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“What is the best method for employee appraisal?”

We are sure you might have heard about CAGR (Compound Annual Growth Rate) in terms of investment and market. But did you know that CAGR can also be applied to HR Activities and Employee Appraisal. How? Well, that is exactly what we are going to go over in this blog!

 

What is CAGR?

CAGR or Compound Annual Growth Rate is the rate at which your employee grows in a year. In Simpler words, CAGR shows the growth your employees have made over the past year. 

 

What are the benefits of CAGR?

• 

• Employee Growth

Tracking the CAGR (Compound Annual Growth Rate) of your employees helps you understand their growth better. As it shows the annual “growth” rate of the employees you can compare the growth with other employees or past performances. This allows you to motivate employees to do even better or provide them with training if required. Tracking employee growth through CAGR is important as organisations have a review/ appraisal once a year and CAGR is the perfect tool to analyse annual performance. Spine HR Suite has an automatic CAGR calculator built in which calculates the CAGR of the given employee in an instant. You can also access reports and graphical representations of the performance.

 

• Employee Training

Tracking the Compound Annual Growth Rate (CAGR) of your employees also lets you know if any of your employees require training. The aim of using the CAGR technique is to analyse the annual growth and compare it to past years (generally). If the performance is better than last year, there has been positive growth and the employee is eligible for appraisal. But if the growth is not positive, employees might require motivation in the form of training. A positive CAGR also points towards efficient training methods over the last year. 

 

• Employee Appraisal

We already know how important employee appraisal is. If not, you would want to read Why is Performance Appraisal necessary in an organisation? Appraisal is usually a form of motivation for employees. A good appraisal system ensures that employees tend to grow and the organisation retains its employees. Tracking CAGR is the most efficient way of employee appraisal as it provides all the details of the past year’s performance in a summarised manner. Of course, you can get detailed information as well. 

In conclusion, CAGR i.e Compound Annual Growth Rate is arguably the most efficient tool of employee appraisal. It also aids in employee training selection and nomination. Tracking employee growth is also now extremely easy with the Cagr Calculator! 

If you are looking for an HR System which allows tracking and calculating of CAGR, Spine HR Suite is what you are looking for! 

“Tracking and Managing fixed assets is very inconvenient. Isn’t there an easy way of tracking fixed assets? Like from your phone or something like that?”

 

Well, with an efficient FAMS like Spine Assets, Yes, there is a convenient way! Barcode labelling has made the tracking and management of fixed assets easier than ever before. You can create and assign custom Barcodes, QR Codes assign them to your assets for better management.

 

Listed here are the 4 benefits of Barcode Labelling:

 

• Asset Assignment

First off, when you create a barcode for an asset, you have to enter basic information about the asset. Such as the acquisition cost, the employee to whom the asset is assigned to and much more. Assigning barcodes to your assets improves the tracking efficiency of the asset. It also helps you understand the flow of the lifetime of the asset better. 

• Asset Bundling

With a Fixed Asset Management System which allows barcode labelling you can Bundle assets and its components together for faster identification of parent and child components and allocate depreciation accordingly. Now what exactly does “Asset Bundling” here refer to? It refers to creating a parent asset category under which you can then add child assets. In simple words you can create a hierarchy of assets and categorise them.

• Asset Tracking

Now, the most important feature of barcode labelling- tracking of assets. Tracking refers to the record of the lifecycle of assets. The mentioned asset is with what employee of what branch under what department and so on. Barcode labelled assets are much easier to track as all you have to do is scan the barcode or enter the barcode number to get the exact details of the asset and the life cycle history as well. Barcode labelling has for sure made asset tracking very much easier and efficient.

• Notifications & Reminders

Once you assign a barcode to a particular asset the details of the asset are stored in the system until you manually delete them or the asset has been disposed of. As the details like date of acquisition, services due are saved in the system, it automatically reminds you when the due is nearing. You can get on screen notifications, email reminders and much more! This ensures that you never miss out on any of your services due, licence renewals, etc.

 

In conclusion, Barcode labelling is essential in a Fixed Asset Management System as it not only makes things convenient but it also makes the whole asset life cycle tracking, from acquisition to disposal, easier than ever! 

If you would like to know more about a Fixed Asset Management System, you would like to read Why is a Fixed Asset Management System important & Why do you need to automate it? If you are an organisation with major IT Assets, you should also read How does a FAMS help in managing IT Infrastructure?

 

Looking for a Fixed Asset Management System which allows Barcode Labelling and other major FAMS Features? Then you should definitely check out Spine Assets.

We all know how handy an HRM System is for companies. But have you ever wondered what exactly it does and what benefits does it provide? 

Well, the whole concept of an HRMS is too broad and is summarised in this blog. To access the full fledged explanation and know more you can visit Spine Technologies. Now coming back to today’s topic, here are the benefits that an HRMS provides to your organisation:

 

• Automates Processes

The greatest benefit of an Human Resource Management System is of course automation. Automation ensures that the calculations are on point, quick, economical and way more efficient as compared to traditional methods of carrying out HR Processes. You can also integrate different modules which would then automatically work in harmony to provide even accurate and precise results (for example, Payroll and Attendance). To know more about automation in HR, you can read Why is Automation the future of HR?

• Cuts Down Costs

Implementation of an HR Software boosts organisational performance of course, but is more economical at the same time. There are various ways in which an HR Software helps you cut down your costs and improve organisational performance. Be it cutting down the stationery costs incurred in manually carrying out these activities or the indirect costs like employee retention, etc. You might also want to read How and why HRMS is economical for your organisation?

• Increases HR Efficacy

Besides automating HR Processes, one another major reason why people shift to the automated mode of carrying out HR Tasks is increasing their organisation’s efficiency. Keeping things short, an HRMS lets the managers supervise and direct the employees more efficiently. HR Management System greatly increases the productivity and performance of your organisation by automating the tedious work done by the employees, allowing them to focus more on tasks that need more planning. Investing in an HRMS is no less than investing in an asset. It provides you a long term benefit, gives you returns on your investment, raises the reputation of your organisation and raises the employee retention rate. Like this, an HRMS checks all boxes and qualifies for being an asset! 

• Workflow Organisation

Many organisations unknowingly suffer with a condition called “miscommunication and disorganised workflow”. You surely would not like to be on that list. One way of ensuring that you do not end up like such is implementing an HRM System. Not only does the HRMS helps you communicate with your employees better but it also lets you create levels of approval and a proper workflow chart for smoother flow of operations.

• Futuristic Approach

And finally, HRMS is the future of HR and that is for a fact. As we move toward the era of automation and digitisation, we also have to shift to an automated mode of carrying out HR Activities. Now this does not mean that an HRMS eliminates the need of the HR department in an organisation. But one can, for a fact, say that HRM systems are the future of HR!

 

In conclusion, there are 5 benefits that come with an HRMS that enhances the efficiency of your organisation, these 5 factors are-

– Automation

– Lower Costs

– Increasing Overall Efficacy

– Workflow Organisation

– Futuristic Approach

Attendance tracking can be an extremely tedious task. So what do you do to make it easier without losing the efficacy? You implement an Attendance Management system!

 

But then again, what attendance software should you get?

 

Following are the benefits that Spine HR Suite provides you over other attendance solution providers:

 

– Easy Integration

 

Spine HR Suite can be seamlessly integrated with major biometric and attendance marking hardware to give detailed reports and accurate markings. Spine HR Suite can be integrated with ESSL, Matrix, HikVision, Realtime, Spectra and many more attendance marking service providers.

 

– Accessible Reports

 

Being integrated seamlessly with the hardware, Spine HR Suite is obvious to give you accurate reports. There are various reports available and you can create customised reports as well. Alongside that, extraction of reports is now at your fingertips, just a few clicks away! These reports help you track employee attendance and increase productivity.

 

– Employee Portal

 

Another benefit of implementing Spine HR Suite is that you get access to employee self service portal as Spine HR Suite is a modular software which has much more than just attendance and leave management. Employee portal allows your employees to track their leaves and attendance reports as well. This makes it so that the employees do not have to visit the HR very so often just to get their attendance reports.

 

– Geo Tagging

 

Geo Tagging lets you add geographical information in the form of latitudes and longitude making it easier for you to know the employees’ location along with report time and leave time. This allows you to keep an eye on your employees who are out on the field. Geo tagging can also be used to authenticate attendance with location and selfie based marking so that you have the exact coordinates of your employees when they mark their attendance.

 

– Geo Fencing

 

Geo Fencing enables you to create a digital geographical fence around the workplace which ensures there is no proxy marking of attendance. This boundary makes sure that your employees are actually at the workplace and prevents breaching of workplace boundaries. This fence can be defined and edited by the authority as required with no restrictions on the types of dimensions.

 

– Mobile App

 

Having a mobile app makes it so much more convenient! Attendance marking, leave application, swipe requests, attendance view, everything on your phone, at your convenience!

 

– Swipe & HOD Marking

 

Missed marking attendance? Need to worry if you have Spine HR Suite! You can apply and approve swipe requests for missed attendance. The HOD can also mark the attendance for employees.

 

– Integration with Payroll

 

The best part about Spine HR Suite is that it is modular and can be implemented as modules instead of the full fledged software (which reduces the cost). Being modular, Spine HR Suite allows you to integrate attendance with payroll to make payroll processing easier than ever!

 

 

In conclusion, the distinctive factor about Spine HR Suite is that it is modular and can be implemented for attendance and then you can add modules as you grow! You can learn more about Spine HR Suite here.

Tracking your employees is sure hell of a task but there are many benefits that come with it! This blog goes over the benefits of performance appraisal and why is it necessary.

 

• What is performance appraisal?

 

A performance appraisal is a regular review of an employee’s job performance and contribution to a company. Companies use performance appraisals to determine which employees have contributed the most to the company’s growth, review progress, and reward high-achieving workers.

 

• Why is performance appraisal necessary?

 

– Employee Motivation

 

A constant review of your employees’ performance (and appreciation of course) is sure to provide a boost to your employees’ performance. A good performance appraisal system would allow you to track your employees’ progress. Which would enable you to provide training to employees who might need it and appraisal to well performing employees. Motivating employees is also necessary as it directly affects the output by the employee, be it the quality, quantity or the dexterity of the product/ service as the output. Keeping things short, one can say that employee motivation is directly variable with the output of the employee and hence the organisation as a whole.

 

– Employee Retention

 

Employee retention is defined as an organisation’s ability to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily. Having a good employee retention rate adds up to the goodwill and trustworthiness of an organisation. Having a good employee retention rate also implies that the company has agood relationship with its employees. Implementation of a performance appraisal system lets the employer know the exact progress of employees. This enables them to establish a one to one relation with the employee increasing transparency and creating a strong bond between them, ultimately increasing the retention rate.

 

– Employee Efficacy

 

Here, employee efficacy refers to the quantity and quality of output given by the employee in a particular time period / pace of production. Having a performance appraisal system implemented creates transparency between employer and employee. This also creates a sense of urgency among the employees as they know that the employer can see the progress whenever they want. Employers can also track the quality of output produced. This ensures that the employee optimises the resources in such a way that maximum quantity and best quality can be achieved with minimum resources.

 

– Employee Relationship

 

Constant motivation, increased transparency, higher performance efficiency and regular appraisal and appreciation; these factors ensure that the organisation has a great relationship with its employees. Having a good relationship with employees also helps in maintaining the aforementioned factors in the long run. An organisation with a good relationship with its employees is the one which thrives in the long run.

 

In conclusion, having a performance management system implemented will ensure a boost in the following 4 areas-

 

– Employee Motivation

– Employee Retention

– Employee Efficacy

– Employee Relationship

 

Performance appraisal system is usually a part of a human resource management system which also offers features like payroll management, leave and attendance management, etc. If you are in search of an HRMS, you might want to read 5 necessary elements that you must look for in an HRMS.

 

“Why do I need an HR Software when the old, traditional HR System is working alright?” We are sure you have thought about this at least once while thinking about an HRMS.

Yes, the old, traditional HR System is fine. But that’s all there is to it, it is just “fine”. And in this extremely competitive era, no one wants to be just “fine”, “average” or “mediocre”. An HRMS will help you gain an edge over your competitors. But then again there is the question of “How to choose an HRMS?” you can read “Essential Features that you should consider while choosing a FAMS”

 

Now, let us come to main topic, here are the factors that will help you gain an edge over your competitors if you implement an HRMS:

 

– Automated Performance Tracking

Performance Tracking is one of the most crucial duties of an HR (alongside the HOD/ Manager). It can get a bit arduous at times if not done properly. And more importantly, an organisation and the employer needs to know the growth and performance of an employee. This is to decide whether the employee is doing exceptional and might consider a promotion or some kind of promotionary motivation. Or to know if the employee is lacking in certain areas and needs more training. Performance tracking also aids in identifying employees who are constantly performing at an underwhelming rate and helps in deciding whether to look for a replacement for them. Okay but how does an HRMS help in performance tracking? Well, the simple answer to that is- An HRM Software makes the whole process automated and online! Which means you can track the data for “n” number of years and can get precisely detailed reports! You can also read 6 major features of a PMS that will help you enhance your organisation’s performance to know more about PMS.

 

– Easier and Quicker Recruitment

Remember the employee you felt like you needed to replace as their performance was constantly poor? But what if the employee is in a good position and has a skillset that might be very difficult to find in the pool of applicants? That is when HRMS kicks in! A Human Resource Management System allows you to filter down job applications based on skill set and automates the very first round of recruitment! Now that is some advanced tech! Alongside boosting recruitment efficiency, an HRM Software also makes the onboarding and documentation process a lot quicker. You might also want to read How HRMS increases recruitment and onboarding efficiency

 

 

– Accurate Salary & Arrear Calculations

Now that you have the track of your employees’ performance and have recruited the correctly skilled employee for your organisation, it is the time for their fair remuneration. A Human Resource Management System makes the calculation of the salaries and arrears very simple and straightforward. You can leave your payroll worries to your HR System and focus on more productive tasks! If you are considering investing in a payroll, you might want to read 9 Essential features a payroll must offer first.

 

– Organised Workflow

Many organisations unknowingly suffer with a condition called “miscommunication and disorganised workflow”. You surely would not like to be on that list. One way of ensuring that you do not end up like such is implementing an HRM System. Not only does the HRMS helps you communicate with your employees better but it also lets you create levels of approval and a proper workflow chart for smoother flow of operations.

 

– Reduced Dependency on HR

And finally, a Human Resource Management System reduces the employees’ dependency on HR! Not that the role of HR would be completely eliminated but an HRMS makes the employees self sufficient on the major part. Many everyday processes can be done directly through the Employee Self Service Portal. And because of this, the HR can focus more on productive tasks and maintaining a work-friendly environment in the organisation.

 

To conclude, an HRM Software covers all the basic elements of an HRs duties while assisting the HR in carrying out their responsibilities as well. If you are on the hunt for the perfect HR Solution- A one stop software, Spine HR Suite is what you have been hunting for! You can learn more about Spine HR Suite here.

What exactly does an “End-to-end” Fixed Asset Management Solution mean?

An end-to-end FAMS is the one which records the activity of the asset from budgeting and acquisition to disposal of the asset. Fixed assets are crucial for an organisation and so is its proper management and you should not take any risks where there are chances of miscalculation, etc.

 

Here are the four elements that make an FAMS “End-to-end”-

 

• Asset Budgeting & Acquisition

There is usually a difference between the budgeted/estimated cost of the asset that is to be acquired and the actual cost at which the asset is acquired. This difference is very important to be realised and tracked as it might affect the organisation’s balance sheet at the end of the year. A good fixed asset management system will track the estimated cost for you and then realise the difference automatically once you have entered the acquisition details.

 

• Asset Allocation

Asset allocation, with respect to internal organisational fixed asset management refers to assignment of a particular asset to an employee or a group of employees. This enables you to know the exact details and whereabouts of the particular asset and the employee who has it at that moment. Barcode labelling, QR Code Labelling and RFID Tagging can be implemented during allocation of assets to make it easier to track the asset. With an FAMS, you can create custom barcodes and assign them to the assets which would then greatly help you in tracking the assigned asset.

 

• Asset Tracking

Talking about tracking of fixed assets, people often limit tracking till “what asset is with what employee?”. Tracking is much more than that. Tracking of assets include tracking of the asset itself, tracking of warranties, expiries, renewals and services due (physical as well as IT assets). A good fixed asset management solution provides you with automatic emails and notifications when any services or renewals are due. It also gives you a detailed report of the lifecycle of the asset. Asset tracking is a major part of a fixed asset solution. You can learn more about the essentials of a fixed asset management system here.

 

• Asset Disposal

Asset disposal is the elimination of an asset from a company’s records, typically by selling or scrapping it. These are often long-term assets that contributed to generating profits, such as machinery, technology or company vehicles. Asset disposal can be mistaken very easily by not recording the correct value or by miscalculating the scrap value. FAMS helps you in recording depreciation on a regular basis, being automated, an FAMS provides accurate calculation regardless of the method of calculation (unless you switch in the course of the lifetime of the asset of course). Having access to the lifecycle of an asset also helps one in proper calculation of the disposal value and the authentication of the depreciation applied over the life time.

 

In conclusion, an end-to-end fixed asset management solution boosts the efficacy of these four important areas:

 

• Asset Budgeting & Acquisition
• Asset Allocation
• Asset Tracking
• Asset Disposal

 

Wondering why you should invest in a fixed asset management solution? Read 4 advantages of an Asset Management Software & How to choose a FAMS?

 

 

What is an “End to End” HR Solution you might ask.

An End to End HR Solution refers to an HR System which records and tracks the data of employees since the very beginning or onboarding or since they were hired. It keeps recording the data of the particular employee till the day of his/her exit.

 

Now that we  have a basic idea of what an “end to end” solution refers to, let us learn why is it necessary?

– Employee Life Cycle

 

“Onboarding to exit”, “Hire to retire” whatever you want to call it. Employee Life Cycle is the period for which an employee works at a particular organisation. It also includes the onboarding and exit processes. From the moment of onboarding till the full and final settlement is done and the money is received/paid by the employee, the Employee Life Cycle goes on.  From onboarding to exit, an end-to-end HRMS ensures the employee has no obstacles in communication with the employer. It also provides the required reports to the employer whenever required. For more information on ELC you can read What does Employee Life Cycle mean and how does an HRMS affect it?

 

– Grows With You

 

A Human Resource Management System, Being modular and flexible, grows as you do! Needless to say, having modularity makes an HRM system segment agnostic and boosts the compatibility of the system. You can add modules and make the system even more comprehensive as you grow as an organisation. If you would like to know more about scalability in HRMS, you can read How is a scalable HRMS better for your organisation?

 

– No Migration Required

 

Say you have to switch to a new solution provider just because you now have a huge force of employees and the solution provider does not have the adequate tech to manage so many employees. The amount of work and expenses incurred in the migration process would be overwhelming. What if you just had to update the system once? With Spine HR Suite, you can upgrade the system instead of migrating to a whole new system which cuts down your migration costs and boosts the data retention efficiency.

 

– Tied-in Analytics & Reports

 

An end-to-end/ Hire to Retire/ Onboarding to Exit or whatever you want to call it solution, stores the data of your organisation since the deployment of the system. The amount of reports you can generate when required, the depth of reports and the accuracy is unimaginable. When you have an End to End HR Management system deployed, you could care less about reports and analytics it provides.

 

To sum it up, End to End Human Resource Solutions are the way to go! You get numerous benefits which include cutting down migration and upgradation costs, bulk purchasing costs, report extraction costs and on the other hand you get the whole life cycle of your employee at a glance, extremely detailed and accurate reports (filtered, sorted and created according to your requirements) and much much more!

If you are looking for one such HRMS which would counter all your hR requirements, Spine HR Suite is the way to go! Click here to learn more about Spine HR Suite.

“Why is employee training important? It is such a time consuming process and my other employees are way too busy for that!”

Employee training is crucial as it sets the foundation for the employee’s skills with regards to the organisation’s product/service. It might be time consuming if you are not using the correct tools and methods though. One of the simplest way of boosting the training efficiency as well the overall efficiency of HR Processes is the implementation of an HRMS.

 

• Why is Employee Training necessary?

 

In order to have skilled employees, an organisation must provide efficient training at a regular basis to not only new joinees but also older employees as they need to keep their skillset updated and learn about the changes in the market. Regular training ensures that the employees’ skills are always honed, they are ready to face any road block in the near future and improve the organisation’s performance as a whole.

 

• How does HRMS enhance employee training efficiency?

 

• Training Allocation

Effective training can be planned only if one knows what employee in what departments needs what kind of training. A Human Resource Management system can help you allocate proper training at the proper time to the proper employee by tracking and notifying you about the training sessions planned or requested by the employee.

 

• Resource Allocation

A huge obstacle or challenge one faces while planning a training session is the lack or unavailability of resources. Be it the human resource i.e. senior staff to provide the required training, I.T resources like laptops/ desktops, mic and speaker system, etc. Or a conference room or cabin big enough to contain the trainees. An HR Management System lets you plan, schedule and book such resources so you have access to them whenever required.

 

• Training Schedule

Having a Human Resource Management System also enables you to schedule training sessions in advance. This is necessary as the knowledgeable staff might be busy in other important work and might not be available to provide training at that very moment. It is feasible to plan and schedule such training sessions in advance and an HRMS lets you do that in just a few clicks! It also notified the employee and the concerned authority when the training is due.

 

• Training Reports

Various training reports such as training history, training attendance, cost and count analytic, employee wise training Cost and Count & score analytic can be generated. These reports ensure that the quality of the training provided is up to the mark and the employee is getting his/ her skillset upgraded in the best and most efficient way possible.

 

In Conclusion, Training in general is very important but as an organisation with possibly hundreds of employees, it is necessary to carry out such training in the most optimum way. Implementation of a Human Resource Management System makes sure that the training is provided with maximum efficacy!

 

If you are considering investing in an HR System you would like to read 5 necessary elements that you must look for in an HRMS.

“What is a good HRMS?”

 

What makes an HRMS good depends of what functions it performs, and keeping things simple, here are the 5 basic and most crucial functions that are necessary for smooth running of an organisation which an “Good” HRM System must perform:

 

– Payroll Processing

In simple terms, payroll can be defined as the process of paying a company’s employees. It includes collecting the list of employees to be paid, tracking the hours worked, calculating the employee’s pay, distributing the salary on time, and recording the payroll expenses.

Payroll Processing is one of the most important, if not the most important function of a Human Resource Management System. In some cases Payroll Software and HRM Software are used synonymously as well (which is of course incorrect but you get the idea of how important it is for an HRMS to perform payroll processing). Most of the time, in modular HRM Systems, Payroll is the base module and then you can add modules according to your requirement.

 

– Attendance and Leave

 

Recording and tracking employees’ leaves and attendance is another crucial function of an HRM Software. Depending on your service provider, these can be two different modules as well. What matters the most is the efficiency and accuracy of the attendance. Spine HR Suite uses selfie based location marking attendance tech but is also compatible with any biometric devices if you have one! Alongside that, Geo Tagging and Geo Fencing are two more techniques to ensure attendance authenticity and eliminate proxy marking of attendance.

 

– Performance Management

 

We all know the pros of tracking the performance and progress of your employees. But on the other hand, the biggest con is that it is difficult for the HR or the manager or the Head of the Department to observe and track the performances of individual employees. That’s when automation comes as a blessing! With an HRMS you can automate the performance tracking of an employee and can get reports, set goals, create milestones and check progress at your convenience!

 

– Workflow Setup & Approval

 

Everyone is aware of the drawbacks of the traditional hierarchical method of communication within the organisation. Sometimes the messages get lost in the process or it changes course in the middle. This makes it really difficult for the upper management to communicate their minds to the actual workforce and vice versa. HRMS solves this problem by allowing the admin to create a workflow chart wherein the upper management can directly track the progress while the workforce can put up requests, suggestions and questions for the upper management directly. Admin can create/set up the workflow and create/give authority to approve as well.

 

– Employee Life Cycle

 

Employee Life Cycle is the period for which an employee works at a particular organisation. It also includes the onboarding and exit processes. From the moment of onboarding till the full and final settlement is done and the money is received/paid by the employee, the Employee Life Cycle goes on. An HRMS lends the process automation which makes the entire process quicker, more accurate and efficient. From onboarding to exit, an HRMS ensures the employee has no obstacles in communication with the employer. It also provides the required reports to the employer whenever required. You can learn more about employee life cycle here.

 

In Conclusion, the 5 functions that an HRMS must perform are:

 

1. Payroll Processing
2. Attendance and Leave
3. Performance Management
4. Workflow Setup & Approval
5. Employee Life Cycle

 

Spine HR Suite is a One Stop HR Solution where these 5 basic features are offered (of course!) but alongside these, there are 13 more modules with great utility are offered. You can learn more about Spine HR Suite here.