Why a Business Needs HR Software and Its Key Features

The Human Resources department is one of the key departments in an organization as it has the responsibility of managing everything, right from bringing new candidates on board to making them want to stay with the company. In other words, recruitment, onboarding, employee info management, attendance and payroll, employee leave management, etc. are only few of the many functions of the Human Resources department. A HR software is a software that is designed to seamlessly automate HR tasks in order to bring in increased efficiency and productivity.

Talking about examples, Digital HRMS is a good example of a customizable HR software that allows businesses to choose the modules that cater to their requirements. Wallet HR is another example of a software that helps businesses to manage Human Resources operations. There are several benefits that a HR software brings to the table. To begin with, a HR software helps the organization save costs in more ways than one. Many people out there might wonder if an HRMS software is really worth the initial investment. The truth is that it offers a really good ROI as manual Human Resources processes can prove to be really expensive over a period of time.

For instance, studies say that the cost of manually working to find the replacement of an employee can cost the company anywhere from 16% to more than 200% of the employee’s salary, depending on the position of the employee in the company.

With a HR software, this process can be simplified as the entire process can be automated, which means it can be accomplished in record time, with little to no manual efforts required. This saves the cost and allows the company to accomplish the same level of tasks faster and with a leaner team.

Cost savings is just one of the many benefits that a HR software offers. Another prime advantage is that it allows the HR department the time to focus on more important tasks. The manual processing of so much employee data for the many Human Resources activities can be time-consuming to say the least, and also require much efforts from the Human Resources team. A HR software reduces the time and efforts significantly, thus allowing the employees of the department to focus on more important tasks like strategic decision making.

Since the HR software automates the processes, it also leads to elimination of errors caused due to manual processing. So, when an organization invests in a HR software, it ensures that the processing of payroll, calculation of attendance and leave balance, processing of reimbursements, etc. are always precise and error free.

Reports are essential for studying any set of data and draw insights from them. When it comes to data about employee activity and other aspects of business operations, a HR software can create detailed reports in a jiffy. This is because all the relevant data is systematically stored in it.

Essential Features of a HR Software

Provision to customize the platform to enable businesses of any size and complexity be able to reap the benefits.
Provision for the admin of the organization to configure the software as per the company policy.
Advanced features to streamline the process of recruitment.
Advanced features to create a good onboarding process for the employee.
Provision for the employees to apply for leave, attendance regularization as well as work from home requests by logging in.
Detailed reports for quick access to key insights.

How to Begin Your Systematic Investment Plan (SIP) Journey

Understanding SIP: More Than Just a Mutual Fund
A common misconception among new investors is that a SIP is a type of mutual fund. However, SIP is actually a method of investing in mutual funds. It allows investors to contribute small, regular amounts—starting from as little as Rs. 500—towards a mutual fund of their choice, which could be equity, debt, or a hybrid. This disciplined investment approach helps in mitigating the risk of market timing and leverages the potential of compounding over time.

The Benefits of SIPs
Rupee Cost Averaging: This benefit allows investors to purchase more units when prices are low and fewer units when prices are high, which can potentially lower the average cost per unit over time.
Financial Discipline: Regular investments ensure disciplined savings, helping investors build substantial wealth over the long term.
Flexibility: Investors can choose the frequency of their investment—monthly, quarterly, or even daily.
Step-by-Step Guide to Starting Your SIP
Step 1: Assess Your Risk Appetite
Before you invest, it’s crucial to understand your risk tolerance, which varies depending on age, income, financial responsibilities, and personal comfort with market fluctuations. Young investors typically have a higher risk tolerance, which allows them to invest in equity-oriented funds for potentially higher returns. In contrast, those nearing retirement may prefer debt funds for stability and regular income.

Step 2: Define Your Investment Goals
Clear financial objectives are essential for choosing the right SIP. Whether you’re saving for retirement, a child’s education, or a home, your goals will dictate the type of mutual fund suitable for your SIP. For instance, equity funds may be appropriate for long-term growth, while debt funds might be better for short-term objectives.

Step 3: Select the Right Mutual Fund
Choosing the right fund can be daunting given the plethora of options available. Consider factors such as the fund’s performance history, the fund manager’s track record, and the fund house’s reputation. Tools like CRISIL ratings and Morningstar reports can be helpful in assessing these factors. It’s also wise to consult with a financial advisor to ensure the fund aligns with your risk profile and goals.

Step 4: Set Up Your SIP
Most fund houses offer an online SIP setup through their websites or mobile apps, making the process convenient and paperless. You’ll need to complete the Know Your Customer (KYC) process, which involves verifying your identity and address. Once KYC is done, you can set up your SIP by choosing the amount, frequency, and specific dates for the investment.

How to Invest in SIP Online
Complete the KYC process.
Submit necessary ID proofs.
Register for an online account with the mutual fund.
Choose your preferred mutual fund scheme.
Decide on the SIP amount and frequency.
Set the start date for the SIP.
Interesting Statistics and Insights
According to a report by the Association of Mutual Funds in India (AMFI), SIP contributions have seen a significant rise, with monthly contributions increasing from Rs. 8,123 crores in March 2020 to over Rs. 11,000 crores in March 2023. This growth highlights the increasing popularity of SIPs as a preferred investment choice among Indians.

Conclusion
Starting a SIP is a wise decision for anyone looking to build wealth systematically and with financial discipline. By understanding your risk profile, setting clear goals, choosing the right mutual fund, and setting up your SIP correctly, you can optimize your investments and achieve your financial objectives effectively.

Remember, mutual fund investments are subject to market risks, so it’s important to read all scheme-related documents carefully. For more detailed information on SIPs and mutual funds, visit AMFI’s official website or consult a financial advisor.

Ensure maximum business benefits by developing On-Demand Mobile App

Everyone is seeing that the mobile app industry is going through a revolutionary change, and no style is consistent here. However, of course, on-demand applications can be counted as an exception. The growth of on-demand services inspired many entrepreneurs and formed the foundation for many successful start-ups around the world. According to research, on-demand apps are being used by approximately 82 million Americans, with about 45 million Americans providing on-demand services.

It is right to say that on-demand apps cater to a wide range of customers as well as their needs. In the era of technology, users are eager to suit and ensure their lives; from this point of view, demand is an optimistic plan.

The most important aspect, which goes in support of the on-demand application and makes it exceptionally acclaimed, is the fact that it focuses on solving a simple difficulty associated with everyday life. Certainly, on-demand applications are a benefit for users and entrepreneurs. Therefore, there should be no hesitation in planning an investment in such a large property.

Merits of On-Demand App for the business:

Business process automation:

Those days are gone when enterprise owners, as well as retailers, record in files and sheets to manage every data. As on-demand applications digitalize the entire process, there is no requirement for you to maintain manual information. With the introduction of DMS (Delivery Management System), you can easily computerize the flow of business and save a significant amount of time, as well as money.

Quick tracking of products and drivers:

On-demand applications help business owners track Geolocation, as well as drivers’ products and locations with GPS capability. They will identify the distance traveled by the driver and the approximate time to move the object.

Delivery route evaluation:

Android or iOS app developers know that on-demand applications are included with GPS; the easiest and shortest way you can tell drivers is when you left the products. You can prevent them from using busy roads and avoid traffic snow.

Proper inventory management:

As you must preserve the stock of goods, consequently, a well-organized type of administration is necessary. With the help of DMS, you can be familiar with which items are inadequate and which are not. You do not need to use a person to keep such records.

Better Customer Satisfaction Level:

Employees associated with the spread pattern of on-demand areas are sufficiently active with the same organization. According to reliable research, 70 percent of workers have disclosed their satisfaction with their job status, while 81 percent have revealed that they will work with similar trade in a subsequent year.

Increased security and scalability:

The increasing number of on-demand apps has increased the intensity of security and scalability. In the current scenario, mobile app development agencies, especially when executing payment gateways, are able to win the trust of customers due to enhanced security.

Summing up:

Change is the dominant environment of technology. As new trends are changing, we are offering innovative business as well as market-driven services. However, the ability of on-demand applications and financial systems to go large scale is enlightening. If you want to go ahead with on-demand mobile app development, get in touch with Panacea by emailing us at [email protected]. The team of app developers will help you achieve the best.