HRMS or the Human Resource Management Software plays a key role at industries where there is need to manage people, track attendance and worked hours, process payroll, manage taxes, etc. HRMS helps a banking firm streamline critical HR functions.
Bringing every data pertaining to employees on a single platform ensures seamless workforce management.
Before we get straight into the ways HRMS can help the BFSI industry, let us first discuss the core HR challenges experienced by the BFSI industry:
- Lack of a centralized employee database
- Performance tracking
- Appraisals
- Payroll and taxes
- Reimbursements
- Reporting and analytics
- Accounting
- Manual entries and much more…
Listed below are some infallible features of HR software for BFSI sector:
- Authentic mechanism-
With HR technology, businesses are now able to receive authentic and foolproof data of their employees. HRMS system collects and digs data and provides error-free results for performing accurate payroll. The automated mechanism is the real truth behind such accurate and much-needed outcome.
- Employee retention
Accurate pay-slips and interactive dashboards/ interfaces help you meet the burgeoning payroll expectations. Automated payroll means error-free and timely payroll thus, resulting in happy employees at the end of every month. On the other hand, HR software today comes with built-in HR chatbot to help employees with their mundane queries.
- Technology oriented business
With technology, communication becomes very easy also for them who are not sitting beside each other. Distance is no more a barrier while exchanging data. Similarly, employees sent on remote locations can stay connected through the self-service portal. Also, the portal helps in applying for reimbursements and leaves remotely. Hence, technology has helped us reinvent ourselves and the entire business process as well.
- Performance management-
Getting better talent and incentivizing them through an honest and transparent way is what every HR strives for. A transparent and authentic PMS (performance management system) improves the productivity and morale of the HR folks. The 360-degree feedback ability of such a system makes it very accurate in providing the right performance measure and thus, appraisals.
In short-
HRMS at banking industry makes every HR-related process streamlined and automated. It eliminates all man-based HR process. Not only the banking sector but all those industries where there is a need to manage a large base of people, an HRMS could serve as the biggest asset.
Pocket HRMS is one such asset. It is one of the leading HR solutions in India. To know more about how Pocket HRMS can help your banking firm, contact us here! You can drop us a mail at sales@pockethrms.com for a FREE demo!
