Benefits of HRMS
With a pandemic trying to stop us, we need a dynamic change in the work front. It is not easy to handle of pressure of a market affected with raging pandemic while managing remote work environment as well. Both remote and hybrid work environment are in need of some solutions that let people accomplish tasks efficiently on a daily basis. The new redefined rules require the companies to rely on human resource management software (hrm, term in Thai). HRMS is capable of protecting against fraud, eliminating human error, managing regulations effectively and automating HR process.
Protecting against fraud
Fraudulent activities cause a lot of chaos even for established companies. Research says that companies can lose 5% of their yearly revenue only through the fraudulent payments done by various employees. This amount of revenue can be saved with the help of HRMS. A well-implemented HRMS happens to be an integrated system that is immune to manipulation. The system is integrated with existing ERP, accounting and finance modules. This helps in processing the claims a seamless thing. Using an HRMS not only helps to save the revenue but also the time that goes behind claim processing.
Human error elimination
Though mall mistakes in math cause us to lose marks in exams, it is far riskier in real life. Especially when the calculation is wrong in a business, it might end up with losing money in form of penalties. But humans are not beyond mistakes. When there is manual handling of salary details, there can be mistakes as well. Properly putting every detail and calculating the deduction and benefits is an intimidating job. But this very job can be automated with the help of HRMS. A HRMS that is carefully researched and then implemented is capable of automating tasks like payroll filing and managing. It can efficiently remove any chance of error caused by manual input.
Efficient regulation management
A business does not end with investment, products, profits and employees. There is another thing that every business needs to handle, the complex legal matters. There are many legal factors like tax regulation set by the legal and tax department. The businesses have to comply with each of these to stay in business uninterrupted. The HRMS can also perform the compliance checks to make sure that the company in on the right way. It also sends notification whenever there is a change in the rules and regulations to help the business comply with those before it’s too late. It can save a business from the costly fine and penalties.
Remote and hybrid mode of work can be challenging as all the employees are not in the same place. HR department has to provide employee service like generating documents and certificates and processing clarifications. Such time-consuming jobs are responsible for keeping the HR busy on most days. But when there is an active HRMS, employees can enjoy self-service which will bring the pressure on the HR a bit down. It will free up some time for the human resource department to focus on other things.