How will SaaS-based HR Software Churn Analytics-Based Decisions in India?

How will SaaS-based HR Software Churn Analytics-Based Decisions in India?

The businesses in the Indian subcontinent are evolving at skyrocketing speed in many sectors while other sectors are expected to snowball in the upcoming years. Therefore, the conventional decision making philosophy embedded deeply in the work culture will need to be radically reinvented by the companies. Traditionally, the decisions regarding each human resource management functions are taken either on the basis of the expertise and speculations of the HR professional or the bookish principles taught in the colleges. This approach can cost the business a fortune due to the high stakes involved in the mass production and mass consumer market. All the decisions which affect the company’s human resources needs to be managed with arrangements backed by facts and figures. Due to the multitude of transactions involved, the need for a technological breakthrough was evident, which paved the way for SaaS-based HR Software solutions that provide robust analytics for each function of workforce management.

What is the effectiveness of the conservative approach and does it even exist really: The realistic story.

If you observe any company with high attrition or low productivity irrespective of opportunities in the market, you will always find one thing in common: improper company structure. A survey shows that a structured organization will show a 34% reduction as compared to it being improperly structured. This is a piece of great news for the employers as the retention of employees will ensure smooth functioning. However, defining an organizational structure is a massive exercise, and enforcing it is a mammoth task for any company. With the concurrent businesses feeling the heat of mail and spreadsheet-style of management lately, HR Software solutions powered by the Software-as-a-Service (SaaS) framework are going to be as good as a fad turning into a full-fledged fact. Traditionally, the employers entrust their senior managers, and it all flows downward without any information of actual work being ever reverted back to the employer. So in simple words, the old school decision making is based on trust and not on the concrete facts, figures, and analytics. Let us have a look at the article and learn about the transformation possible with analytics-based HR functions.

Integrating talent acquisition with web-based media:

The target masses for the jobs are no longer finding work in the newspapers’ vacancy advertisements section. The SaaS model allows the user to generate the job vacancy and an apt job description for the position and it is posted to the company website, online job portals, and social media profiles with a single click. The Applicant Tracking System enables the sourcing and sorting of all the resumes received. Therefore, the employer can run an initial praising by comparing their resumes with the social media profiles mentioned in their applications to check the resemblance with content. Having web integration will help in hunting the right talent and shorten the acquisition cycle to a great extent.

Implementing Performance Management over Measurement:

The HR Software solutions come with the Performance Management Systems, which help in the scientific KRA-KPI based management of the productivity of the employees. They have to mention their daily activities along with the time taken to complete them in term of measurable quality variables and the quantity of the identical tasks done. In the case of the administrative work profiles, the average work done by an employee per unit time is considered as the benchmark of productivity. Having insights into the strong and weak areas help the management in delegating work, assigning adequate responsibilities, giving salary hikes, and strategic decisions like promoting staff members. These decisions if taken without sufficient data can cost the companies a fortune as the human resources are the only dynamic factors controlling the fixed capacity resources of your business.

Tracking time and ensuring the smoother payroll processing cycles:

Time theft, buddy punching, proxy attendance are some of the most significant concerns over which hardly any action is taken due to lack of information available to the employers. Using biometric machine integration can acquire accurate data of the employee presence. All the company offices are covered with various shifts under the same attendance platform. The use of Geofencing and Geo-tracking technologies will enable the companies in enforcing the Bring Your Own Device (BYOD) policy to reduce the infrastructure cost using the connectivity of the staff members’ devices. This information shall be directly used to generate the attendance component of the salary and payroll process is to be streamlined with virtually zero errors owing to computerized calculations.

Web integration for disbursement, automated compliance management on a centralized basis:

The cloud-based HR software is integrated with the banking facilities. The net pay generated by the software after statutory deductions are disbursed to the employees’ bank accounts directly. This will ensure accurate and timely payment of salaries and keep a digital transaction history of all the payments made. The employers can generate reports such as cost line allocation, employee utilization, and time-span efficiency reports for each staff member on an individual basis. This is a unique analytical feature that helps in the management of the capital in terms of profitability and not mere productivity. Regulatory filings are generated by the system, and files are created to be directly uploaded to concerned portals.

Ending the speculative debacle: Analytics and automation are the way out.

Most of the HR functions are repetitive in nature, yet they require extensive documentation. Manual documentation in large volumes is neither efficient nor well maintained enough for analysis. It is reduced to administrative formalities in spite of the tremendous data it could provide to the employer. The cloud payroll software solutions will provide the employers with comprehensive data on all the transactions made by the entire staff and analyze it on multiple parameters to serve the business interests from time to time. Having cloud technology will help in centralizing management at all locations.

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