other applications like WFMS to maintain data integrity by reflecting alterations/updates in data across the whole ERP suite.
Recruitment and Onboarding
HRMS helps create ads, manage and filter out resumes and job applications based on the skills/experience required for an opening. This makes the job of HR managers easy and aids companies in hiring the best available talent. It also makes the onboarding process easy by aquainting new recruits with company rules and regulations.
Training Management
Remote learning and live training of employees enables organizations to constantly upgrade their talent pool through re-skilling. HRMS makes it possible for employees to acquire technical and business skills for an evolving marketplace.
Payroll Management
HRMS helps manage and administer salary, benefits, tax deductions, provident funds, and overall compensation of employees. As it is integrated with time tracking and scheduling software, it accurately and efficiently calculates the payroll of every employee, ensuring transparency in the system.
Employee Self-Help
As HRMS is connected to the ERP dashboard, employees can easily access their payroll data. While employees can update personal data, managers can access and review performance reports, created by the HRMS, on the dashboard.
Benefits of HRMS
Automation of HR Operations
Tasks that require data entry, update, data refinement, and reporting are easily automated by an HR management software. It also ensures accuracy and integrity of data across the whole ERP.
Employee Visibility
Cloud-based HR software tracks employee working hours, over time, leaves, allocation, and projects, making it easy to bill the work on an hourly, daily, weekly, or monthly basis. This makes it easy for HR managers to plan future allocations and billing procedures that suit finance and accounting best.
Data security
Cloud databases used by HRM software stores sensitive employee data that can be accessed only through authorized channels. It keeps it safe from malicious attacks, while storing information about viewers and saving the changes they made to the data.
Payroll Management
An efficient HRMS automates payroll processes for accurate and timely processing of payroll. HR and Accounting can issue pay at the click of a button through direct deposits, using HRMS.
Productivity
As automation takes care of most repetitive, time-consuming tasks,HRMS saves time and labour spent on these tasks. Alerts, notifications, and reminders make sure all scheduled tasks are in the pipeline at the expected time, thus ensuring productivity.
It can thus be concluded that HRMS comes with a wide range of benefits at an affordable price when implemented as SaaS. We are an ERP Development Company with a focus on aiding businesses to make headway with technological advancements. Our services include a full suite of business applications in an ERP as well as custom HRM, CRM, WFMS, WMS, Accounting, eCommerce, and Finance software development based on your business size and type. Our experts thoroughly analyze your business strategy and requirements to effectuate the best software solutions available in the market. Contact us for building your custom HR management software now!
