In this digital era of Bangladesh, minimization of the company cost is related to the maximization of the wealth through providing a focus on stakeholders of an organization. Small and large, all the companies are under extreme pressure to achieve high benefits with low cost and acute diversification of work. For this reason, HRIS software in Bangladesh is a very crucial factor to manage the employees of the organization.
Companies bring in success with the collaborated activities of the employees, their productivity, behavior, etc. Direct contacts with clients is another way of increasing sales and productivity. So, success depends on the employees in a great deal.
Increasing efficiency of the employees calls for the Human Resource Information System that is now irresistible for the companies.
What is HRIS?
HRIS is an integrated system that is a technology-enabled platform in a company. It is used for several causes like acquiring data of the employees, transfiguring it into information and communicating the information to different parties.
HRIS covers many factors that are maintained according to the types of business:
- Employee management
- Recording data of all parameters related to employees.
- Attendance management.
- Payroll management
- Performance counting
- Salary formatting
- Training and workshop
- Career planning
- Planning of career
- Overall management of new and old employees.
There is a long term investment in HRIS according to the size of the organizations. This investment provides a larger return later in organizational life, so it is one of the great ways of minimizing costs.
Reasons for Investing in HRIS in Business
A Precise and Methodical Recruitment Process
The more systematic the recruitment is, the more accurate it would be. So, recruitment through a systematic process is the best way to identify and appoint top talents. As everything is to be organized through the system, evaluation occurs in a proper way. Companies can recruit skilled and knowledgeable hires easily which minimizes the wrong recruitment and minimizes the loss ultimately, as persons who are not fit for the companies can be a liability for a company rather than the assets.
Implied Rules & Regulations will be Followed
With an HRIS a company has some established rules and regulations that the employees must abide by all. The system applies to all the methods of hiring, compensation, safety, and retirements. The benefits of HRIS is that it establishes all the systems that can easily solve the clashes of employer-employees and ensures a good relationship between them.
On the other hand, proper HR practice is added to the structure of the system. This will ensure that all the employees can work in a Fair Work System so that no corruption or uneven treatment may be possible. Finally, this will go for another possible consequence that the company will not have to spend in any lawsuit situation.
Training and Workshop
With the HRIS a schedule of training and workshop would be created according to the need of the employees. Separate training for separate departments helps to increase the expertise of a specific topic. According to the information system of HR all the data of training and improvement of the employees are recorded. So, it is easy to track records of the status of the employees of different departments.
The situation is extremely competitive now from any other day in the past. Things are changing frequently. If employees do not update themselves with contemporary acts then it would be tough to go-ahead for both the employees and companies.
Cost Minimization and Wealth Maximization
HRIS is a smart investment in every small and large institution. There are many ways of cost minimization in a business organization but not all are effective in ROE maximization. You have to act smartly on this matter. Reduce the cost in a way that can bring in better situations within the employees.
Think of long term gain rather than short term perception. The aim of cost minimization in a short time can lead to increased profit but doesn’t stay longer. On the other hand, people adopt wrong or dishonest policies of lowering costs as they reduce the quality of the products but keep the previous price. This will not create long term benefits.
Investment in HRIS reduce cost in both short and long time in several ways like
- Companies don’t need to store hard copies for the management of a large group of employees.
- A major task is set within the software so management can handle more profitable projects.
- Time management is very important. In this way, within a very short time, lots of tasks can be done.
- Report generation is easy and not time-consuming. Companies can make the decision early.
Estimation of Employee Benefits
Companies are liable for providing lots of diverse benefits to the employees. The calculation of the benefits for the companies is not easy and time-consuming.There lots of data needed to make this happen like the number of employees, company profits, performance evaluation and so on.
The pension fund is also included here that needs to be estimated regarding the information and that information can not be available easily without HRIS.
Every year lots of employees retire and all are recruited on different dates. It is very troublesome to maintain the data without a system. Investment in HRIS makes the situation simple and quick.
Time Saving in all Sphere
When the management of the Human resource falls upon the HRIS, then there is exclusively ample time to make all the things possible with benefits. There are time savings in all spheres.
Time savings in HR planning, process, recruitment and joining process, tracking records, distributing information, distributing benefits, Strategic plans, etc. This saved time can be adapted to the other side to continue the process of prioritization and wealth maximization.
With the help of HRIS, every calculation of the system would be accurate as the system works in a predetermined way with the input data. Manual calculation tends to have more complexities and errors as humans may make the mistake with the data. But when a machine does the work, error reduces to a minimum point.
Customer Satisfaction is the ultimate goal of a company. If you can use the HRIS in a systematic order then, the employees can maintain a good relationship with the clients. They think of the company as their own, so they try their best to improve the relation and feedback of the customers.
On the other hand, all these things build goodwill of the company and this helps to increase B2B and B2C marketing. Strong marketing helps to take the business to a height that it never reached before.
So, whether you are a small business and large business organization, you need to save time, cost, space and maintain the employees systematically and structurally. Employees feel it easy and comfortable to work and employers find it effortless to maintain diverse departments with some hands.
Customers feel satisfied maintaining the relationship with the entire management of the personnel. They prefer the long term relationship with the organization to save their time and money too, as frequent changing of the service companies can impose the risk and excess cost. So, HRIS becomes the smartest investment that encircles lots of data with one system.