Every organization’s success is a reflection of its employees. They are the backbone, the pillar on which the company’s growth and future depends. Having strong leadership is crucial but having a passionate, dedicated, and motivated workforce is equally important as they are the doers. A company can only have that when it has an employee friendly culture. Thus, a huge responsibility lies on the human resources department to drive initiatives, systems and processes in place that can swing the company culture in a positive direction to attract and retain top talent. They need to be even more detail oriented when they have a large and diverse workforce spanning across varied demographics.
With a larger workforce, the human resource cannot attend to each employee related task manually. From hiring to payroll management and employee engagement, in this era of technology, human resources should look at automating as many operational tasks as possible. This will help them focus more on strategic initiatives that can mould the company culture and enhance the productivity of employees. This is where the Human Resource Management system comes in. These are softwares that can manage end-to-end data and processes of Human Resources. It helps in bringing agility with respect to employee requirements, streamline data, enhancing transparency and communication, simplifying HR processes, identifying loopholes, etc. Let’s understand in detail how HRMS can revamp your company culture.
1. Finding the right talent – Screening: When there is a vacancy in the company, there are hundreds or thousands of potential candidates out there in the market. With the employer in urgent need of the right employee, going through thousands of candidates is a tedious task for HR. An HRMS can help automatically scan through the applicants and filter the most suitable ones.
2. Candidate Assessment: The entire recruitment process is a long one. Manually scheduling multiple interviews, taking feedback, evaluating the candidates, negotiating salaries and sending out offer letters for multiple candidates is a humongous task. Especially in large organizations where there are multiple positions to be filled. An HRMS system can automate these and help track the progress of each applicant, making the process faster and smoother.
3. Getting the new employees onboard: Once a candidate accepts an offer, there are a couple of formalities and documentation processes to be completed as part of due diligence and for company records. Manually inputting and physically storing this data can not only be time consuming, but also prone to errors and misplacements. HRMS automates these processes and stores documents with minimal error. Furthermore, it also helps in making reports and analyzing employee data.
4. Automate payments and rewards: In an organization, there are multiple types of cash outflows given to employees in terms of salaries, wages, incentives, bonuses and other kinds of monetary as well as non-monetary rewards. Additionally, depending on the size of the organization, there are multiple financial laws applicable like taxes, provident funds, insurance, etc. HRMS can help streamline calculations and payments of all the above financial liabilities of the company
5. Maintaining end-to-end employee data securely: The life cycle of an employee in an organization has various facets. His financial rewards, his performance, his feedback, his KRA’s, his historical performance reviews, etc. and a lot more. HRMS helps in streamlining and centralizing all these data points with respect to all the employees of the organization. It can be used as and when required and helps in reporting, finding loopholes and taking corrective actions wherever required.
An HRMS system can give insights to the organization’s management team as to where they are, what is right and what is wrong with respect to employees and the overall work culture of the organization. If the leadership does not focus on creating a positive culture in the organization, they will spend most of their time, money, and efforts on hiring talent. This will eventually slow down the growth of the company and delude them from attracting top talent. At Fatakpay, we intend to aid organizations in this process by providing a line of credit to employees that can be useful to them for their everyday needs. It addresses one of the top reasons for employees switching to another job – financial burden. It reduces the working capital burden on employers by removing the need to pay advance salaries. Further, it helps in reducing attrition rates and increasing employee productivity. A lethal combination of technological innovations like HRMS and Fatakpay can truly pivot the company’s culture in the positive direction.