Every company wants to maintain its competitive position by tracking attrition rates, expenses, and payroll costs while experimenting the ways to increase workforce productivity and profits. Today’s workforce is highly-dynamic and different from yesteryear. Leading companies understand the importance of sustainable growth and modernization to streamline HR, payroll, and operational processes.
By deploying the right cloud-based human resource management software, the possibilities are limitless and companies can achieve a lot more. To explore more along with reasons to switch to cloud-based HRMS, you can continue reading.
In this blog, we will discover about
- What is cloud-based HRMS
- Features of cloud-based HRMS software
- Cloud-based Software Benefits
What is Cloud-based HRMS?
To know about cloud-based human resource management software, we should first understand what does cloud-based software or cloud software means.
Cloud software is a system hosted on systems of third-party service providers and easily accessible to anyone depending on the access rights given to them. A cloud system is a comprehensive system that can be accessed from any device, unlike traditional or on-premise systems.
Now, we came back to our question-what is cloud-based HRMS?
A cloud HRMS system is a centralized storage platform that offers the highly secured virtual space for creating a repository of databases, easily accessible by employees, HRs, and other stakeholders of an organization. This system allows easy management of HR functions from payroll to training sessions helping HRs to save time, cost, and resources.
HR management has come a long way from licensing proprietary HR software which was supposed to be hosted on the company’s servers to outsourcing HR functions to switch to cloud-based HRMS software. With technology advancements, trends of handling HR functions have transformed too.
Licensing proprietary software Outsourcing HR functions Cloud-based HRMS system
Features of Cloud-based HRMS
The benefits of cloud-based HRMS depends upon numerous features it has to offer like:
- Customized templates for generating offer letters, conducting employee surveys, creating personal details database, and other HR activities
- Role-based workflows to automate multiple processes and save man-hours consumed in routine processes
- Pre-defined programs and conditional workflows to ensure regulatory legal compliance
- Online forms to store, approve and track flows related to onboarding, training, etc.
- Employee self-help platform to track their attendance, fill personal information, check their leaves, and more
- Multi-device accessibility to view, approve and monitor tasks in real-time from anywhere to everywhere
- Inbuilt report creating modules to generate insights, metrics, and reports for analytical purposes.
Along with the above-mentioned features, there are many more that let organizations to switch to cloud-based HRMS.
Cloud-based HRMS is slowly establishing its position in startups, SMEs. Tech giants and businesses are planning to switch to cloud-based HRMS as it :
Cloud-based HRMS Software Benefits
By deploying cloud-based HRMS software, companies can remain nimble and boost workforce productivity and profits.
But how? Let us brief some of the major benefits of cloud HRMS:
A Year-Availability (24/7 365 Days)
In today’s highly competitive business landscape, not having access to data whenever you need it, equals lost opportunity, decreased customer satisfaction, and profits. The right cloud application is available no matter where your customer, finance, admin, payroll, and HR managers are. Irrespective of their locations, they can gain access to data in real-time, respond to employee queries, vacation, and other leave management requests.
For instance, employees working remotely from different locations and time zones can access, manage and update documents easily on a cloud-based HRMS system.
When it comes to an on-premise HRMS, any upgrade could be a major one—entailing significant time and expense. In contrast, the cloud HRMS offers huge reductions in deployment time and provides easy, instant access to updates and innovation. As a result, your business can achieve the maximum benefits much more quickly.
On average, cloud-based HRMS solutions take little time to configure and adapt over time. So, if we compare on-premise with cloud-based HRMS, we can safely land to a cloud-based HRMS software. Additionally, cloud-based HRMS can lead to productivity benefits like workforce optimization, competitive edge, and employee satisfaction.
The 21st-century economy is full of emerging technologies to explore. Successful organizations are leveraging innovative human resources systems so they can take care of their employees, who can then take care of their customers.- Oracle
Companies have traditionally trusted IT teams to maintain their on-premise HR systems. However, mature and robust cloud-based HR solutions are changing that perception. Cloud-based solutions are easy to configure and scale as per business demands. Further, there is less reliance on employees to deploy, manage, and support them.
With cloud-based HRMS solutions, support costs for a business can exceptionally be reduced. Additionally, requirements for highly efficient in-house professional teams, host servers, security maintenance have also been reduced resulting in overall reduced costs.
Compliance with confidentiality regulations is crucial for any organization. The most personal information an organization holds about its workforce is stored within the HR functions such as bank details, home addresses, salary slips, perhaps information about medical conditions as well. If any organization is storing this information on spreadsheets it is quite vulnerable to being used inappropriately.
A cloud-based HRMS like HROne HRMS works by helping drive business outcomes by storing personal records in a secure manner and minimizing compliance risk. Further, you can depend on this powerful and proven cloud platform that is robust, high-performing, secure, scalable, and mobile — allowing you to adhere to the organization’s compliance rules closely.
Change is a constant in today’s global marketplace. However, moving your core HR applications to the cloud is a major undertaking. Without strategic guidance and the right partner, you may not be able to leverage the full potential of cloud-based HRMS.
To stay agile is the need of today’s business and this need can be fulfilled by leading cloud-based HRMS software that can manage the workforce seamlessly. If you need to know and switch to cloud-based HRMS, we recommend you book a discovery session with HROne to know more.