What is a good HRMS for a startups of _100–200 employees and for the medium business

1. WhatisagoodHRMSforastartupsof~100–200employeesand for the mediumbusiness? HowDoestheBankingSectorUseHRMS? Here’showthebankingsector can benefitfrom anHRMS,an in-demand technology that’s here tostay. HiringtheRightTalent The bankingsector isknownforpeoplewhoareexpected towork inafast-paced,risk-laden, customer-centricworkenvironment. The HR personnelofbanksshouldalways bewell- prepared tofillupthe vacanciesarisingdue toresignation, transferorretirement of staff across branches and locations. No doubt,the recruitmentprocess is rigorousandtime-consuming.Buta good HRMS platform (with an application tracking system) should ease this task with workflow automation. Usually,thesesolutionsenablethe entirehiring andpayrollprocess,fromcreatingJDs and screening applications to candidate communication and appointment initiation. HR can also enjoy the liberty of spending more time gauging the real capability of candidates rather than wastingtimeon repetitive paperwork. RetainingtheBestPeople Whenitcomes toretaining talent,bankscannotafford tomakecompromises.This apart,they needtohavethe right mix ofexperienceand talent.Mostimportantly, theyhave tominimise turnoverandenhance the loyalty oftheirpeople.No doubtitisa massivebarrier to reckon with.

2. Anymovethatgoesawrycanadverselyimpactthe operationalefficiency, customer satisfaction andreputationofthe bank. HRhas toensure accurateandtimely salarypayouts toavertdissatisfaction amongthe employees.Theyalsorequireintuitivedashboardswith insightfuldatafor recognisinghigh performanceandproductivity.Itisequally importantto have asystemthatcreates career pathways and monitors the KPIs of every employee. All of this can’t happen without a comprehensiveHRMSsystem. TrainingforDevelopment Nowadays,it’snotsurprisingto see bankingprocessesandpolicieschangingoften. Eventhe rate oftechnologicaladoptionhasaccelerated, thanks tothe need to benimbleandefficient. Thiscalls for a comprehensivestrategyforfrequentskilling,upskilling andreskillingof the bank’s personnel. Modern trainingmanagementsystemsaredesigned tohelpbankscreate trainingprogramsfor differentdepartments.Cloud-basedplatforms facilitateeasyaccesstowebinarsandvideo tutorials from anywhere on any device. Even the assessment & certification system process becomesquick andeasyunlike itsphysicalcounterpart. EngagingtheEmployees Bankingprofessionalshavetoreckonwiththechallengeofinteractingwithexactingcustomers, adhere to strict timelines and brace for a high level of financial risk. So, it’s not uncommon for employeestoexperienceburnoutandlowmoralesometimes.Also,it’s notalways easy forthe HR tofeelthepulseoftheemployeeseverytime. Sincebankbranches are distributed acrosslocations,it’simpossible forHR to communicate witheverybody,redress grievancesandtakedisciplinaryactioninperson.Thebuilt-in employeeengagementmoduleswithintoday’s HRMS solutions makethetaskof communicationabreeze.Manyhave aprovisionfor runningin-house surveys and polls besidesprovidingregularfeeds andmessageboardsthat can be accessedbyall. MinimisingManualWork Every HRteamperforms alotof routine taskseveryday.It’snotpossiblefor theheadoffice HR to track the time and paper wastage across all their branches. Even the compliance reportingprocessinvolves paperwork.Ifat all somebranches succeed in optimisingtheir resources,it doesn’thelptheorganisation asawhole.

3. WhenHRandpayrollfunctionsareautomated,itresultsinquickerprocessingof salariesandfasterdecision-makingformanyother administrativetasks. Plus,itleadsto higher resourceoptimizationandeliminationofexpensivehumanerrors. EnablingEmployeeSelf-Service Everyemployeerequiresaccesstoorganisationalpolicies, forms,payrollinformation, statements,reports,claimstatusandmore. Butit’snotfeasiblefor HRto address each query manually andquickly.This issue gets aggravatedinlargerbanks withmore branchesand frequentemployeemovement. Thearrival oftheemployeeself-service portal(ESS),witha supportingmobileapp, has turned outtobeablessingfor HRs. Many ofthetasks,likeupdatingpersonal detailsand generating payslips,are nowdonebythe employees themselves.They just need tologinand execute the tasksattheirconvenience.ThishelpsfreeupbandwidthforHR,enablesemployees tofocusontheir departmentaltasksand createsgreatertransparency. CentralisingData Storage Bankshavebranches ofall sizes and multiple departments as pertherequirements ofthe location.So,bothHRandemployees requireamultitudeofinformation onaregularbasis to do their work in a hassle-free manner. Paper-based documents are outdated, while spreadsheetsareno morepracticalfor largerand fast-expandingorganisations. Acentraliseddocumentrepositoryprovidestheanswertoallthedocumentationwoesofbanks. Whendocuments are digitisedandstoredin oneplace,it’seasyforpeople to access thesame whenrequired.HRcan also define theaccess permissionsbased on different levels.Thisstep calibratesthe documentationprocessandalsokeepsinformationand assetssecure. ClosingThoughts Everybankhas itsuniquebusiness challenges andemployeedemands. Butmostof the core bankingfunctionsremain thesame.Every HRhasto constantlyexplorenewerwaysto keep theiremployees happy andmotivated. This expectation putsa lot ofpressure on thewhole department. AgoodHRMSenables anHRto optimiseworkflows andexpedite tasksthroughout an employee’slifecycle.The self-servicefacility willoffergreatercontrolto theemployeesso that theyfeelmoreempowered.Thischange can createadominoeffect andhelp the banking enterprise drive costsavingsandincrease profitability.Visit greytHRwebsite forHRand PayrollSoftware products.