An HCM software is built to benefit both the business and its employees. Hence, to find the best option, you must identify the needs of your business, as there is no ‘one fit for all’ type of HCM software.
To help you choose the right ones, here are five features or modules that are a must-have for businesses of any size. Each module or feature offers benefits of its own, and when used in unison, they can speed up the business’s growth.
Hiring the right employees for your company is vital for its success. But an ill-managed recruitment process only gets you incompatible or average skilled employees. It isn’t easy to recruit top candidates, as most of them don’t stay in the market for too long.
Big organizations have their recruitment process sorted and are the first to hire top talents for a position. This is why businesses with traditional methods must consider investing in HCM software that offers a recruitment module. A modern recruitment process will enable businesses to streamline how they find and recruit ideal candidates for each position.
A recruitment management module helps handle processes, such as finding the right job portals and job boards to post job listings, filter the candidate applications and find the best matches, and organize interviews for the remaining candidates. It is further helpful for creating a talent pool that businesses can use when looking for a candidate next time or when there is an immediate need for a replacement.
Hiring the right candidate is not enough; you also need to offer the best onboarding experience to your new hires, to help them familiarize with their role in the business. Onboarding management module allows companies to streamline the onboarding process and helps employees find all the relevant employer and business information in a single platform.
The onboarding module deals with tasks such as familiarising new hires about their role in the organization, provides the necessary information to the new hires, and offers a real-time document tracker for new hires. Similar to the recruitment management module, most of these tasks can be automated, which further helps increase the productivity of the HR department.
Every business requires a system that can record and keep track of detailed employee performance data. This is a necessary step to ensure overall efficiency in the workplace.
With traditional methods, it is difficult to identify the factor that usually has an effect on employee performance. This eventually leads to inefficient performance evaluation every year and is also the leading cause of employee dissatisfaction and attrition in a business.
A performance management module offers features such as managing the reviews of each employee, taking feedback on a regular basis, premade review templates and guides, on-time notifications regarding evaluation and reviews, customized review system based on the roles of employees. If a business wants to monitor the performance of its employees efficiently, HCM software with a performance module is a must.
Time and Attendance Module
Keeping track of employee time and attendance is crucial, as it helps avoid issues such as mistakes and errors in payroll, absenteeism, buddy punching and so on. Recording attendance using traditional means such as spreadsheets, physical documents and files is not an ideal method, as there is always a chance of misplacing or damaging such documents.
A time and attendance management module offers an automated time management feature that reduces the unnecessary burden on the HR team while eliminating all the issues that traditional methods usually have. Such a tool can be integrated with other modules and systems, such as payroll and biometric readers, to streamline the whole process.
Apart from the features above, it also offers additional ones such as:
- user-friendly interface
- self-service portals to help employees manage their time and attendance
- shift management for businesses who want to provide a flexible schedule to their employees
- leave and time-off management
Since data is crucial to make the right changes, a business needs an analytics module as well. There is no point in having modern features if you cannot collect and analyze the data they provide. Hence, invest in HRMS software that offers analytics capabilities as well, since it enables precise data-driven decisions for favourable outcomes.