Finding the right HRMS for your financial service firms can be confusing, challenging and overwhelming.
Knowing what features are important and non-negoitationable, and which one are nice-to-haves are essential.
More importantly, you need to make sure HRMS software you pick must have all those necessary features that can support your business goals.
In this article, we explore the top HRMS features that every financial service firm need.
What Is HRMS?
HRMS stands for Human Resource Management System. It is a suite of software applications that help businesses manage human resources and other related procedures throughout the employee cycle.
It enables the enterprise to comprehend its workforce while following standard compliance regarding changing tax laws and labour regulations.
HRMS is about leveraging technology for boosting efficiency and aid managers creating much more happier and productive teams.
Different Types of HRMS
- Onboarding and Offboarding: This includes onboarding and offboarding software where the onboarding tools can help guide new recruits throughout the process, including paperwork, login creation, I-9 verification, and others.
- Compensation Management: This system features administrative, payroll, and benefits management software. The compensation self-service becomes helpful for employees to check their health benefits.
- Staff Management: It features workforce planning and preparation including management software, time tracking, leave management, employee scheduling etc.
- Workforce Management: This type of HRMS include human resource information system(HRIS), human resource software, human capital management, employe recording & monitoring software and employee record tools.
- Employee Development: Development is all about helping employees grow and keep them satisfied. So this include employee satisfaction software, talent management software and performance management software as well.
Feel free to choose different combinations of features depending upon your HR Software Pricing, financial operations, business goals and other specific requirement.
Why Is HRMS Important For Financial Service Firms?
Even though HR expenditures, especially office spaces, are reduced simply due to the rise in the work-from-home model, companies are still required to calculate labor costs to accurately manage the revenue per employee.
You need HR Software For Financial Services to help financial companies organise, automate and centralise all the employee data and procedures.
Not only it helps businesses to save time, money and resources but improve employee overall experience and ensure compliance with the labour laws as well.
HR management in financial services play a crucial role in improving the internal communication, reduce errors, prevent potentia legal issues, optimise team output and streamline various processes as well.
Top 9 HRMS Features To Look by Financial Service Companies
Here are the top HRMS features you need to look for financial services:
- Centralised Employee Records: It provides a single repository where companies can find all employee records properly stored, updated, and maintained for easy access. This also helps reduce the cost of compliance, ensure better reporting, and optimise the preparation for audits.
- Talent Acquisition: This feature allows recruiters to build career pages on the intranet and the company’s official website. It also enables them to create job requisitions with detailed descriptions, manage several positions, and integrate open job profiles with the job board. They further also manage incoming resumes and track these applicants throughout the entire hiring process, perform background checks, extend job offers, conduct pre-employment screening and create application forms for jobs as well.
- Employee Scheduling: It allows HR staff to create attendance modules, manage the employee schedule, and set alerts and notifications to check attendance or overtime.
- AI-Powered Analytics: AI-driven analytics can offer deep insights and detailed analytical data into employee behaviour, attendance patterns, engagement levels, and other aspects as well. These valuable insights help HR teams to make more data-driven and informed decisions and implement effective strategies.
- Clock-In & Clock-Out: This is a time and attendance-related module that allows your employees to keep a record of their working hours. It can also offer advanced check-in options such as biometric scanners, fingerprints, PINs, magnetic card readers, and facial recognition as well.
- Real-Time Reporting & Forecasting: One of the top HR Software essentials offering customised analytics and reports. The real-time information lets your staff make data-backed and timely decisions to boost performance KPIs. Also, you can forecast how many hours a specific task will require or how many employees need to finish a certain project.
- Benefits Adminstration: It overlooks the management of employee benefits. It allows easy access to the benefits administration modules that connect the businesses to benefits like medical insurance, sick leave, pension plans etc.
- Self-Service: In both management and for employees, self-service is an one of the essential HR features for financial services. It speed up the HR processes and enable your employees to feed their personal data and check status as well.
- Mobile Compatibility: Expect the HRM solution providers to offer you additional mobile applications for Android and iOS operating systems. HRMS software provides accessible solutions on the go to maximise efficiency. It allows your employees to access the required information irrespective of where they are.
Conclusion
The top HRMS features includes the real-time reporting, staff management, employee scheduling, centeralised employee records and others explored in this blog.
The key lies in the planning aspect before you dive into choosing the perfect HRMS software for your business.
Through proper research and analysis, you sort the best HR tools for finance that meets your firm requirements.
You can choose several variety of combination of these top features depending upon the specific applications.
We at HROne are a reputed HRMS brand offering an extensive range of features and capabilities with exceptional support and infrastructure to accommodate your financial operations. Book your free trial today to get started!