The emergence of avant-garde HR technology solutions is essentially reshaping the concept of human resource management and opening up myriad opportunities for the industry. According to a study, the global HR market is poised to grow to $38.17 billion by 2027 – fuelled by team-focused management, mobile applications and powerful analytics. Initially developed as talent management software, HR platforms like PeopleCentral are constantly evolving as robust systems that can potentially change the face of human resource management.
Let’s see how.
1. Offering Improved Performance Management with Powerful Analytics
Effective performance management is a vital HR function, involving performance monitoring, gathering supervisor’s feedback and reviewing employees regularly. Thanks to PeopleCentral, an all-in-one AI-enabled HR platform, employee performance management has become more streamlined and helps eliminate unnecessary steps. The approach is more data-driven and insightful.
2. Staying Compliant
For any HR manager, one of the biggest challenges is to stay compliant with fast-evolving regulations and laws regarding human resource management. Most often, the process involves bulk amounts of data and paperwork – and it becomes more cumbersome. However, cloud technology and AI help HR teams to navigate complex compliance issues and implement the same into their organisations.
3. Following Accurate and Efficient Payroll Management
Modern HR software solutions like PeopleCentral automate payroll calculations and seamlessly integrate regulations regarding MOM, CPF and IRAS. You can auto-create Central Provident Fund and submit it directly to the CPF Board. Bank integration and IRAS submission also become hassle-free – ensuring a more streamlined and accurate payroll management experience.
4. Focusing on Complete Employee Lifecycle Management
Understanding the right way to engage your human resource at each stage also makes it possible to attract the right talent to the company. An effective HR software enables employee engagement at each stage of an employee’s lifecycle. Be it the recruitment process or onboarding a new employee, managing the talent with rewards and benefits, career planning or off-boarding, every task can be meticulously planned.
From leaves and claims to appraisals, surveys, scheduler and timesheet, cutting-edge HR software is the best bet for effective employee management. HR software like PeopleCentral is revolutionising human resource management, automating processes, reducing errors and improving overall efficiency.