A Business’s success depends on multiple factors. It is also focused on four productive resources such as labor, land, enterprise, and capital to sell and provide products and services. In addition, employees are the most important resource for any organization. But effectively managing these employees can be a challenge. Moreover, the people who are in charge of these, need such an effective system that can assist them in handling HR and Payroll related tasks. ERP for HR and Payroll Management can offer accurate and relevant information with needed features for a smooth functioning of businesses and enhancing profits.
What is HR Management?
HR department mainly deals with managing individuals inside an organization. The basic goal is to organize company staff hiring, manage people, solve issues like hiring, recruiting, departments assignments, department’s collaboration salaries generation, performance management, allowances, and increments.
What is Payroll Management?
It is different from HR department. It deals with the operations of balancing and integrating payroll information. Depositing, reporting of payroll management, handling wages generation, deductions and employee record keeping activities are integral parts of HR operations.
ERP for HR and Payroll management integrates with all other departments of a company and consolidates all employee-related information dispersed across a firm into one place. This helps to provide error-free details of each employee working in an organization.
How by utilizing ERP for HR and Payroll Management, it can benefit your business:
1. An automated system that eases down the work of HR team
An HRD comes across tedious data entry work daily, especially the manual work of making payroll. In fact, it is one of the major and large functions of HR department. ERP can automate payroll processes to give accurate results in just a few clicks. With the help of an ERP system, these large parts of daily tasks can be automated. Now the data is more accessible in a shorter period of time. It prevents you from wasting time and effort on irrelevant work like collecting information from multiple sources manually. It takes up so much time. But ERP makes it easier to pull and enter data together in reports.
2. Attendance and Time tracking
ERP systems provide an extensive description of advance and accrued leave profiles of all employees. ERP integrated attendance systems allow you to assess the efficiency of an employee in terms of working hours, late arrivals, timely arrivals working overtime etc.
3. Greater visibility in HR practices
Gaining a clear picture of employee resources can be difficult, especially if you need to identify employees shortcomings such as late entries and double booked holidays etc. In this situation, an HR team faces the problem and looks for ways what can be done to improve it. However, ERP HR modules provide you with features to track overtime hours of any staff. Besides, HR team will receive alerts if overtime is passed a certain threshold.
4. Updated Data Records of Employees
HR departments have a need of collecting data from various sources as discussed before. Thus, the chances of duplicate, redundant, and inaccurate data are high in this scenario. An ERP module ensures that all data is stored, as well as, is up to date. This helps to make better and faster decisions.