All around us, we see a growing number of companies adopting SaaS solutions to optimize and manage their business functions. Small and medium sized enterprises are embracing SaaS rapidly as they see value addition to their business processes through the SaaS solutions. It is expected that the global market for small and medium sized businesses SaaS will outgrow that of enterprise SaaS by the year 2020.
This is rapidly revolutionizing the HR functions in various organizations at large. Technology has a large impact on how HR teams organize and store employee information, track employee performance and manage the workforce. As HR has evolved from just an administrative function into a role that manages one of the most valuable resources of the company, the people, several HR solutions have emerged to automate and streamline the HR processes. With the SaaS systems emerging, it is a crucial time for small businesses to make the most of these solutions in order to limit manual work and spend their time efficiently.
There are several ways HR tech adds value to SMBs. We have highlighted a few reasons below:
- HR Transformation: The objective of HR solutions is to automate and streamline core HR processes. Many of these solutions can eliminate the burden of manual tasks from a small HR team. Whether it is recruitment, onboarding, payroll, leave management or benefits administration, there are HR software for small business available that enable HR professionals spend their time doing tasks that require their attention.
- Centralizing HR operations: Since HR is such a vast function of any business, there are various solutions available. Whether that is for a particular HR function like recruitment or administration, or a complete HR software that automates each function. HR technology usually provides a central database or location for storage, management and tracking of all necessary information.
- Making use of data: It is no secret that HR sits on a goldmine of data relevant to the organization and individual employees. Having an HR system in place lets you capture and analyze this data to gain insight into your organization’s performance. Such data analysis is also an accurate indicator of the improvements to be made in the organization. For example, when it comes to individual employee performance, the data available to the HR team provides metrics on employee productivity and efficiency. This enables faster and more effective decision making.
- Security: One of the most important features that benefits SMBs while implementing HR solutions is the security. HR technology gives you a cloud platform that stores and safeguards all your information without paying a lot. With a large variety of HR solutions available in the market today, it is easy to choose one that fits your preferences and needs. The HR solution provider usually takes care of the maintenance and updates, ensuring that the platform is always running and accessible to your team. Most HR tech providers also provide you with technical and customer support to ensure you are onboarded and trained.
- Elimination of unnecessary tasks: HR technology focuses on eliminating paperwork and manual processes. Manual processes take up most of the HR team’s time. HR technology automates all manual tasks and makes the entire process smoother, error-free and more organized. As for integration, almost all HR tech products in the market today come with the ability to integrate with third party apps, systems and services. Due to this integration, the HR department can cut costs and save time as the need for purchasing other solutions is eliminated.
More and more businesses are making use of automation software solutions to develop efficient business processes. While the need for an HR solution may not be as prevalent within small and medium sized businesses as compared to MNCs, it is inevitable moving forward. Understanding the importance and the different types of HR solutions available is the stepping stone towards optimizing the processes in your business. With several low-cost, flexible and scalable HR software for small business available, the technology provides you the tools and the means to transform your human resource processes into a modern and efficient system that is more responsive to the present digital workforce. Being a small or medium sized business does not stop you from making productive use of the HR technology and reaping the benefits of what it has to offer.
