What You Need to Know About HR SaaS

September 15, 202112:59 pm1486 views
What You Need to Know About HR SaaS
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As the world of business becomes more complex and competitive, more organizations are turning to tech solutions to simplify and manage their workflows. In an era where automation is the norm, having excellent software tools at your disposal has never been more essential. If you want to focus on strategic initiatives rather than administrative tasks, HR software-as-a-service or HR SaaS can be a great solution. 

What is HR SaaS?

An HR Saas is a cloud-based software that enables a company to oversee all aspects of their employee management responsibilities online. HR SaaS services are mostly accessible online, so they can be accessed from anywhere with an internet connection. The software provides total control over people-related activities to both small and big companies. Human errors and tedious duties such as handling numerous spreadsheets and inputting employee attendance can be digitally done with HR SaaS. It also helps reduce the need to print and store physical documents, as data is stored in a cloud system. 

In general, there are two types of HR Saas: best-of-breed and all-in-one.

Best-of-breed

Best-of-breed is a term referring to an HR SaaS product that is designed to serve one single function. One of the most commonly used best-of-breed products is Applicant Tracking System (ATS). ATS is used to help companies post vacancies, track job applications, and eventually hire the best candidate for the job. Due to its specific function, the best-of-breed type is usually costly, but it is believed to give the most reliable outcomes so big companies opt for this type.

All-in-one 

All-in-one refers to an HR SaaS software that can manage all of your HR duties in one single software. Hiring, onboarding, scheduling, and payroll can be processed under one system. The good thing about this type is that it is less costly compared to the previous type, although the outcome may only be generally decent. This is why many small companies opt for an all-in-one solution. This type of SaaS gives companies the most essential tools without needing an expert to run and maintain them.

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Featured Functions of HR SaaS

SaaS also provides several other functions that can enhance business operations. Aside from its most common function as an ATS, here are some common functions of HR SaaS:

  • Onboarding
  • Document Signing and Storage
  • Performance Management
  • Payroll Processing
  • Employee Directory and Profile
  • Leave Management
  • Benefits Administration
  • Learning, Training, and Development

Benefits of HR SaaS 

A SaaS-based HR software enables companies to survive and thrive in the digital world, saving hassles of conventional procedures. There are many benefits of HR Saas, for example:

1 . Real-Time Employee Performance Assessment

An HR manager’s primary responsibility is to evaluate employee performance. Although annual assessment is still mandatory, real-time performance assessment is gaining more prominence these days. Employee performance can be tracked automatically and in real-time using HR SaaS software. With built-in dashboards, reporting, and pattern recognition, gathering and analyzing data becomes easy.

2 . More Employees Engagement

Employee engagement gives companies a competitive advantage. It results in high levels of customer satisfaction, knowledge sharing, company agility, and bottom-line profitability. With HR SaaS software features, increasing employee engagement can be done efficiently.

3 . Ease of Access and Use

Employees can access information about their salary and benefits, anytime and anywhere, with HR SaaS software. Employees can also modify their salary and benefit settings. Employees who utilize a cloud HR system may set up direct deposit, modify their health insurance, and do other things without having to contact an HR manager. This system is simple to set up and utilize, compared to conventional HR systems. All security and system update duties are taken care of by SaaS providers.

4 . People Analytics 

To some extent, HR SaaS can detect and address employee complaints before they lead to resignation or decreased productivity. The function is continuously developed, yet it is highly anticipated and is vital to HR’s strategic role in keeping organizations competitive. AI technology is capable of analyzing and forecasting employee needs and this is available in HR SaaS.

Digitizing the HR department is a great step towards an efficient and seamless business operation. Thanks to HR SaaS software, leaders can focus on what is actually important: the people. If your company is yet to adopt this solution, it is time to consider one! 

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