The global HR software market is expected to grow from $30.8 billion in 2019 to 33.04 billion in 2024 – and there’s a reason for that.
As businesses grow and evolve, the complexities of managing personnel, payroll, and compliance also increase.
There comes a point where Excel spreadsheets and filing cabinets of paperwork don’t do the trick anymore; a point where companies outgrow them, and instead require more intuitive tools to support HR teams in their management of a larger workforce.
In response to these challenges, HR management software has emerged as a powerful tool, digitising and revolutionising the way companies manage their workforce. Here are a few of the key benefits.
Streamlined HR processes
One of the primary advantages of HR software is the streamlining of traditional HR processes. From recruitment and onboarding to performance management and employee records maintenance, these platforms automate and centralise various HR functions.
This not only reduces the administrative burden on HR professionals but also minimises the likelihood of errors associated with manual data entry. As a result, organisations can operate more efficiently and allocate resources to strategic initiatives that drive business growth.
Enhanced recruitment and onboarding
Recruiting and onboarding are critical phases in the employee lifecycle. In fact, a Glassdoor survey found that onboarding boosts a company’s retention rate by 82% when carried out effectively. HR software is the best tool companies can have in their arsenal to do just that.
Applicant Tracking Systems (ATS) help HR teams manage job postings on multiple boards, track candidate progress and create personalised pipeline steps for the best candidate experience possible. By utilising onboarding modules, companies can then assign pre-boarding workflows so that admin is out of the way well in advance.
During an employee’s first few weeks, managers can then assign tasks, establish deadlines, and seamlessly integrate new staff through the system so they can hit the ground running from day one. These workflows can be individually assigned and can trigger direct notifications, eliminating potential bottlenecks within the team.
Improved employee engagement
Employee engagement is a key driver of organisational success, and HR software plays a crucial role in fostering a positive work environment.
Thanks to Internal Communications tools, managers can create a fun company culture and inspire team spirit. These centralised boards enable employees to share company announcements at the click of a button, celebrate birthdays and milestones as a team and create communities based on shared interests to build social connections between colleagues. It also creates a space for recognition so that people can acknowledge and reward hard work, contributing to a more engaged and motivated workforce.
- Efficient Time and Attendance Management
Traditional methods of tracking employee attendance and managing time-off requests can be time-consuming and prone to errors. HR management software automates time and attendance tracking, allowing employees to log their hours accurately and managers to approve requests with ease.
This massively reduces the likelihood of payroll errors; in fact, organisations that use software with time tracking and payroll tools are 44% less likely to commit errors.
Using these tools also ensures compliance with UK employment laws and regulations. Plus, the automation of these processes frees up valuable time for HR professionals to focus on more strategic initiatives.
Data-driven decision making
HR software provides access to a wealth of data related to the workforce, allowing organisations to make more informed, data-driven decisions. From employee performance metrics to diversity and inclusion statistics, these platforms generate insightful reports that aid HR professionals and leadership in strategic workforce planning.
By leveraging analytics, organisations can identify trends, forecast future needs, and implement proactive strategies for talent management.
Reap these benefits with Factorial
Factorial is an all-in-one, digital HR software that converts these never-ending, manual processes into integrated, effective ones. The easy-to-use platform automates administrative tasks and digitises documentation, enabling companies to transition to paperless and empowering HR professionals to make better business decisions.
With Factorial, you can access tools for time management, performance, recruitment, expenses and more – all from one place. This saves your managers and HR team valuable time so that, in addition to managing people, they can dedicate themselves to bringing out the best in them
Book a demo with one of their experts to discover how Factorial can work for your company.