Benefits of Payroll Software Management Services

With technological advancements in the IT sector, organizations have taken a massive leap. One such leap is the payroll software management service. Gone are the days, when there was a dedicated department only for processing payroll. The days of tedious pay calculations in excel sheet are also gone. The smart choice these days is the payroll software, which offers benefits galore and has made lives easier for the management, leaving them ample time to focus on the core business functions. If you thought that payroll software is only about processing payroll, hang on...

Here are some of the benefits that payroll software management services offer:

The payroll software carries out all the detailed calculations for each employee in a jiffy. Right from gross pay, net pay, leave deductions, overtime, perks, allowances, reimbursement, leave encashment are taken care of by the software. Thus, the organization can save on manpower greatly.  Moreover, since the employee data is tabulated in the software, it comes in handy when making tedious calculations such as gratuity, full and final settlement, retrenchment, bonus etc.  These calculations will be ready with a simple click of a mouse. The best part about the software is that it eliminates any chances of human error is calculations. The software also generates the pay slip, thereby providing end to end solution for processing salaries and wages of an organization.

Some of the other functions may include freezing the month to lock in the monthly operations, tax deductions, making provision for the bonus, increment, gratuity etc at the end of financial year.

Apart from these routine functions, the payroll software management services may also offer several modules that can be integrated with any existing HR systems. For example, there are modules available to assist in the recruitment process. The company will get access to the database of talent pool, the module helps in final selection of the candidate.

The software also gives out various report that the organizations can use for decision making, evaluating employee performance, attendance, late comings and the like. It also enables employee scheduling, leave planning and management, so that the organization can function seamlessly. Another feature is that it helps easy interaction between the management and the employees. The employees can access their personal pay details, send requests for leave, reimbursements and the like from their mobile, laptop or computer devices.

Thus, the payroll software offers abundant advantages and to enhance  the performance of your company, it is advisable to use the payroll software management services!

Trends in HRMS Software

HR embrace technology to improve employee experience:

HR function has continuously adopted to technological disruptions to better employees' working experience within the organization by enhancing HR efficiency. HRMS Software has been the key product enabling HR to efficiently manage employee's life cycle. Technological advances such as Cloud, Mobile, Social Media and Analytics have led to the evolution of HRMS Software. The HRMS software has automated HR operations that has helped HR to concentrate on creating an employee centric organization culture.

  
Big Data Analytics for Recruitment and Employer Branding:

The trend is moving towards analyzing not only the data collected within the HRMS Software but also the data outside the HRMS using Big Data Analytics. Many organizations are attracting the best talent, increasing job applications and widening their talent pool by managing their employer branding on the social media. This requires analyzing all the comments, reviews, blogs available on Social Media applications such as Facebook, LinkedIn, Twitter, Glassdoor etc.. Imagine the humungous effort and processing power required to sift through these huge reservoirs of unstructured data.

Big Data Analytics provides capabilities to gather, store, process and analyze huge amounts of structured and unstructured data. HR can gain insights about the sentiments out of the opinions and reviews that impact Employer Branding. Big Data can enable HR to efficiently scrutinize the loads of resumes pouring in and explore data in them to segregate the most qualified candidates.

Using Big Data and Analytics to analyze Social Media data for managing employer branding has enabled organizations to increase the number of applications for every position by 234% and at the same time reduce the cost of recruitment to half of the earlier spending.

Integration of Big Data Analytics with HRMS Software:

Fortunately to implement the Big Data Analytics we have Big Data tools available which can make candidate search faster. Open Source tools such as Hadoop Map Reduce are available for large scale data processing. Using R programming tool, Shark and Sharp SQL, Big Data Analytics can be integrated with HRMS Software and provided on Cloud as a service. Having HRMS Software integrated with Big Data Analytics capabilities will enable HR to enhance employee productivity by providing support catering to the needs of individual employee.