NetSuite Human Resource Management System: A Complete HRMS Solution For Modern Enterprise
In the vast majority of the small to medium enterprises, the HR system remains disintegrated from the company's ERP or financial management system. Because of this HR employees managing payroll need to connect the finance system in a manual process. So they use Spreadsheets filling up tons of data fields by manually fetching expense data with the finance department.
Apart from the hundreds of hours that such procedures take, this also often results in incomplete records and manual data entry errors. The impact of all these can be on the slow growth rate and less adaptability of the business. As an obvious solution to this, ERP integrated Human Resource management software has been adopted by many companies.
The human resources management software offering an integrated set of software applications tools to handle all human resource tasks and corresponding processes for the entire employee lifecycle can make a huge difference in terms of efficiency, productivity, and output.
A unified HR management solution developed by NetSuite Alliance partner company becomes an irreplaceable pillar of modern-day enterprise resource planning (ERP) systems. For all the day-to-day workforce management operations and for maintaining compliance as well as performance reporting, one integrated HR solution can do all.
Thanks to this integrated system, both managers and employees can carry out self-service for all common HR tasks. On the other hand, managers and strategists can directly access employee data for understanding specific workforce trends and the corresponding impact on business operations.
On top of that, the cost of Human Resource is regarded to be one of the biggest areas are in any company's operational budget and this integrated system can play a great role in lowering the overall cost and tracking the expenses.
Enterprise Processes Benefited Most From Unified Human Resource Management Software
Many business processes and departments are direct beneficiaries of the integrated and unified human resource management software. These processes enjoy more efficiency, productivity, control, and cost benefits.
Payroll and related expenses represent one of the largest expenses in the financial statement of any company. This is why it deserves to be managed efficiently. Now when the payroll is managed separately segregated from the finance system, it leads to several problems.
The disintegrated payroll management outside of the finance system can lead to unwanted delays apart from increasing the scope of human errors. When the payroll is handled outside of the finance system, it delays the financial reporting as well. Since without payroll data, the tax calculation is not possible, the financial reports depend on the payroll data.
This shows how an integrated payroll system with the company's ERP and financial management can help to streamline the process and to avert the delays and process silos.
Managing Employee Records
Another time consuming and rigorous process for any business is keeping the employee records in an organized, easy to track, and reusable manner. Whenever changes take place with employee data and personal information, it needs to be updated so that the company has better control of its workforce.
For example, in any organisation the change of employee addresses needs to be updated all too frequently. On the other hand, the system needs to have a proper time and date stamp to facilitate easy tracking of the original data. With manual processes taking care of such things, the procedure can be really time-consuming, strenuous, and lengthy. The manual data entry and processing also leaves a wider scope for human errors leading to more time and efforts in the correction of data.
There are many challenging areas corresponding to employee record management. For example, the Paid Time Off (PTO) liability corresponding to employees who are on the way to leave the company is a liability that can be increased if not managed with proper protocols. Lastly, precision and accuracy in managing and maintaining employee records ultimately help in meeting the compliance standards and processing audit reports more efficiently.
Reporting and Analytics
For any organisation reports and analytics are great resources to draw strategic insights that can facilitate improved decision making and fuel growth. The HR department of an organisation deals with the key resource called human capital that can make a huge competitive difference for the business.
This is why companies need to consider compliance reports, key performance indicators (KPIs), and data-driven insights on workforce productivity seriously. Through an integrated ERP and financial management software with a dashboard for specific HR metrics, an organisation can streamline the processing of reports and employee analytics.
For any organisation hiring, top-notch talents from the market to gain a competitive lead in terms of human capital is a mission-critical focus area. But talent acquisition does not just involve making job posting on the website and on recruitment websites, it involves a complete strategy starting from figuring out the precise requirements, evaluation procedures, deciding key parameters of judgment, and the competitive remuneration for the deserving candidate.
Obviously, a disintegrated talent acquisition team working with a separate HR software that cannot have a detailed view of different KPIs, information on financial constraints, and overall strategic requirements of the company cannot do justice to what a company needs in terms of new blood-pump in its workforce. An integrated and unified HR that works in tandem with the ERP system can do wonders in this respect.
Employee Performance Tracking
Tracking and evaluating employee performance from time to time is a crucial requirement for any company. As it is closely linked with the productivity and growth of a business, both finance and HR managers take interest in keeping track of the metrics corresponding to employee performance. This is also crucial to evaluate the output and management of the Human Resource department.
Now a disintegrated HR system needs to deal with multifaceted workforce data across various places without much success in bringing together different facets of employee data. Naturally, business managers and decision-makers often remain less informed about the weak links and gaps that need to be addressed for better employee performance management. This is exactly where an integrated employee performance tracking software can be useful.
4 Key Benefits Of NetSuite HRMS (Human Resource Management System)
As of now, you must have a detailed idea of how an integrated HR management software can do wonders for different business processes. NetSuite HR management software solution can address all the above-mentioned areas with a simplified, easy to access, transparent and responsive system that continuously updates the latest data to keep the entire system up to date with least or zero human efforts.Here we mention some of the key benefits that a unified NetSuite HR management system provides.
Smooth and Easy Payroll Processing
A unified HR management software equipped with a detailed payroll processing dashboard helps companies with streamlined end-to-end processing and management of payroll data that continuously remains updated.
Seamless Information Access
As an HR manager, you can have all the employee information right at your fingertips thanks to a unified HR management software solution. From the time off requests to the change of personal information to the latest skills and training the employee undergoes, an HR manager can access all this information within the same system.
Easier Time-off Management
Thanks to the unified HR software managing the time-off requests for each and every employee has become incredibly easier. The HR team aligning with the company policy and compliance norms can regulate entitlement, eligibility, and frequency of the time-off and leaves for each and every employee across the job roles.
A Consolidated Global Solution
For efficient employee management across multiple locations across a region or the globe, a consolidated and unified software solution offers a streamlined process to manage all employee information catering to separate locations as per regional timings and schedules.
A unified HR and finance solution that works in tandem with the company's ERP system can transform the entire company process into a proactive and responsive one. After all, a company is made up of people and so you can't keep Human Resource segregated from all other processes.