Running a business is not a piece of cake. You need to handle and manage many segments, from daily tasks to meeting targets, managing projects, and even managing resources.
On the other hand, no matter how many employees we have to oversee these tasks, businesses need digitalization to stand out in the crowd to make it efficient. The more employees you have, the better you need automation to manage them equally. In this regard, the HR ERP module is a highly anticipated solution that every business requires.
In this reading, you will learn about how the Human resource department can leverage ERP software. Moreover, we will identify how ERP is effective for SMBs in terms of functionalities and cost.
Why Businesses Need To Integrate HR ERP Software
Human resource management is a critical function for any business, as it plays a key role in attracting, retaining, as well as managing employees. An HR ERP (Enterprise Resource Planning) software can help streamline HR processes and improve the overall efficiency and effectiveness of the HR department. Here are some of the reasons why businesses need to integrate HR ERP software:
HR ERP software provides a centralized database for storing employee information, making it easier to access and manage. Moreover, it eliminates the need for manual data entry and reduces the risk of errors.
Automated HR processes
HR ERP software automates many HR processes, such as recruitment, onboarding, benefits administration, and performance management. This can save time and reduce the workload of HR personnel.
HR ERP software automates many manual tasks, such as tracking employee attendance and managing benefits enrollment, freeing HR staff to focus on more strategic tasks.
Better Data Management
HR ERP software provides a centralized location for all employee data. The stored data makes it easier for HR staff to access, update, and report on key information.
HR ERP software can help ensure that HR policies and practices comply with relevant laws and regulations, reducing the risk of fines or legal disputes.
Improved Employee Experience
HR ERP software can streamline the process of enrolling in benefits, requesting time off, and accessing other HR-related information, improving employees’ overall experience.
Better Decision Making
HR ERP software provides access to real-time data on key HR metrics, such as headcount, turnover, and employee satisfaction, which can help inform decision-making at all levels of the organization.
Integrating HR ERP software into a business can improve HR processes, reduce HR-related risks, and provide valuable data that can inform strategic decisions.
Must-have Features For HR ERP Module
We At MMCGBL own our customized HR ERP that our experienced developers have developed. We have a great experience building highly functional ERPs for almost every industry. Our team has done multiple ERP-based projects that streamlined business functions such as accountancy, HR, marketing, CRMs, inventories, etc.
Our in-house integrated HR ERP (Enterprise Resource Planning) module is a software solution that manages our human resource processes. Some of the must-have features for an HR ERP module are:
Employee Information Management
The ability to store, manage and update employee data such as personal information, job history, education, and skills. It helps businesses to maintain records of their existing and former employees.
HR ERP contains a comprehensive payroll management system that can calculate and process employee salaries, taxes, and other deductions. Therefore, well-organized payroll management ERP software fastens HR operations with 100% accuracy.
Time and Attendance Tracking
The functional HR ERP has the ability to track employee time and attendance, including sick days, holidays, and overtime. The overall system is automated, as well as our HR does not need to operate it manually.
Our HR ERP software is highly reliable in evaluating employee performance, setting goals and objectives, and providing feedback.
Recruitment and Onboarding
HR ERP software also helps find the best fit for vacant positions by automating our manual tasks. Your customized enterprise resource planning software better manages recruitment, including job postings, candidate tracking, and onboarding new hires.
The Benefits management feature also helps to sort out a big problem. It is pretty hectic to manage different slab employees. Once you feed it into your ERP, you will not track the individual benefits such as health insurance and paid time off.
The HR ERP module should ensure compliance with relevant laws and regulations related to equal employment opportunity, privacy, and data security.
Reporting and Analytics
A reporting and analytics tool that allows HR managers to generate reports, track key performance indicators, and make data-driven decisions. You can also export, share, and update your reporting on a real-time, monthly, yearly, and quarterly basis.
Integration with Other Systems
Your ERP should be highly scalable to integrate with other enterprise systems, such as the accounting system, to ensure seamless data flow and eliminate manual data entry.
Cost-Effective ERPs With Trusted Software Partners
Automating your business operation helps you improve work efficiency, increase productivity, and lessen human error. Building an HR ERP can be cost-effective if you have a trusted IT partner.
The cost of developing HR ERP software varies based on several factors, such as the features required, the project’s complexity, the number of developers needed, and the location of the development team. On average, the cost of developing a basic HR ERP software can range from $50,000 to $150,000, while a more complex system with additional features and customization can cost upwards of $500,000. It’s important to note that this cost is just an estimate, and the actual cost can vary greatly based on the project’s specific requirements.