Lets help you choose the 10 most important HRMS features for your business. But first, here is a brief overview about HRMS. Human Resources Management Systems (HRMS) are software applications designed to help businesses manage their HR processes. They can be used for employee administration, benefits management, recruitment and retention management, payroll processing and tax filing. HRM is basically a software that provides tools for managing the Human Resources of a company, whereas HRMS is basically a collection of HR tools.
The term “human resource management” or “HRM” refers to both aspects of this activity: planning and directing the work of employees, while also supervising their performance. It should be noted that the latter task may include analyzing employee behavior (e.g., absenteeism), providing training or coaching on how they can improve their performance at work. According to the Gartner Group, “”By 2020 the market for HRMS will grow from approximately $6 billion in 2019 to $13 billion.”
Applicant Tracking and Hiring Management
Recruitment and hiring management
- Job postings
- Applicant tracking
- Job requisitions
Benefits management is one of the most important features to include in your online HRMS. Benefits management can be defined as the process of managing employee benefits, including health insurance and retirement plans. Benefits management is important because it helps employers attract and retain employees by providing them with benefits they need or want.
Benefits management also helps ensure that all employees are treated fairly when it comes to how they’re compensated for their work; if an employer provides one benefit package for all employees but another package only pays out on certain types of work (e.g., overtime), then that could result in an unfair advantage for those who do more overtime than others in order to earn extra money during off-duty hours at home or elsewhere outside of work hours
Attendance management is the process of ensuring that your employees are present in the office and working. It involves keeping track of when they start and end their shifts, as well as how much time they spend on each task. A good attendance system will also provide information about absenteeism (the percentage of days that an employee is not at work) and tardiness (the percentage of days that an employee arrives late).
In addition to ensuring that your team members are working hard all day long, this feature allows you to monitor their performance levels so you can ensure they’re performing at an optimal level based on company goals. You may find yourself comparing how much time each person spends on different tasks or even seeing if there’s any difference between male and female employees’ productivity levels—and all these answers will help make sure everyone gets the right amount of attention when needed!
Employee scheduling is a very important feature of HRMS. It helps in managing the workforce, workload and resources. The employee scheduling tool can be used to schedule employees or projects according to their availability and requirements.
For example, an organization may have five employees who are required for different tasks throughout the week but all of them work at different times during their work week. In this case, you can use employee scheduling feature in your HRMS software to assign each employee with a task keeping in mind their availability and preferences as well as other factors such as holidays etc., which makes it easy for you to keep track of everyone’s schedule and responsibilities from one place only!
Performance evaluation is a process of measuring the performance of an employee. This can be done through either formal or informal means, depending on your company’s culture and policies. This process has many benefits: it provides employees with feedback about their strengths and weaknesses; it helps managers manage their employees more effectively; and it helps you hire new talent in a cost-effective manner.
The key to making this work well is having clear expectations for what constitutes good performance at each step along the way (i.e., hiring someone new becomes easier when they’re already familiar with how things work).
Payroll Processing and Tax filing
Payroll processing and tax filing are two features that are absolutely essential to your HRMS.
- Payroll Processing: This feature will allow you to receive paychecks, payroll tax forms and other important documents such as W-2s or 1099s directly in the system. You can also use this feature for creating new employees and tracking their status throughout the year.
- Tax Filing: This feature will allow you to file all of your federal and state taxes from within your HRMS system with just one click!
Custom reports are a must-have feature for any HRMS system. They allow you to customize the way your company’s data is displayed and analyzed, allowing you to create dashboards that reflect each employee’s performance over time and across departments.
Custom reports also make it easy for managers who aren’t familiar with HR systems to access important metrics such as compensation, bonus structure, etc., so they can better manage their teams and make informed decisions on how best to allocate resources.
I hope this article has helped you understand the basics of HRMS. It is a very important aspect in business and its importance will only grow as more companies look to benefit from the efficiency it provides.