Three Features to Watch for HRM Software

HRM software has revolutionized how companies manage their people on a daily basis. These platforms were initially started to enable businesses to become more efficient through digitizing many of their processes. Now HRM software has given businesses the ability to involve their employees in an assortment of processes. This has dramatically changed the workflow to become not only more automated but also engaging. Now there are specific features of HRM software that are going to help your business to scale at a lower cost while also growing a company culture that embraces innovation.

Here are the 3 features to watch for that can help your business:

1. Employee Benefits Automation Feature

Year after year, the employee benefits process as a whole becomes more complicated and can develop quite a headache for most businesses and their employees. If you think about the process as a whole, it starts with the company being able to clearly present all of the different benefit options available to each employee. The employee then has to be able to select which specific benefits they prefer, and finally, the company must relay all that information accurately to the insurance carriers. 

Now, take that process and apply it to your new hires and employees with life events and it can become quite a hassle. Imagine if there was a way for your staff to be able to pick the benefits they wanted based on their specific situations:

  • Levels of medical insurance (single, married, dependents)
  • Levels of dental insurance
  • Vision
  • Prescriptions
  • FSA
  • 401k
  • Other company specific benefits

Employees would be able to log on to their ESS and choose from the variety of benefits that are available to them as if they were shopping online. Once they had finished selecting, all the information would then be automatically updated to the various carriers. No need for paper that can be misplaced, inaccurate, or insecure. The HRM Benefits Automation feature can really help your employees to feel engaged and empowered throughout the whole process.

2. Onboarding Automation Feature

Being able to find the right people to fill your specific roles is an essential part of managing a company, but the process of recruiting, hiring, and training your new employees can be very time consuming. You are constantly trying to stay organized while dealing with multiple job postings on multiple sites. On top of that, you must keep track of all the different candidates who have applied and their different stages in the application process. Once you’ve picked the candidate for hire, then it’s time to integrate them into the organization with all the proper paperwork and training. 

What is your process for recruiting, hiring, and training new people? Do you know what it is truly costing you? The onboarding process cost of a new hire with an average salary of 50,000 or less is about 20% of their gross salary.[1] That’s really expensive! So getting it right the first time is a must. 

Applicant Tracking System (ATS) is a feature that enables businesses to be able to collect and organize all the candidates that have applied to their job postings on all the different sites that have been chosen strategically (company website, Linkedin, Indeed, etc.). One of the coolest aspects of ATS is after hiring the individual you can seamlessly change the candidate’s status to employee, which triggers all the information to kick over. Now they can be paid, sign up for benefits, keep track of their time, and engage with the their new coworkers. All you’ll need on your end is to upload direct deposit information, pay type, frequency, social security number and your new hire will be set.

3. Employee Engagement Feature

One of the most overlooked problems within companies is that their employees are disengaged.[2] This problem is very complex and there is no simple answer to change your culture overnight. The first step however, is to address the lack of employee engagement by shifting your human resource management paradigm. Moving your company away from the human capital management model and toward an employee-centric human resource management model is a must. Businesses must strive to provide an environment that highlights every employee’s strengths and help them to overcome their weaknesses. 

HRM software features are being developed to help businesses make the move to an employee-centric model. Employee logins will mimic social networking profiles that many of your employees are already familiar with.This will create a more social and team-oriented environment where people feel a part of something that is bigger than just them. Your company will become more fluid and dynamic, laying the groundwork for engaging your employees.

So these features are cool, but…

What good are the features if you can’t build metrics around them? All of these features mentioned above will help your business grow exponentially because there are now analytics in place for their core business processes. You will be able to report on all your employee data, which will give great insight to your true cost per employee. What’s even better is that those business processes can be optimized [when implementing your  Software as a Service (SaaS). SaaS will push automatic updates to all of these mentioned features keeping every aspect of your payroll and HR software up to date.

HRM software is heading in the direction of allowing your company to have a completely integrated employee-centric HRM model with one software provider. Current features of HRM software are providing us a window into where the industry is going as a whole. Most of these features are available to you in some capacity but certain functionality may not be there yet. However, working with a HRM software provider that is in the development of these features is paramount for your ability to have the best ROI possible. Be an early adopter and don’t wait until it becomes mainstream.

[1] CBS News
[2] Dale Carnegie