The Reasons why SME (Small and medium enterprise) should adopt HR Software?

Human resource is the backbone of many businesses. Without an effective HR department, an organization cannot function well. But in the case of Small and medium businesses, the owners may think that there is no need for human resource department since the business is short and it may be very expensive.

Human resource software for Small and medium enterprise

Managing even a Small and medium business can end up in multi-tasking. From recruiting to accounting, the whole tasks are needed to be managed by a single person. But ignoring the human resource side can be quite challenging. Because it can lead to serious mistakes which can adversely affect your business. Mistakes are a lot more common in the recruitment process of a small business. By providing clear job description about the job, you can attract many new qualified talents. The best hiring decisions can be achieved by a human resource team. By using human resource software, you can efficiently manage the business tasks.

Let us see some of the major benefits enjoyed by small businesses by using the human resource software.

1. Compressed workload

If the software is used in Small and medium industries, the multi-tasking of business owners can be put to an end. With the arrival of this system, the separate modules of the software can control and manage all the HR tasks.

2. Enhanced management

With the software, the administration process can be made quicker and easier. You can manage all the business tasks, especially the functions of the HR, in the easiest manner. Better management of the organization will help in the better functioning and smooth running of the business.

3. Enhanced decision-making

The information provided in this highly efficient software can help you with effective decision making. Decision making is important for any business since it deals with the growth and success of the business.

4. Better Return on Investment (ROI)

You can save many of the resources you use while adopting such software. The high efficiency in work you can attain helps in the return of investment. You can work towards improving the work efficiency and ROI by deploying the software.

5. Future saving

This is another great feature of HRMS which helps more companies to adopt it. Whether it is recruiting or payroll or performance monitoring, all these tasks can be done within minutes. The employee management can be done within no time by just a single click. Saving more time is crucial since a business need to care about many activities.

6. Performance evaluation

Employee performance can be assessed by using this software. There is a module which deals with all the activities of by the employees. The managers can monitor and examine each member’s performance. If any member has any performance issues, proper training sessions can be arranged for them.

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The top 10 latest trends that will change the way you work

1) Remote work

Using technology, remotely work will become even easier to manager tool like slack will help employees collaborate better.

2) Flexible work

As collaborative workspace like WeWork become more popular and open up more spaces, flexible work will become a bigger trend.

3) Millennials have more power

Millennials will move into higher positions in the company, has more power, and change processes for the better

4) Work Life balance

Companies will start to talk this much more seriously in 2016 and let employees enjoy downtime to be more productive at work

5) Workplace Diversity

In 2016, companies will put a stronger focus on workplace diversity and see it as a competitive advantage.

6) Deeper Metrics

Apps will be talking to each other to send data cross platform, making measuring so much easier and more powerful

7) Transparency

As more companies use collaborative tools , 2016 will be a year of increased transparency.

8) Empower employees

In 2016, employees will be more empowered to make decisions and find relevant information.

9) Corporate social responsibility

More companies will see the importance of giving back and implement social responsible programs

10) Constant improvement

Teams will be focused on constant improving , using tools like objectives and key results(OKR's)

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6 Important Elements of latest HCM Software

HR process automation is the way to move ahead in the modern world. Regardless of the size of an organization, the need to increase employee performance is now being satisfied through these impressive analytical tools. Be it payroll software or any other software, they are all great useful tools that can be used to increase the performance of an organization.

I this article we have compiled some crucial aspects of an effective HR softwaresolution that allows you to increase assess your employees’ efficiency, which will ultimately help them and your organization to flourish.

Here is what good HCM Software should offer you:

• Employee Central

Gone are the days when you had to form a queue outside the admin office to process your leave balance and other personal stats. Good HR software will bring all the information required to you, sometimes right to your mobile phone. Allowing your employees the convenience of viewing their statistics will enable them to know where they stand and what areas they might be lacking in.

• Automated Services

Paperwork is something we all find tedious. With modern HR software systems, such issues can now be automated. With just a swipe of your card or your thumb imprint, your attendance, leave balance and other details can be easily processed. Your payroll package is also updated automatically so there is little need to worry about any miscalculations when it comes to payments.

• Information Management

The increase in demand for more employee statistics is prevalent in most companies. The reason is that managers find it a lot easier to make decisions based on hard data instead of second-guessing. By making employee information readily available, managers are able to make wiser and safer decisions for the company.

• Versatility

Modern HR software should be flexible enough to help your business grow, regardless of its position within the industry. After all, the ultimate purpose is to expand. One example is that your software should be able to deal with different company models. This way, it becomes a lot easier for you to focus on expanding your business both horizontally and vertically.

• Compliance with Law

Most HR software is localized for a particular country or region, following the regulations and legislation of that jurisdiction. If your HR software is compliant with all tax laws and other legal regulatory requirements, you shouldn’t have any trouble when audit time comes around.

• Compatibility with Latest Software

If your software is in-tune with the latest technological advancements, it will level the playing field between you and your competitors. The reason is that as most companies continue to develop and progress, their need for newer features and technologies increases. This shows how crucial it is to have an up-to-date software that enables you to stay in the game.

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5 HR & Payroll Errors That Startup's Often Makes

Startups are real rule breakers. But HR and payroll errors are too common, and one part where companies don't want to break the rules.

Startups are real rule breakers. You’ve got to ruffle a few feathers and disrupt the status quo if you want to build the next Linkedin. But there’s one area where startups definitely don’t want to break the rules: payroll and HR.

Startups that don’t comply with payroll and HR laws can face serious legal and financial consequences. Some penalties are even severe enough to (almost) drive them out of business. With that in mind, we've put together this list of the five biggest startup payroll and HR mistakes to avoid.

1. Mixing Business and Personal Finances

In the early days of a startup, having a business bank account can seem like a bit of a pointless activity. Brand new companies are rarely making any money and it might seem to the founder that there's no point in pretending like he's paying his employees with company (not his own) money.

2. Misclassifying Employees as Independent Contractors

Treating an employee as an independent contractor, when they should, in fact, be legally considered an employee, is one of the most costly mistakes a startup can make. Employers do it because they don’t have to pay taxes, insurance or overtime to independent contractors. They also don’t have to offer contractors benefits.

3. Trying to Manage Payroll and Compliance

Payroll is so hard to do, and business screw it up so often, that the IRS penalizes about 1 in 3 business for payroll mistakes. The complexity of managing quarterly tax withholdings at the local, state and federal level.... it easily adds up to a full-time job, even for a business with just a couple of employees. That’s why most businesses use a payroll service.

4. Overpaying for Healthcare and Benefits

Startup competition is fierce these days. If you want to attract top tier talent, especially developers, you’ve got to offer excellent benefits, particularly with healthcare.

5. Frustrating Employees with Endless Paperwork and Confusing Software

Nobody likes paperwork, especially not fast-moving startups. Yet many businesses continue to use outmoded HR processes and legacy software. Stop the madness!

Better try HRMantra to avoid all these problems!!

The following are the major features of the HRMantra Human Capital Management software.

1. Human Resourse Management
2. Attendance Management
3. Leave Management
4. Claim & Helpdesk Management
5. Payroll Management
6. Performance Management System
7. Learning Management
8. Recruitment Management
9. Project Management

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