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“HRMS is beneficial of course, but isn’t it costly?”

 

Well, today we are about to bust this myth! You must’ve heard a lot about how HRMS is beneficial for your organisation’s performance but along with that, an HRM system is also more cost-effective if you look past the surface, at the whole spectrum. Here’s how the implementation of an HRMS will help you minimise your costs:

 

• Direct cost-cutting

 

An HR System helps you directly cut costs as it automates the HR processes that would be done manually otherwise. This saves time as well as money. Here are the ways in which an HRMS cuts the costs of the HR process directly:

 

• Less Staffing

With HR Software, many essential HR Services are automated which as a result, reduces the need for excessive staffing. Of course, an organisation still needs HR Staff to manage the workforce and carry out processes that require strategizing. However, the implementation of HRMS does ensure a reduction in excessive staffing, hence decreasing the staffing costs.

 

• Reduced requirement for office supplies

Since HRM Software operates digitally the requirement of office supplies like registers, pens, filing cabinets and other such petty office supplies is greatly reduced. Not to mention, the industry is going paperless and getting HR Software could be your step towards digitization and cost reduction in the process as well.

 

• Indirect cost-cutting

 

Alongside the direct ways, An HRMS is indirectly economical as well. These benefits can be seen when you see under the surface level cost reduction. These are the ways in which an HRMS indirectly benefits your organisation:

 

• Streamlining workflow

 

An HR System is proven to streamline workflow by helping the employees and managers avoid any obstructions. This ensures increased productivity and decreased distractions, ultimately leading to a better overall organisational performance.

 

• Optimum Utilisation of resources

 

An HRMS allows the manager to focus on strategizing by automating various other processes. This enables them to plan out the workflow and ensure optimum utilisation of resources. This not only reduces resource costs but also minimises wastage of time and resources.

 

• Other labour cost savings

 

Implementation of Human Resource Software also helps in cutting other labour costs like petty cash manager and other such roles. These tasks could be automated by HRMS and the need for these ‘other labour costs’ can be eliminated.

 

• Better Human Capital Management

 

Besides mere cost-cutting, a business also benefited by a positive work environment which in return would help in increasing productivity and maintaining a better relationship with the employees. A happy and satisfied employee will give more effort and turn out to be a better asset than a dissatisfied employee. Here’s  how an HRMS will help in better management of your Human Capital:

 

• Improved engagement with the workforce

 

One way of improving the relations with employees is to be in conversation with them and let them express themselves. HRMS allows employees to put forth their views on the discussion forum and get a sense of satisfaction. Improved engagement with the workforce also enables you to track progress more accurately.

 

• Improved Employee Retention

 

A good employee retention rate shows how well you treat your employees and how satisfied they are working in your organisation. It is very important to maintain a good employee retention rate as it adds to the goodwill of your organisation.

 

 

In conclusion, the implementation of HR Software boosts organisational performance of course, but is more economical at the same time. There are various ways in which HR Software helps you cut down your costs and improve organisational performance.

 

Spine HR Suite is a great HR Partner that will help you automate your HR Processes without making a huge hole in your pocket. If you still aren’t sure about HRMS you should read how HRMS benefits your organisation’s performance.

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.

“Hire to Retire, Onboarding to Exit” you might have heard these phrases and thought what exactly do they mean and how do they affect your organisation and employees?

 

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.

 

Okay but how does having a Human resource Management System affect the life cycle of your employees? Well Here’s how an HRMS affects your employees’ life cycle:

 

– Employee Onboarding

“Onboarding” refers to the processes in which new hires are integrated into the organisation. It includes activities that allow new employees to complete an initial new-hire orientation process, as well as learn about the organisation and its structure, culture, vision, mission and values. A Human Resource Management  System boosts the onboarding efficiency by automating the whole process. Besides that, an HRMS also liberates the HR, who can now focus on more productive tasks.

 

– Documentation

Once the new employee is onboard, various documents are collected. Identity card, Address proof, Bank Details and many more such documents are needed to be submitted for numerous purposes. The traditional way was to get a copy of each and every document and hand them over to the HR who would then update the employee master and call the onboarding process complete. But with an HRMS, just scanned copies are needed to be uploaded to complete the onboarding process. HR can collect physical copies whenever convenient.

 

– Surveys & Reports

The employer needs to ensure that the employee recruited is actually making progress and there is nothing hindering the growth of the employee. For this purpose, surveys are conducted and progress reports are made. Traditionally, Surveys were in the form of a face to face questionnaire which could make the employee nervous or even afraid of speaking the truth as a low level of confidentiality is maintained. With a HRM System, these surveys can be done online with a high level of confidentiality. On the other hand, there is no need for an HR or Manager to go out of their way to track and review the progress of the employee with an HRMS. The system auto generates progress reports and can view them as per the user’s liking and convenience.

 

– Exit

Exit, here refers to the exit of the employee from the organisation. Be it resignation, retirement or any other means. Exit of an employee might not sound like much at first glance but there is a lot more to it. Calculation of arrears, gratuity, loans and advances and other full and final settlement requirements. Having an HR System allows you to automate the calculation. Also, the employee can submit their resignation offline with the actual letter as an attachment and this can then be reviewed by the hierarchy set by the user. The HR can review or revoke the separation activity at any point of time and anywhere. Entire full and final settlement process can be managed to relieve the employees and the analytical reports can be generated for separation.

 

In conclusion, 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.

If you want to manage your employees’ life cycle in an efficient and more advanced manner, Spine HR Suite is the way to go! For more information you can click here and visit Spine Technologies.

It is the “Tax Season” as people call it! And as a responsible citizen and taxpayer, you need to know a bit about taxes and their importance. So that is exactly what we are going to  discuss in this blog!

 

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To understand the types of taxes, first we need to know the incidence and impact of taxes. Incidence of tax. The final burden of tax is known as tax incidence and the initial burden of tax is known as tax impact. Simply put, the person who actually pays the tax is said to be impacted by the tax and the person who first passed on the tax liability is said to be incidental.

 

Now that we know about incidence and impact of taxes, let us take a look at types of taxes-

 

1. Indirect Taxes

The type of taxes where the incidence is on one person and the impact is on another. Indirect taxes can be passed on to others and usually make a lesser percentage of revenue. Examples of indirect taxes are excise tax, VAT, and service tax.

 

1. Direct Taxes

In case of direct taxes, the incident and impact is usually on the same person. This is because the taxes are deducted at the very source. These taxes make up the majority of tax revenue of the government. TDS, Professional Tax, Income Tax, Property Tax, etc are all examples of direct taxes.

 

 

• Why are taxes required?

 

– To Keep The Economy running

Running the country requires a huge capital. This calls for a huge revenue and with a working population as enormous as India, the rate of taxes can be much less. And needless to be said, Taxes are a huge part of the government’s revenue and revenue is an essential element in keeping the economy running.

 

– To Reduce Income Gaps

Taxes are designed with the canon of equity in mind which says that a tax should be made in such a way that it should be equitable to the payers, i.e. less rate of tax for payers in the lower income group and higher rate for high income groups. This directly helps in creating equity among people and reducing income gaps in the population.

 

– For Social Welfare

The primary goal of the Government of India is social welfare. And to take up projects of social welfare, the government needs huge amounts of funds. Tax revenue makes up the majority of these funds.

 

In conclusion, Taxes in India are classified into two types- Direct and Indirect. Taxes are necessary as it is the major source of income for the government. The government uses these funds for the welfare of people which leads to economic growth and development. Now that you know why taxes are important, you might also want to know what your taxes as an employee, i.e TDS is, you can read What is TDS and things you need to know about it!

IT Assets are often neglected as they fall in between the long term fixed assets and short term inventory in terms of durability.

 

If looked at from a different perspective, IT Assets are the core of an organisation. Be it laptops, desktops or just anti-virus software, IT Assets need to be tracked and managed like actual fixed assets. Here are 4 ways in which a Good FAMS will help you manage your IT Assets:

 

– Service Reminders

The IT Admins all collectively might agree on one thing that maintaining a date sheet to track IT Hardware is one hectic job. What if this tedious task was performed by a software/ system? A Fixed Asset Management System ensures that you never miss out on any of your asset services due. Get automated reminders for whenever your IT infrastructure like laptops, desktops, biometric systems, etc call for service. No more stress to the IT Admin with Email and pop-up reminders for every asset to the Admin as well as the employee the asset has been allocated to!

 

– Expiry and Renewal Notifications

It is one thing to keep a track of hardware service due and another thing to ensure that all the softwares is up to date, running and the respective certificates are not expired. SSL and SQL Certificates also need to be renewed. With a Fixed Assets Management System, the IT Admin can focus on other important tasks while the system tracks the expiry and renewal of such software and encryption certificates.

 

– Hardware Tracking

“Which asset is allocated to which employee in which department?” Now that is something you will not need to worry about with a Fixed Assets Management Software. You can generate and allocate a barcode to each and every IT Asset and track it. You can issue the barcode for every change in asset and the employee allocated to have an accurate track of the asset. This saves time as one can know which employee the particular tech is allotted to by just scanning the code. Not only that, one can also know the department of the employee and the period for which the asset is issued.

 

– Asset Allocation

Talking of allocation, Asset Allocation is another major reason you should consider getting a Fixed Asset Management System. Allocating assets with proper barcodes/ QR Codes/  RFID Tags allows you to accurately track assets, more importantly IT Assets which tend to move more frequently in an organisation. Allocation of assets also helps in making the workflow easier by ensuring that the proper employee has the proper asset.

 

In short, A FAMS helps an organisation manage it’s IT Infrastructure by keeping a date sheet and reminding and/or notifying about renewals/ expiry/ service dues, by Helping them track the IT Assets and by assisting in allocating the proper asset to the proper employee.

 

If you are looking for a FAMS which excels in the above mentioned necessities, you should consider Spine Assets. Spine Assets not only covers the 4 basic necessities but also offers many more features that will help your organisation boost its asset management efficiency.