10 Benefits of using a HR platform
Sat 20 Apr 2019HRMS
10 Benefits of using a HR platform for your organisation
In today’s world HR has become far more than just a recruitment and payroll division, and is in charge of setting organisation culture, tailoring strategy and works to create an environment that facilitates high morale and productivity. In line with this shift, there are many software platforms in the market that allow an organisation to smoothen processes and operate with higher efficiency in their day to day processes. Below are the top 10 benefits of using a HR platform for your company:
1.Customisation of rules as per your HR policy
HR software providers let you customize shift-rules, leave rules, income tax declaration rules and create salary structures that cater to your organization’s functioning. Along with provision to upload company policies, such as expenses, insurance and benefits, etc which are accessible to all employees based on level/designation.
This further reduces the workload on your HR teams to ensure all requirements are adhered to at all times.
2.Saving time for all your employees
HR software helps in automating most time-consuming HR tasks – managing employee information, storing documents, administering benefits, analyzing employee performance, and building employee engagement, among others
With an HR software, your HR team can automate otherwise time-consuming redundant tasks, freeing up valuable time. With emplify, all these tasks are done through the same system, ensuring HR doesn’t have to use different systems for insurance benefits, attendance and leave, payroll, etc, by consolidating everything in one offering. This allows your HR verticals to function better by providing an integrated experience that helps them focus on organization goals and increasing employee satisfaction, morale, and productivity.
3. A better and more holistic employee experience
In a world where everything is digital, there shouldn’t be a need for employees to fill lengthy onboarding forms, and submit hard copies of their documents. It is also inefficient to have every employee onboarded onto multiple systems for processing from HRMS to payroll, to attendance, benefits, expenses, etc. With emplify, it’s a simple single window onboarding process. HR just has to set-up the employee’s login(tied to the company email id) and the employee can input his/her own details via the self serve portal, ‘My Emplify’.
4.Analytics and data
In this connected world, data driven decisions are becoming the norm for every field and vertical. Even in HR, benefits, performance metrics etc need to be data driven to be able to adapt to the changing world and get the most out of the organisation. HR platforms provide data that can help you track the taxes paid, reimbursements disbursed, and employee performance. Emplify also allows you to track insurance data, such as claims by age mix, usage of benefits, predicted future premiums and more!
data presents an opportunity to better understand the current scenario at your organisation, and allows you to create a efficient and effective benefits plan and HR policy.
5.Data security and access control
Storing hard copies of employee forms requires a lot of space, an also makes it hard to retrieve the documents for any changes. This also creates accessibility and security issues, as the documents are vulnerable to leaking or physical damage. By using HR software, your HR team can store employee data and documents digitally, which be easily retrieved without waste of time. HR platforms also provide security services such as IP address restrictions and access restricted user logins, in order to keep sensitive information confidential.
6.Efficient leave & attendance tracking
Manually tracking employee attendance is cumbersome, and inefficient, often resulting in errors. Inaccurate tracking of employee attendance can impact your monthly payroll which can result in reduced team morale and employee dissatisfaction.
Having a HR software that provides leave and attendance management allows you to smoothly calculate payroll and manage leaves and approvals. Emplify integrates leave and attendance with payroll, and also allows you to set multiple leave policies based on location, designation, and more.
Running Payroll is an important part of every company’s activity as it deals with employees’ livelihood and compensation. There is also a major statutory and compliance angle to payroll, which means it is imperative that payroll be calculated without errors.
Having an HR platform that can compute payroll in all its intricacies(one time bonuses, expense reimbursements, Loss of pay calculations, deductions(such as loans, damages, etc), contributions to insurance premiums and more) allows for a simple, hassle free experience. It allows your HR team to have complex calculations happen without errors, and lets them focus more on adding value to the organisation and less on routine tasks.
8.Approvals and chain of command
Every employee has expenses to be reimbursed, leaves or attendance regularization(filing attendance for days in the past) to be approved, either by their manager, HR/Admin, or both. A HR software allows for easy filing of such requests, and provides documentation on every approval that was done, making internal audit/annual checks a lot easier. This also makes processes simple and transparent, reducing the total work for your employees, and improving employee satisfaction.
9.Employee tax deductions & declarations
The government of india has various schemes where they allow tax exemptions, under various sections of the income tax act, such as 80C, 80D, section VI A, to name a few. Companies allow employees to declare these exemptions, which allows employees to get lower tax deductions month-on-month instead of a refund at the end of the year, reducing the work they have to do and stabilising their cash flow.
Generally, HR platforms set a date in the business year(usually 2-3 months before financial year end) by which time all employees have to provide proof for their tax deductions. Upon verification(by company auditor or finance team) the team then decides if the proof and the declared amount match up, and then process the actual eligible income tax payable spread out over the remaining months.
Beyond payroll and tax, companies also provide benefits such as gratuity, health insurance, accidental insurance, etc. Most HR platforms don’t tackle this, and in the end companies are left to handle benefits outside of their main HR platforms, making it cumbersome and often creating a lot of redundant work. Emplify handles these issues seamlessly, unifying onboarding processes into one step. So when you load an employee, emplify automatically allows you to set his benefits package, and informs insurer/insurance advisor to process the endorsement. It also tracks the float balance value, to make sure you maintain a premium balance with the insurer to smoothly add new employees. The same process also happens upon exit, where an employee is automatically deleted from the policy after his/her last working day. Float balance updates are also processed.
Contact us to sign up for a demo, and bring your organisation fuly into the digital age!