Managing people, should be one of the key operations in any company. It is the simple rule- if your people are happy & motivated, it will reflect in your company’s reputation & revenue. As quoted by Richard Branson- founder of Virgin Group, “Take care of your people, they will take care of your company.’’
Managing people or resources in an organization, is known as human resource (HR) management. It is one of the most intrinsic departments of any business, & manages the core of any organization- the people. Without people, no business will be able to survive, irrespective of the fact, how good your offering is or how robust your business plan is. People within the organization, are instrumental in execution of the plans. So, it becomes crucial to streamline all the processes related to human resource management like, salary management, expense management, CTC calculation, appointment letter/salary slip printing, addressing claims & reimbursements etc. in an efficient manner.
Several companies however remain a little unconcerned about the criticality of perfect functioning of human resource department. As a result, they rely on simple accounting software.
If you are one of them, let’s look at the below cases which can arise in your company. What will you do? How will you resolve this?
Case I: Rishi & Jay work with a growing manufacturing company as senior sales managers. Both are company’s best performers. Their work profile demands travels, throughout the calendar. They make payments from their pockets get reimbursed for the amounts spent by the company. These reimbursements are cleared, by submitting the required bill/receipts. However this time, Rishi got the travel reimbursement for an amount much lower than what he had filed for & for Jay, no reimbursement happened at all!
Puzzled over the entire scenario, both of them landed to their HR Department & understood that some error had occurred, due to use of multiple systems, which their company was using to compute claims/reimbursements and other business activities. They were assured by the HR that the entire claim would be adjusted, in the next pay cycle. Though they were not happy with the situation, both of them accepted the solution, with dissatisfaction.
Case 2: With the beep of her phone’s alert tone, Swati was shocked to realize that her monthly performance bonus, was not credited as expected! She was awarded with the “Employee of the month”, for her outstanding performance. Earlier, her company used to give it in Cheque/DD format. But from now, it was supposed to get credited, with the salary, the organization was using a traditional accounting software.
After enquiring with the HR Department, she got to know that her salary amount was generated conventionally, as the said accounting software didn’t have the provision to manually add the variable components (like bonus). Swati was disappointed, she had planned to use the bonus amount for other needs. Now everything would get delayed as she was about to get the said amount in the next pay cycle.
Although the above may be looked upon as small matters however, not being reimbursed on time for expenses incurred can lead to employee’s dissatisfaction. Not rewarding employees, at the right time for good performance, can make the employees feel demotivated & insecure.
If the above, occurs frequently in your organization, it’s time to consider, a robust Enterprise Resource Planning (ERP) solution that can help you streamline the employee expenses & other aspects like payments etc.
In both the cases stated above, although a temporary solution was provided, the organization has lost the trust of its employees. However, this could have been easily avoided by implementing a reliable solution.
Being an integrated business management tool, an ERP solution provides easy access to monitor & automate all the activities, across the organization. HR management being one of the vital aspects to run a business, ERP solutions can help your company to track, streamline the HR management processes in an efficient way, by moving away from the manual process of filling the claims.
74% of organizations are committed to transform their HR systems by moving to the cloud by 2020 (Source: PwC’s HR technology Survey) Let’s take a quick look, at some areas where an ERP can help-
- Claims & reimbursements: Easily manage the claims submitted & disbursement of the respective amounts. It helps provide, a track of all the expenses filed by employees and the status against the same.
- Expense management: Streamline the expense management process & manage the compensation related aspects. This will enable you to better allocate budgets for the operations of the respective departments.
- Manual salary management: Salaries can be calculated with pre-defined data and any additions can be calculated manually. These adjustments can be made in the heads as the need arises manually. In a robust ERP, these additions are processed after the approval from the reporting manager. The access control feature, can help predefine the approvals etc.
- Employee CTC calculation: Employee CTC can be calculated easily based on the defined break-up in the salary. It can be modified as & when required.
- Printing of appointment letter/salary slip: Once the CTC is calculated, appointment letter can be printed immediately. Salary slips can also get printed, right after the approval of the reporting manager, post the salary calculations.
EPPS ERP Solutions offers different features that can help in managing your day to day HR activities with ease. In EPPS ERP, profiles are created, based on these profiles salary heads are defined, employees are created, then the profile is linked to the respective employees. Manual salary management, is managed more accurately with predefined heads which can be modified as the need arises.
Do you need to update your existing HR technology with robust & reliable solutions? Are you under pressure to reduce the manual errors? Are you looking for ways to enhance employee experience & engagement?
If the answer to the above is ‘Yes’, then it’s time to boost your efficiency with a simple, innovative & robust ERP solution. Use of software’s for analytics that aren't linked to your workforce strategy can lead to conflicting priorities & can hold you back from contributing to the strategic direction of your organization.
Don’t restrict yourself to just any accounting software. Be wise & opt for a highly scalable and mobile ERP solution from EPPS, which will keep your employees empowered and happy!
Take care of your people, maybe it’s time, to relook at the technologies on which your business operations operate. Click here to know more!