Human resource management software was once a luxury for businesses designed only to handle a few basic tasks such as employee recordkeeping and payroll. Now, it has become an essential tool for shaping the future of businesses. The demand for modern HR software solutions has never been greater as organizations all over the world come to the decision that an investment in this kind of software is unavoidable.
By 2027, the HR software industry is expected to double in size to $30 billion from its size ten years prior. Responding to a desire for automation tools and cloud technology, this industry is expanding to tackle new, more complex business objectives such as talent recruitment and retention, employee training and Big Data management. If you haven’t taken the plunge into this particular business software – or you’re working on an outdated, on-site system – now’s the time to invest in a modern, robust HR software that can handle your needs.
Software Resources for Human Development
The market for HR software becomes more complex as it expands, and new technologies pave the way for new software solutions. With the evolution of capabilities shaping the software, customization gives businesses more flexibility in wiggle room to receive exactly what they ask for. Your application can be tailored to address a range of processes: core HR, recruiting, talent management, workforce planning, and analytics, applicant tracking, employee training, time clock, payroll and others.
Your ideal software solution may straddle several of these categories depending on exactly what you hope to get out of it.
Human Resources Information System (HRIS): Whether you refer to these systems as human resource management systems (HRMS) or human capital management systems (HCMs), this type of HR software is designed to store individual employee data, manage payroll and benefits administration and monitor the company’s regulatory and legal employment requirements.
Applicant Tracking Systems: This type of software is used by HR departments to track employee lifecycles from resume submission to onboarding processes. They can include performance management and engagement tracking capabilities, as well.
Learning Management Systems (LMS): LMS manage all things related to employee education. They allow HR departments to administer trainings and track performance across an organization. This type of software usually needs to be tailored to a company’s specific processes and workflows.
Performance Management Software: These platforms allow HR departments to assess employee performance and skills and track their improvements over time. Data obtained from these systems helps HR with other initiatives such as workforce growth, employee retention and talent management.
Employee Engagement Software: These systems use a variety of tools including surveys, follow-up workflows, gamification and analytics to improve individual and team engagement levels at a company. It both measures current levels of employee engagement and provides feedback to help HR departments improve employee satisfaction and organizational buy-in.
Planning for the Future: HR Must Haves
HR software is being tooled to address a number of tasks including employee performance, recruiting, applicant tracking, employee engagement and tracking and more. To reap the benefits many organizations around the world are seeing by investing in improved HR software, you need to utilize technology and tools that will not only help you now but in the future, too.
Cloud Technology: Transitioning to the cloud has been a slow process for this industry as many systems are too big, old and piecemealed together to be easily implemented on the cloud. If your organization is investing in HR software now, you have the advantage of utilizing cloud technologies from the get-go. Moving to the cloud brings a lot of benefits with it including better security, automatic software updates, more mobility and flexibility, improved collaboration and lower costs. Cloud solutions also enable companies to harness the power of Big Data through custom tracking and reporting.
AI and Machine Learning Technology: Across all types of software, AI and machine learning tools are becoming incredibly popular. HR software is no exception. HR departments can utilize AI and ML for recruitment and retention efforts, employee onboarding, employee engagement, elearning management and more. These technologies are relatively new to HR, so you can expect their applications to expand as companies become more comfortable with them.
System Integration: To power HR initiatives, many companies rely on separate SaaS platforms to manage all of their employee data. This can be a leaner and more financially acceptable solution, at least for a little while, but in order to take advantage of automation and analytics tools, a centralized HR hub should be the goal. An all-encompassing platform can be designed to your specifications, capable of handling everything from employee benefits to attendance tracking.
A Focus on Company Culture: HR software solutions should expand in accordance with the expansion of HR responsibilities. More activities than ever fall under the purview of HR – professional development, health and safety, recruitment of top talent. Make sure that whatever the tasks that fall under your HR department, your software is just as focused on creating a positive company culture as you are.
Workforce Analytics: The future of HR software solutions is driven by the growing need organizations have to assess their workforce down to an individual level. With such powerful analytical tools, you can control an environment of continuous growth more strategically. HR software gives companies the ability to study the behavior of employee data to make more informed decisions regarding their workforce. For instance, organizations use data to measure employees’ productivity so they work to improve the output of their existing workforce instead of hiring new employees. HR software solutions can also be used to organize and allocate individuals and teams for specific projects.
Finding the Humans to Build Your Software
Vice Software builds modern, future-oriented software utilizing the latest technologies and a cost-effective lean development strategy. We’ve helped businesses in a range of industries find sustainable solutions to the obstacles preventing further growth and scalability. Creating an HR software equipped to do all that your organization requires of it can be a tedious process without the right team of developers behind you. Get a quote and schedule a discovery call with Vice Software today to start building a platform that will truly benefit your company and all of your employees.