Five Must Have Features of Your HRMS Software

Human resources are one of the most important and essential components of any business. Without people it is not possible to run a business, big or small. Thus, it becomes imperative for the business houses to have the best HRMS software system that will help them manage their entire company. HRMS software is normally customized for each company according to their requirement. However, there are certain features that should not be given amiss while you are planning to design and develop or buy a Human Resource Management Software

So, let us take a look at the five essential features that should be implemented in your HRMS software. 

  • Centralized employee information management

Since it is about your employee, there should be a complete database system that will create, modify and save all the employee details. Personal and professional information about every employee should be kept in a management database that can be accessed from a centralized platform. This is important for corporate companies that have branches in different cities. The system must have the following features for the best employee information management:

  • Employee personal and professional records
  • A self-service portal for the employees
  • Salary history
  • Job history
  • Insurance plans
  • Disciplinary history
  • Tax and bank details
  • Time-off used and accrued

 

  • Talent Management

It is very important to evaluate each of your employees from time to time. It will not only enhance their potential but also help your company to use each talent in the most productive way. When you implement a robust talent management segment in your Human Resource Management Software, you make sure that you are ensuring your employees with the best that they deserve and also bringing in customer satisfaction and productivity. Make sure that the talent management segment should have the following components:

  • Employee performance
  • Competency test
  • Behavioral test
  • Key performance indicators
  • Feedbacks and reviews

 

  • Accounting management

Payment is one of the core areas of employee management. It is vital to keep employee accounts updated and error-free. For any Human Resource Management Software, it is quite normal and important to keep a detailed database of accounts for each employee working. It requires a lot of calculations on an everyday basis to keep the database updated and error-free. Some of the general features of accounts management should include:

  • Payroll
  • Rewards
  • Compensation
  • Employee recognition
  • Salary Administration

 

  • Time and attendance management

For every employee attendance is very important and so for the company to keep information about the time and attendance of each of its employees. The time and attendance management system enables the company to evaluate each employee in different areas. Regular attendance, schedules, and shifts are maintained from this segment of a Human Resource Management Software.

This include:

  • Time reporting
  • Clock – In/Out
  • Project Billing
  • Time Tracking
  • Work schedules
  • Overtime
  • Absence management
  • Biometrics
  • Holiday calendar

 

  • Benefits management

Lastly, benefits management must be incorporated in the HRMS software since it will keep a tab of the employee benefits, workflow, insurance wellness and other facilities provided to each employee by the company. A company must take care of its employees and provide benefits as per the employee’s designation and performance. This has to be calculated and kept in record for evaluation.