Product and Platform
TCS CHROMA™
TCS CHROMA™: A Cloud-based Talent Management Solution
Highlights
- Maximizing return on investment (ROI) for a human resource management system (HRMS) is crucial to ensure efficient use of resources, enhance organizational productivity, and contribute to overall cost-effectiveness.
- A well-implemented HR process reduces manual work and improves data accuracy, leading to better workforce management and strategic decision-making.
- By maximizing ROI, businesses can optimize their HR functionalities, resulting in improved employee satisfaction, reduced operational costs, and increased organizational efficacy.
On this page
Comprehending HRMS
In today's fast-paced business world, HRMS is pivotal in streamlining HR operations and enhancing overall productivity. However, to truly maximize your HRMS’ return on investment (ROI), you need to understand the system's full potential and implement it effectively.
Blueprinting HRMS
- Check HRMS relevancy: To maximize ROI, start by comprehending your HRMS’ full range of capabilities. Every HRMS has unique features, from employee data management and payroll processing to performance evaluations and analytics. Ensure that you use all the modules relevant to your organization's needs and that your HRMS is user-friendly with an easy-to-use interface and offers anytime, anywhere access.
- Equip team for HRMS effectiveness: Invest in thorough training for your HR team and end users. A well-trained staff will use the system more effectively and optimally, identifying opportunities for process improvement and efficiency gains. It will further boost the employee experience with the system.
- Easy synthesis with the critical system: It is advisable to acquire a comprehensive HRMS platform. Suppose your HR uses services from external agencies or has developed native systems for certain operations. In that case, ensuring that the HRMS you invest in integrates seamlessly with other critical systems like accounting, time and attendance systems, and job boards, among others, is vital. This integration reduces data entry redundancies, enhances data accuracy, streamlines workflows, and ensures comprehensive data visibility.
- Customize to align with company goals: Every organization and its HR requirements have unique elements. For instance, a mechanism to track employee health records could be crucial in an organization where employees work in hazardous conditions. Tailor your HRMS to meet the unique needs of your organization. Customization allows you to align the system with your company's processes and aids in getting rid of unwanted modules in the HRMS package, which could, in turn, save investment and maintenance costs, ensuring a higher ROI.
- Leverage data to drive strategic initiatives: Leverage the analytics and reporting capabilities of your HRMS to make data-driven decisions. Extract insights on employee performance, turnover, and other HR metrics, and use this information to drive strategic HR initiatives. For instance, a typically high absenteeism pattern of the employees in a specific period could impact productivity, directing HR to institute mechanisms, like benefit programs, to minimize such absenteeism and boost productivity. Many HRMS platforms now carry AI capabilities that offer predictive insights such as attrition prediction, claims forecasting and outliers, headcount forecasting, succession planning, salary raise and promotion recommendations, employee sentiment analysis, and more. Make the most of such capabilities to make data-driven decisions.
Keeping software in action
- Update and maintain HRMS: New updates are typically created to ease human efforts and strengthen the platform’s capabilities. While a cloud-based system reduces the need for physical efforts in running updates and upgrades, it is vital to frequently revamp your HRMS and leverage the latest features and security enhancements. Ensure that your HRMS is compliant with relevant data protection regulations. A secure system protects sensitive employee data, reducing the risk of data breaches and costly legal repercussions. A well-maintained system is more efficient and secure, contributing to a better ROI.
- Ensure continued support from the vendor: Maintaining regular contact with your HRMS vendor is critical. While it is crucial to invest in ongoing support and maintenance, seek assistance, and ensure that the system remains operative optimally from a technical standpoint. A well-supported HRMS will continue to deliver value over time.
Rewarding long-run
Maximizing HRMS ROI requires a strategic approach that understands the system's capabilities and offers a bird's-eye view of your enterprise's HR. Incorporating the above principles is critical for a successful HRMS implementation and ROI in the long run.
