Human Resource Management Systems
It is a form of human resources software that is composed of a number of systems and processes to ensure the easy administration of human resources, business processes, and data. An HRMS enables the company to completely understand its workforce, along with staying compliant with changing tax laws and labor regulations.
Benefits administration: Helps HR professionals develop plans, configure eligibility rules, and make payments or deposits to benefits providers. Also offers self-service open enrollment and integrates benefit costs with accounting.
Centralized employee records: Provides a single repository where all employee records are stored, updated, and maintained. Allows for better reporting and lowers the costs of compliance and preparing for audits.
Learning management: These features are designed to help employees acquire or develop skills through course administration, course and curriculum development, testing, and certifications. Also enables companies to roll out and track required compliance training.
Reporting and analytics: Delivers the ability to run operational reports to track HR information, complete compliance reporting, develop key performance indicators (KPIs) to measure HR process performance, and embed HR metrics into financial dashboards for company-wide analysis, planning, and decision-making. Also, look for the ability to create ad-hoc reports.
Rewards: Calculate salaries, hourly wages, variable payments for bonuses, overtime, sales commissions, shift differentials, and merit increase while withholding regulatory and elective deductions, resulting in accurate net payments to employees at regular intervals. Benefits, like matching retirement fund contributions or mobile phone reimbursements, are sometimes included in this feature set.
Additional features may be found in specialized HRMS such as Talent Acquisition, Talent management, Time and attendance, User interface, and Workforce planning as well.