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Written by Shy Lee
Sep 19, 2019 ·
2 min read
The Indian economy is witnessing its share of the global entrepreneurial rush with the booming startup ecosystem. The government is also supporting this movement with monetary and other institutional aid. The major problem with running a successful startup is the fact that these new organizations mostly work in new sectors and unexplored horizons. They have a smaller number of staff members, and all of these are likely to be specialized in their fields with minimal relevant experience in handling the Human Resources department. The process of releasing salaries is generally considered the only purpose of the HR department, and it is also considered a very simple task. Little do the founders of such startups know the complexity of HR operations, and this becomes one of the primary reasons behind the untimely end of most of the failed aspiring businesses. We shall consider the use of dedicated HR software solutions, especially in the Indian startup ecosystem as a disruptive solution in growth as an organization. So dive in deeper to see if HR Software can help your startup thrive as a game-changer in the market.
The payroll processing includes the gathering of all the salary inputs from a multitude of sources. This includes attendance, performance, goal achievements, and target completion, which is a very lengthy and tedious process. The HR Software will gather all the inputs and synchronize them with a central database. The information will be processed by a single facility, and the entire process will involve minimum human intervention. Also, the statutory compliance reports are automatically generated, and the company is relieved from the burden of such strategically risky work.
The employees who have to travel frequently can make their timesheet entries and submit their claims using the ESS Portals. The claim data is processed by the system as per the approval matrix and allowable limit. All the criterion is verified by the software, and HR has only to approve the final amount calculated. This is a great advantage as the startups cannot afford to process all the compensation-related transactions manually owing to time and resource constraints.
Employee output management is essential not only for remuneration purposes but also from the strategic point of view. The Performance Management Systems can be extensively configured to meet the desired KRA and KPI expectations of the work profile. This is very important as the scientific approach to the process helps in better allocation of time and efforts along with better coordination amongst the employees.
The presence of the employees at the workplace is of fundamental importance. Timekeeping needs to be robust and accurate as the company relies heavily on limited human resources for the completion of the work on time. The biometric machines and Geofencing are used to mark the employee movement to calculate the total productive hours they spend for the company. The compensation is also benefited with the use of an Attendance Management System.
The startups may have a versatile talent pool, but managing them smartly is far more critical than acquiring the top brass talent in the market. As all the functions of an HR department are executed by the HR Software solutions, their integration leads to better utilization of the existing infrastructure of the organization. On the contrary, the seamless resource allocation flow ensures that the competency of all the individual staff members is working in synergy with the company’s vision, and they work in complete harmony with each other. The resonance of such a well-managed workforce is a crucial factor in the rapid growth of new organizations.
As far as the new organizations are concerned, they cannot afford a complete department only for looking after the timely payment of other employees’ salaries. They need to transfer all the HR-related operations to a completely automated solution because it will lower their cost of operation while improving the internal organizational structure. The startup economy has to make rational choices when it comes to managing its human resources constructively.
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Shy Lee is an Associate Digital Marketing Manager at factoHR , a India based hr and payroll software solution providers. A creative marketing strategist with over 8 years of experience developing digital marketing strategies and guiding business development
