Category: Spine Blogs

Introduction

The Human Resources Technology (HR Tech) industry is undergoing rapid transformation, driven by technological advancements, changing workforce dynamics, and the growing importance of HR functions within organizations. In this blog, we will explore the forecast trends and growth prospects of the global HR Tech solution market for the year 2030, based on various reputable sources and reports.

  1. Market Growth Predictions

According to multiple industry reports, the HR Tech solution market is poised for significant growth by 2030:

• HR Technology Market Expected to Grow to $38.36 Billion: A report by Economic Times forecasts that the HR technology market will grow from $23.32 billion in 2021 to a staggering $38.36 billion by 2030.
• HR Payroll Software Market to Reach $143.1 Billion: The Logical Indian reports that the HR payroll software market is projected to reach an impressive $143.1 billion by 2030.
• Core HR Software Market Expected to Reach $35.13 Billion: Market Research Future (MRFR) predicts that the core HR software market will achieve a market size of $35.13 billion with an 11.1% CAGR by 2030.

         

  2. Factors Driving HR Tech Market Growth

• Streamline HR Operations: Automation and optimization enhance efficiency.

• Digital Transformation: Integration of advanced tech for a competitive edge.

• Centralized Data Repository: Facilitates easy access and management of employees’ data.

• Simplifying administrative work: Automation reduces manual workload.

• Compliance Security and Assurance: Ensures regulatory compliance and data security.

• Enhanced communication: Improves collaboration and connectivity among employees.

• Employee Engagement and Satisfaction: Tools support feedback, recognition, and personalized experiences.

• Performance management: Employee development, remote work, integration, user experience, and compliance drive the growth of HR tech

• Hybrid workforce management: Supports the effective management of remote and hybrid teams.

• Analytical and reporting: Provides insights for data-driven decision-making.

• Data-driven decisions: Informs strategic choices in talent management and recruitment by leveraging data-driven insights across the HRMS, benefiting overall HR operations and enabling informed decision-making.

• Predictive Functioning: Utilizing analytics, this function predicts trends and addresses challenges ahead of time, enabling proactive preparation for the future.

 

  3. DEPLOYMENT: MARKET SHARE

India’s SaaS Industry to Reach $ 48 Billion by 2030

  4. Challenges and Opportunities

• Integration Complexity:

Integrating HR Tech solutions with existing systems can be complex and challenging for organizations. This presents an opportunity for HR Tech providers to offer seamless integration solutions.

• Talent Shortage:

The HR Tech industry itself is facing a talent shortage. HR Tech companies are seeking skilled professionals who can develop and implement innovative solutions, creating job opportunities.

• Emerging Markets:

As HR Tech adoption continues to grow globally, emerging markets offer untapped opportunities for expansion and market penetration.

  5. Future Trends in HR Tech

• AI-driven HR Insights:

Artificial intelligence will play a pivotal role in providing actionable HR insights, aiding in better decision-making.

• Enhanced Employee Experience:

HR Tech will focus on enhancing the overall employee experience, including wellness programs, career development, and employee engagement.

• Personalization:

HR Tech solutions will become more personalized, offering customized experiences to employees and HR professionals.

• Artificial Intelligence (AI) and Machine Learning (ML):

Integration of AI and ML for predictive analytics in talent acquisition, employee engagement, and performance management. AI-driven chatbots for handling HR queries and automating routine tasks.

• Robotic Process Automation (RPA):

Automation of repetitive HR tasks, freeing up time for HR professionals to focus on strategic initiatives.

• Virtual and Augmented Reality (VR/AR):

Use of VR/AR in training programs, creating immersive learning experiences.

• Block-chain in HR:

Use of blockchain for secure and transparent handling of employee records, certifications, and credentials.

• Gamification in Learning and Development:

Integration of gamification elements in training and development programs to enhance engagement and learning outcomes.

• Adoption of HR Chat-bots:

Expansion of HR chatbots for handling routine HR queries, providing quick information, and automating HR processes.

 

Conclusion: The global HR Tech solution market is on a trajectory of remarkable growth, driven by factors such as digital transformation, remote work, data analytics, and compliance requirements. As we approach 2030, it’s clear that HR Tech will continue to be a critical component of modern organizations, playing a pivotal role in managing their most valuable asset – their workforce.

In today’s rapidly evolving business landscape, the decision regarding software deployment models has never been more crucial. Three prominent options that often demand attention from business decision-makers are Software as a Service (SaaS), On-Premise Solutions & Hybrid SaaS. Each of these approaches boasts its unique pros & cons. In this comprehensive blog post, we aim to expose these three deployment models, equipping you with the knowledge required to make a well-informed choice that harmonizes with your organization’s strategic objectives.

Understanding On-SaaS, On-Premise & Hybrid SaaS Solutions:

On-SaaS (Software as a Service)

On-SaaS or Software as a Service, epitomizes a cloud-native software distribution paradigm where applications are hosted & managed by third-party solution providers, extending seamless internet-driven access. Here’s a simple explanation:

Pros:

1. Cost Savings: On-SaaS mitigates the necessity for on-premise hardware, by bringing in upfront cost savings & capitalizing on economies of scale.
2. Accessibility: On-SaaS applications are accessible from anywhere, ensuring operational continuity for a remote & dispersed workforce.
3. Scalability: On-SaaS Solutions can effortlessly scale to meet burgeoning workloads & expanding businesses.
4. Auto Updates: Solution providers shoulder responsibility for software updates & maintenance, ensuring your system remains updated with the latest version & secure.

Cons:

1. Lack of Data Control: On-SaaS users hand over a degree of control over their data, as it resides off-site.
2. Security Concerns: Vendors sign Non-Disclosure Agreements (NDAs) & hold ISO certifications for data security, but concerns may remain in industries with strict compliance requirements.
3. Customization: On-SaaS Solution come with challenges. The control are respective companies. No ownership of the core code so customization is minimal.

Conclusion:

On-SaaS Solutions is an excellent choice for startups, SMEs & SMBs. The cost-effectiveness & low risk associated with these solutions continue to attract businesses of all sizes. In an ever-evolving digital landscape, the convenience & scalability offered by on-SaaS solutions make them a compelling option for businesses looking to streamline their operations, enhance productivity & adapt to changing market demands. As technology continues to advance, the adoption of on-SaaS is likely to persist & evolve, making it an integral part of modern business strategies. While on-SaaS solutions offer lower initial costs than on-premise alternatives, they require ongoing recurring payments. Careful consideration of long-term objectives & budget constraints is essential when choosing between these options.

On-Premise

On-Premise Solution encompass the installation & management of software on an organization’s in-house servers or data centres. Here’s the lowdown:

Pros:

1. Control: The on-premise solution bestows meticulous control over data management, security settings & resource allocation.
2. Data Security: Organizations can rigorously manage & safeguard data, a crucial asset in compliance-heavy industries.
3. Customization: These solution offer extensive customization options, catering to businesses with unique operational demands.
4. Data Ownership: On-premise grants full control & ownership of data.
5. Integration Flexibility: Managing an on-premise environment necessitates meticulous planning & seamless integration.

Cons:

1. High Upfront Costs: Adopting on-premise solutions entails a substantial initial capital outlay, covering hardware, licenses & IT infrastructure.
2. Limited Remote Accessibility: The on-premise approach may pose challenges for remote access & flexibility. The responsibility of the company is to ensure the system & server are up & running 24/7 for smooth functioning or accessibility anywhere-anytime.
3. Data Backup & Security: Organizations must bear responsibility for data backups & safeguard against any kind of attack, necessitating the use of expensive security measures such as firewalls & antivirus solutions.

Conclusion:

On-premise solutions are ideal for established businesses with long-term plans, significant budgets & a need for complete data control & customization. Moreover, if they are planning to invest in their IT for the long term, then on-premise would be the best option because they will have to pay a one-time licence amount which will be followed by an AMC.

Hybrid SaaS

Hybrid SaaS marries elements of both On-SaaS & On-Premise, offering cloud-hosted components while retaining on-site control. Here’s the rundown:

Pros:

1. Control: Using hybrid SaaS software provides meticulous control over data management, security settings & resource allocation.
2. Data Security: Organizations can rigorously manage & safeguard data, a crucial asset in compliance-heavy industries.
3. Customization: Businesses that have unique operational requirements can take advantage of these solutions, which offer extensive customization.
4. Data Ownership: Hybrid SaaS grants full control & ownership of data.
5. Integration Flexibility: An integrated hybrid SaaS environment requires meticulous planning and seamless integration.

Cons:

1. Complex Decision-Making: Balancing between on-premise & cloud components can be challenging.
2. Cost Considerations: Costs can escalate when managing both on-premise & cloud infrastructure. If you are paying recurring costs for the solution in the long term it will be an expensive option.
3. Data Backup & Security: Organizations must manage data security across both on-premise & cloud components.

Conclusion:

Utilizing hybrid SaaS software grants meticulous control over data management, security settings, and resource allocation. This makes it an excellent choice for businesses looking to maintain data control while enjoying the flexibility of subscription-based payments. In the context of short-term applications, a hybrid plan remains the most appropriate option due to the need for subscription payments.

 

 

In a world where access & availability are paramount, all three deployment models – On-SaaS, On-Premise & Hybrid SaaS, offer unique advantages & disadvantages. Your choice should align with the specifics of your industry & the size of your organization. The cost difference between on-premise & on-SaaS is nearly 30 to 36 months. Additionally, consider budgetary constraints, the longevity of your software solution & the extent of customization required. Make your selection wisely, as it will define your organization’s digital landscape for years to come. Choosing Spine Technologies is a wise decision, as they offer all three deployments, ensuring your organization’s digital success.

Human Resource Management Systems (HRMS) are pivotal in streamlining and automating various HR processes within organizations. In today’s digital age, a plethora of HR Software Solution providers have emerged in India, offering innovative solutions to meet the evolving needs of organizations. This blog post will explore the Top 10 HR Softwares in India, focusing on their key features.

 

 

Which software is best for managing Human Resources?

1. Spine HR Suite:

Streamline your HR processes and achieve organizational success with Spine HR Suite, a versatile solution that covers everything from On-boarding to Exit. Our commitment to excellence sets us apart, making us the ideal choice for organizations seeking top-tier technology-driven solutions.

Based on our unwavering commitment to customer satisfaction, we have garnered the trust of 8,500+ happy organizations including 750+ of them who have been using us for over a decade across 30+ industries. This solidifies them as the leading choice for HR and Fixed Asset Management Solutions.

Click here to learn more about Spine HR Suite.

Key Features: Spine HR Suite offers features such as End to End HR Software – Hire to Retire, Recruitment, Letter Generation, Induction, Employee Self Service, Leave, Attendance, Payroll, Statutory Compliance, Loans and Advances, Claims / Reimbursement, Employee Asset Management, Performance Appraisal, Training, Travel Expense, Travel Desk, Request Desk, Help Desk and Time Sheet & many more.

Deployments: On-SaaS, On-Premise, Hybrid

2. Zimyo:

Zimyo is a cloud-based HRMS platform that specializes in simplifying HR operations for businesses in India. The company is known for its agility, scalability and innovative approach to HR management.

Key Features: Zimyo offers modules for employee onboarding, attendance management, leave and time tracking, performance management and more. Its seamless integration capabilities and intuitive interface make it a flexible and scalable HRMS solution.

Deployment: On-SaaS

3. Kredily:

Kredily is a comprehensive HRMS platform that focuses on meeting the specific needs of Indian businesses. The company is dedicated to simplifying HR processes and reducing administrative burdens through automation. Its user-friendly interface and emphasis on employee-centric features make it a popular choice among organizations in India.

Key Features: Kredily provides features like attendance management, leave tracking, payroll processing, compliance management and an employee self-service portal. It emphasizes easy access to pay slips, leave applications, and personal information for employees.

Deployment: On-SaaS

4. GreytHR:

With over two decades of experience, GreytHR is a well-established HRMS provider in India. The company has a deep understanding of the Indian HR landscape and caters to the diverse needs of businesses across industries. The company’s dedication to continuous innovation and customer satisfaction has earned it a strong reputation in the market.

Key Features: GreytHR offers a wide range of features, including employee data management, leave and attendance tracking, payroll processing, statutory compliance and robust reporting capabilities. Its easy-to-use and comprehensive functionalities cater to businesses across industries.

Deployment: On-SaaS

5. ZingHR:

ZingHR is an end-to-end HRMS platform designed to simplify HR processes and drive organizational efficiency. The company focuses on providing comprehensive HR solutions that cover various aspects of HR management.

Key Features: ZingHR provides modules for talent acquisition, onboarding, attendance management, performance appraisal and more. It offers advanced analytic, and integration capabilities and emphasizes data-driven decision-making.

Deployment: On-SaaS, On-Premise

6. Keka HR:

Keka HR is a modern and intuitive HRMS platform that aims to automate HR processes and enhance the employee experience. The company is committed to providing a seamless and user-friendly interface that simplifies HR management for businesses of all sizes.

Key Features: Keka HR offers features such as employee data management, attendance and leave tracking, payroll processing, performance management and a seamless employee self-service portal. Its mobile apps and easily understood interface make it convenient for both HR professionals and employees.

Deployment: On-SaaS

7. Darwinbox:

Darwinbox is an AI-powered HRMS platform that offers end-to-end HR solutions for organizations. The company leverages advanced technology to simplify and streamline HR processes.

Key Features: Darwinbox’s comprehensive suite of features covers employee onboarding, leave and attendance management, performance management and employee engagement. It offers customization options, advanced analytics and integration capabilities.

Deployment: On-SaaS

8. Zoho People:

Zoho People is a cloud-based HRMS platform offered by Zoho, a renowned software provider. It offers features like employee self-service, attendance management, leave tracking, performance appraisal and more. Zoho People’s integration capabilities with other Zoho applications and its affordability make it an attractive option for small and medium-sized businesses.

Key Features: Zoho People offers features like employee self-service, attendance management, leave tracking, performance appraisal, and more. It stands out for its seamless integration with other Zoho applications and affordability for small and medium-sized businesses.

Deployment: On-SaaS

9. Freshteam:

Freshteam is an intuitive HRMS platform that focuses on simplifying recruitment and applicant tracking processes. It offers features such as resume management, interview scheduling, collaboration tools, and onboarding workflows. Freshteam helps organizations streamline hiring processes and make informed decisions with its data-driven insights.

Key Features: Freshteams provides features such as resume management, interview scheduling, collaboration tools and onboarding workflows. It streamlines the hiring process and offers data-driven insights for decision-making.

Deployment: On-SaaS

10. HR One:

HR One is a comprehensive HRMS platform that offers a range of features to streamline HR operations. It provides modules for employee data management, attendance and leave tracking, payroll processing, performance management and employee self-service. HR One stands out for its intuitive interface, robust reporting capabilities and seamless integration options, making it a valuable asset for businesses in India.

Key Features: HR One provides modules for employee data management, attendance and leave tracking, payroll processing, performance management and employee self-service. It emphasizes an intuitive interface, robust reporting capabilities and seamless integration options.

Deployment: On-SaaS

Crucial Features of HR Software for Indian Businesses:

While the top 10 HRMS mentioned above offer a wide range of features, there are some essential features that Indian businesses should look for in HR software. These features include:

• Recruitment and On-boarding: Streamline the hiring process with applicant tracking, resume management, interview scheduling and onboarding workflows. Ensure a smooth transition for new employees.
• Employee Engagement: Foster a positive work culture and enhance employee engagement with features like surveys, feedback mechanisms, rewards and recognition and communication tools.
• Employee Self-Service Portal: Provide employees with a secure portal to access their personal information, apply for leaves, view pay slips and update details. Reduce the administrative burden on HR teams.
• Attendance and Leave Management: Efficiently track and manage employee attendance, leaves, and holidays. Generate reports and ensure accurate payroll processing.
• Payroll Processing: Automate salary calculations, tax deductions, reimbursements, and generate pay slips. Ensure compliance with Indian labour laws.
• Compliance Management: Stay up-to-date with Indian labor laws, and statutory requirements, and generate compliance reports effortlessly. Facilitate adherence to legal obligations.
• Performance Management: Set goals, conduct appraisals, and track employee performance. Identify high performers, provide feedback and facilitate career growth.
• Training and Development: Plan and track employee training programs, skill development initiatives and certifications. Monitor progress and evaluate the effectiveness of training.
• Analytic and Reporting: Generate insightful reports and analytics on HR metrics, workforce trends and employee performance. Make data-driven decisions for strategic planning.
• Integration Capabilities: Seamlessly integrate with other business systems such as accounting software, ERP, BI, CRM, Access Control or collaboration tools. Eliminate manual data entry and enhance overall efficiency.

Learning and leaving, is it a real problem though?

It might sound like a major problem. Employees learning from you and then leaving the organisation as soon as they are done. But if you think about it, an employee would only leave for a better pay or work environment. Of course other factors like commotion and residence matters as well. But looking at the bigger picture, if you provide enough value to your employees and a good office environment, there is no reason for leaving.

If you are still confused, here are 4 tips that would help you solve the “problem” of learning and leaving.

– Understand Employee Motivation

How devoted and content a worker is in their position is employee motivation. An employee is more likely to work hard and do a good job if they are motivated. To recruit, maintain, and increase overall production levels, motivation is crucial. An employer needs to understand how to motivate their employees. This motivation, if not provided, might lead to layoffs or employees leaving. Employee motivation not only drives the employees to do better. But also, it reduces the “problem” of employees leaving.

– Set up Training and Awareness Sessions

Training and Awareness sessions are a great way of maintaining employee standards. Standards, with regards to employee retention as well as quality of the end product or service. Such sessions guide employees and remind them of the ethics of an employee. Alongside this, it also creates a sense of security in the minds of the employees. Setting up training and awareness sessions sends a non-verbal message to your employees that you actually care about them.

– Revamp Management Methods

By revamping management methods, what we mean is, inculcating flexibility in your company policies. Be a little bit flexible with your rules and regulations. This ensures that there is no employee unrest in the organisation. Revamping also implies upgrading to the modern methods of management. Be it automation or newer management policies. Switching to modern policies is always a great thing to do as they are more refined, well packed versions of their predecessors.

– Indulge into Employee Wellbeing

Employee wellbeing is an absolute necessity for any organisation. As the world is healing, offices are starting to work offline. And the mental health of the employees is on an all time low! There is a huge requirement to bring up the spirit of the employees and make them feel secure and empowered. Little things like constant check-ins and a simple “How have you been?” can add up a long shot. You might also want to read 6 Ways managers can support employee mental health at workplace.

In conclusion, the “problem” of learning and leaving does have a solution. Or solutions one would say. Practising the above mentioned practises can help you solve the problem of learning and leaving at your organisation. The problem itself though, is not a real problem. So yes, it is solvable and preventable.

Automating the HR Processes also takes away a lot of load from employees. Especially for HRs, an HRMS is a blessing. Other departments too enjoy the implementation as the workflow now becomes streamlined and more efficient. If you are looking for an HR Management solution, Spine HR Suite is the best solution in the market. You can check out Spine HR Suite here.

 

 

“Automation is all the hype in HR!” Is it really though?

Automation has become a necessity in this digital era but there are many more factors- trends for the lack of a better word, that make HR tasks easier. While automation is inevitable, in this blog we’d like to talk about other trends that are sure to be of great utility in the near as well as definite future.

– Automated Recruitment

It is the era when the average time for filling up a vacancy keeps going higher and higher. HR Managers and Recruiters need to find ways to minimise this time taken. Experts and analysts expect recruitment to be the biggest concern of employers. It was difficult to recruit skilled employees back in the day. But now with education being accessible to almost everyone. And modern methods of choosing a candidate from the given pool has boosted the rate at which good employees are being hired. Modern methods include screening, applicant tracking, resume parsing, sourcing, matching, etc.

With this level of technological advancement, recruitment is becoming less of an issue. Even though we have great tech to improve recruitment, they need to keep getting better. Recruitment is a continuous process and so should be improvement.

 

– HR & People Analytics

Data interpretation all the way! The new methods of management tell us, in contrary of what traditional ones have been telling- that HR should be data driven! The more data you have, the better your decision making ability gets. But of course, you cannot get employee data in a day. Data collection is a time consuming process and asks to be updated from time to time. The best way to start building up employee data is implementation of AI in your HR Department. It is not as difficult as it sounds though. Implementation of a simple HRMS can help you get started. Spine HR Suite is a great tool that grows as you grow and helps you maintain a proper track of your employees. You can learn more about HR Analytics here and AI in HR here.

 

– Employer Branding

Employer branding is the long-term promotion of a company, organisation or an individual to a target group. Employer branding, after the pandemic has become a crucial survival tactic. If you do not recruit right now, it might harm your goodwill as an employer. As people are looking for a job and companies are looking for employees which desire to upskill and improve, employer branding helps them to land on the same page.

 

– Continuous Learning & Reskilling

One of the most important HR trends and practices for companies in the near future, will be the upskilling and reskilling of the workforce. An employee should be a continuous learner. They should be more than willing to learn more skills that help them excel in their job. Alongside that, upskilling also makes them research about more effective ways in which the job can be done. Reskilling, Upskilling and Continuous learning have a direct effect with employee performance.

 

In conclusion, there are many more futuristic things related to HR than just automation. With advancing technology and penetration of AI in our daily lives, HR is left no behind. But at the end of the day, HR is all about managing the Human Resources. So it comes down to employee and worker satisfaction which can only be achieved by connecting with them on an emotional level. You can integrate automation and AI in your HR department as well by implementing Spine HR Suite! You can learn more about Spine Technologies here.

Will AI put HR out of job? Or will it improve HR efficiency?

With all the digital revolutions taking place, invasion of AI in the corporate world is inevitable. But does this mean HR will eventually be replaced by AI? Experts say no! AI, no matter how smart it is, cannot replicate a human with emotions. Continuous learning is one thing and having emotions inculcated is another. HR  Analytics is one example wherein AI helps the HR. But AI does have a huge scope in aiding HR. Following are the areas where AI can help HR boost efficiency-

– Recruitment

The HR department’s responsibility for talent acquisition is crucial to the company. Since adding skilled people to the team will likely result in the company’s expansion. The talent acquisition process may be where artificial intelligence in HR is most used. AI decreases the time and effort needed to execute these and other tedious tasks. From screening applications to managing databases. Setting up interviews, and responding and resolving contestant queries. As a result, the HR team can concentrate on more important jobs. Like sourcing, employee relation, recruitment marketing, and other beneficial operations. It also dramatically shortens the hiring process and saves time.

– Orientation and Training

AI-based unified systems will introduce new hires to business knowledge and rules on the first day itself. New employees receive all the required information through the mobile app or on their laptop. Job profile data, company policies, task assignments, team member information, etc is provided. This process is referred to as onboarding. HR procedures can be tailored to the needs of the employees and their associated tasks thanks to artificial intelligence. Additionally, AI keeps track of all of the company’s crucial contact information and other crucial activities.

Using AI, employees will be able to research and educate themselves on requirements. Offering knowledge on current technology and software developments in the sector will also help them stay up to date. The AI will automatically comprehend and assign the employee with the proper training.  After analysing the papers and examinations. Based on their work description, pertinent skill set information will be given to them for better advancement. AI-based HR technology may analyse data and notify the HR team of the need for employee training. This smart method will improve workers’ productivity and intelligence. All this while also helping them learn more efficiently. They can train certain programmes and teach employees how to execute according to requirements.

– Employee Experience

Because of the high level of automation and strong emphasis on customer experience in the environment, employees anticipate a beneficial and productive environment when they join customised engagement. Consumer technology is currently shaping employee experiences. While also considering employees looking for options for how they want to be involved and supported. A tailored employee experience may be achieved by effectively integrating AI throughout the whole employee lifecycle. From hiring and onboarding to providing HR services and career planning. With customised feedback forms and employee appreciation initiatives. Human resources departments can now assess employee engagement and job satisfaction with greater accuracy than ever before. Given how important it is to comprehend employees’ general needs, this is very helpful. However, there are many important organisational advantages to possessing this understanding as well.

– Leadership

AI will enhance the working methods of instructors and program managers in a company because it will help and develop trainees. By posing questions to the members of their respective teams, the AI will assess the architecture of the leader’s qualities. And provide them with the skills they are lacking or adaptable attributes. Second, by examining the dashboard, managers may assess their own performance and adapt their skill sets to the demands of the workplace.

In conclusion, AI is sure to invade HR. But it is not enough to completely replace HR.  There are issues including privacy. A personnel shortage, upkeep, integration capabilities, and a lack of proven applications. Yet, using precaution while installing AI services will prevent needless problems.

You might have heard the term “HR Analytics or People Analytics” more than often. But do you know what it means?

People use HR Analytics and People Analytics interchangeably but they are two different concepts. In this blog, we will be discussing HR Analytics. Its meaning, importance, scope and implications. We will cover People analytics in a future post as well.

– Data-driven HR

HR analytics involves compiling, examining, and summarising HR data. It is also known as people analytics, workforce analytics, or talent analytics. It helps your company to analyse data to determine the effect of a variety of HR KPIs on overall business performance. In other words, HR analytics is a human resources management strategy based on data.

Analytics in HR is a relatively new tool. This indicates that it has not been extensively studied in literature. Heuvel & Bondarouk’s definition of scientific HR analytics is the most well-known. They define HR analytics as the systematic identification and quantification of the people drivers of business outcomes.

– Scope of Data-driven HR

Human Resource Management has undergone significant transformation in the last century. From being an operational discipline, it is now more of a strategic one. The term Strategic Human Resource Management (SHRM) is a good example of this. HR analytics’ data-driven method is consistent with this development.

You can stop relying on intuition by employing people analytics. HR workers may make data-driven decisions thanks to analytics. Analytics also assists in evaluating the efficacy of various initiatives and HR policies.

– How HR Analytics boost management efficiency

The value of being able to analyse information in decision-making has increased exponentially. There are numerous changes taking place in the workplace as we move closer to a post-pandemic society. Including the rising prevalence of hybrid jobs and the increased usage of automation. Making the right decisions is crucial in this time of disruption and uncertainty so that we can navigate our new reality.

The Human Resource (HR) department may have the poorest reputation of all the departments in an organisation.

Analytics based on HR data alters all this. By being more data-driven and knowledgeable about HR and analytics, many of the problems we just discussed can be solved.

– HR Analytics in implication

There are several incidents where HR Analytics has been a life saver. Be it reducing accidents at the workplace or boosting recruitment efficiency. HR Analytics combines HR Data from several systems. Let’s say you want to assess how employee engagement affects business results. For this, you must combine your annual engagement assessment with your performance record. The effect of involvement on the financial success of various stores and departments can be calculated in this way.

Based on the knowledge obtained through HR analytics, important HR domains will alter. There will be changes to jobs including hiring, performance management, and learning & development.

 

In conclusion, An organisation can benefit greatly from HR data analytics. These are only a few instances. Analytics do in fact let businesses to gauge how people’s policies affect their bottom line. HR can forecast the future of the workforce by using sophisticated statistical analysis. Managers are able to assess the financial effects of HR procedures thanks to HR Analytics.

HR Analytics goes hand in hand with automation. And do you know how you can automate your HR? Spine HR Suite! You can learn more about Spine HR Suite here.

 

What should you consider before buying an FAMS?

 

Even using software to manage your assets may seem complicated. The effectiveness of the management process determines the outcome. The conventional approach is substantially less effective. And might reduce the organisation’s productivity. However, using software to manage your fixed assets is a terrific way to make sure they are used effectively, without hampering the performance.

 

The following are the benefits of having a Fixed Asset Management Software:

• 

• Asset Lifecycle

 

It keeps track of the asset’s worth over time since it was purchased. An FAMS actually aids you in creating a budget for the asset. It helps you throughout the asset’s lifespan by assisting with depreciation calculation. Alongside that, it sends out notifications for due servicing or payments, and alerts for lease, insurance, and AMC renewals. Additionally, it guarantees that you are in conformity with all legal requirements. Finally, it makes it possible for you to accurately determine the asset’s disposal value as well! There are only a few companies who truly offer an end-to-end solution. Spine Technologies provides you with Spine Assets. Which includes many useful features alongside covering the entire lifetime of your assets.

 

• Analytic Reports

 

A centralised data source makes it simple to generate reports for use in reports. These reports give you the ability to assess whether an asset was utilised adequately, excessively, or neither. This allows you to separate them and classify them as productive and unproductive. Because assets can be used in both productive and unproductive ways. With the assets divided, you can now identify the underutilised assets and increase productivity. This has an impact on depreciation calculations as well because overused assets tend to be disposed of earlier than underused ones.

 

• Reinforced Management Protocols

 

Besides the management protocols, which are essential for a company in and of themselves, the regulating body also provides guidelines. These can occasionally become too much to handle. You can follow these management protocols without fail if you use asset management software. You can select the required depreciation method, and the software will take care of the rest on your behalf. Management protocol strengthening is accelerated by a programme.

• Dedicated Data Hub

 

Businesses own and manage dozens of assets every day, whether they are vehicles for logistics, IT assets for offices, or machines for various industries. Manually tracking the use and utility of these assets is difficult. Additionally, because this data originates from numerous sources and diverse core assets, managing it becomes difficult. Data storage in a centralised location becomes challenging due to the abundance of data sources. Fixed Assets Management Software is useful in this situation. You may save all of your data and reports in one location with the use of a FAMS. More productivity and clarity with less clutter! You can quickly locate the data you need with the aid of a centralised data centre.

 

Hence these were the 4 most important advantages of fixed asset management software. You can get a detailed guide on these essential features here. If you are looking for a Fixed Asset Management Software which checks all the above mentioned requirements, Spine Assets is the software you are looking for! Spine Assets is brought to you by Spine Technologies. Spine Technologies is a trusted software company with more than two decades of experience and international presence as well! You can check out Spine Technologies here.

Confused about the qualities a human resource management system should have?

To learn about the key characteristics that are essential for any firm, keep reading.

Each organisation has a unique structure, needs, and management procedures. These HR Processes are intended to be facilitated and made more effective by an HRMS. Let’s use jeans as an example. Yes, denim is fantastic on its own, but a pair of well-fitting jeans will make your entire ensemble look better. Your organisation’s effectiveness will increase with a carefully chosen HRMS. We hope that this blog will help you understand the key components of an HRM system so you can find one that is “Tailored Fit” for your business. So, let’s begin right away!

1) Leave, Time and Attendance Management

One of the key components of an HRMS is time and attendance management. It automates the time-consuming process of recording each employee’s attendance. Tracking their leaves and performing other related duties. Classifying leaves as paid/unpaid or informed/uninformed, etc. is also quick and easy with an HRMS. Additionally, HR software assists with leave computation, classification based on predefined type.

2) Payroll Integration

Another key responsibility of an HR that is automated by HRMS is salary processing. Besides processing employee wages for a specified period of time, an HRMS integrates time and attendance.  It automatically determines the amount to be processed. Also, HRMS allows users to view salary breakdown and arrears computations. By maintaining transparency, the employee gains trust and fosters a positive work environment.

3) Employee Self Service (ESS)

Employee Self Service (ESS) is a major module of HRMS. ESS enables the employee to view and change their personal and professional information. And that too without concerning the HR. Making changes in the employee master requires approval of the HR though. This also saves time as the employees no longer need to consult the HR to make such changes. This time can be utilised for better workforce management.

4) Onboarding and Recruitment

Examining and organising resumes, contacting applicants, tracking interviews, onboarding, training, and training evaluation. These are a few of the steps that must be taken when hiring a new employee. All these procedures are automated by an HRMS, leaving HR with only the task of conducting interviews. As the interview process progresses, hours’ worth of tasks are completed. Both the employee and the manager can track an employee’s development and training with HRMS.

5) Performance Management System (PMS)

It’s important to be aware of how well your employees are doing. You can track employee performance with PMS. This gives you the ability to reward exceptional performers. And encourage underachievers to improve. Employees can set their own targets and check their performance history to make comparisons. They may always be one step ahead of where they were yesterday thanks to this.

6) Reports and Analytics

HRMS offers you comprehensive reporting and analytics with graphics for easier visual comprehension. Reports and analytics are essential for a business to measure growth at individual and organisational levels.. Along with mandatory reports, an HR management system generates many other vital reports. While offering analytics that are essential for tracking performance. The reports offered can be used as a point of reference for comparisons.

To sum up, having an HR Software is a great advantage to an organisation. But you need to know what to look for in a product. The different features that HRMS offers is what makes it such a significant switch. And now that you know what features to look for in an HR Management System, you can check out why HRMS is becoming a need and how you can get started here.

Spine HR Suite not only offers you these 6 essential features but 19 different modules to pick and choose from, for that “tailored fit”!

A payroll is a necessity in every organisation in this era.

An efficient payroll is not just about automation & quick calculation. If not done properly, it may lead to chaos, employee dissatisfaction, workflow disruption and many more such problems. The biggest problem of outsourcing payroll though, in my opinion, is the lack of confidentiality of data. A payroll like Spine HR Suite’s maintains complete transparency with you and complete opacity with any other parties.

Following are the advantages and disadvantages of outsourcing a payroll:

• Advantages

– Quick Calculation

The first and foremost benefit of implementing a Payroll software is quick calculations. Automated, AI-powered payroll systems make it much easier to calculate salaries. Salaries can be calculated based on days, shifts and even hours worked! Calculation of daily wages is also possible with a payroll system powerful enough like Spine HR Suite.

– Arrear Calculation

Arrears refers to payments that are overdue. Which have to be paid at the end of a given period after missing out on the required payments. Usually it is very difficult to calculate arrears as one needs to know the term missed, pay rise (if any) and many other things. Given the amount of factors included, Arrear calculation is one nightmare of a task. But a payroll solution makes arrear calculation easy as well! Just enter the employee code and the system will calculate the arrears!

– Regulatory Compliances

Being AI Powered, a payroll software keeps itself up to date with all the regulatory compliances. It sends you notifications about new regulations and compliances, etc.

It is difficult to track regulatory compliance and calculate salaries according to them. Hence, a payroll software does it for you in a few clicks! All you need to do is select the compliances which are applicable to you!

– Industry and Segment Agnostic

A payroll software is usually standardised. This is because payroll is a necessary HR Process in every industry. Paying employees and calculating the pay is a need in every segment. And as the product is segment and industry agnostic, any one can implement a payroll in their organisation. Any organisation can install a payroll regardless of its size or industry it belongs to.

– Quick disbursement of Salaries and payslips

As if calculating salaries was not excruciating enough, HR has to process the salaries and payslips as well. Making every individual payslips. Then depositing the salaries into the employees’ bank accounts. Sounds like a nightmare, doesn’t it? But no more pain with a payroll system! Disbursement of salaries and payslips is just a few clicks away!

• Disadvantages

– Low Confidentiality

The major risk linked with payroll softwares is the lack of confidentiality. As the solution providers usually don’t have a dedicated server for every single client, data can get leaked. Even on cloud servers there are chances of data leak. There is no real solution to this problem unless you have an on premise server. One advice that a smart HR should follow is to go for a reliable solution provider. HR and Managers need to be aware of the market and not fall in the traps of  “Cheap or Free” payroll. One always needs to check the genuinity of the product as well as the provider.

– Too many solution providers

Another major problem is having too many options in the market. Now, don’t get this wrong. It is always good to have options but not when there are way too many! Especially when people try to fool others with words like “Free”.  Again, you always need to verify the genuinity of the software and the solution provider.

In conclusion, a payroll solution is a must in every organisation. But when it comes to considering a payroll, one must do a detailed research on the authenticity of the solution provider. Spine HR Suite offers you a powerful payroll system with many more modules! You can learn more about Spine Payroll here.