It was the first release of NetSuite 2020. It included some fantastic new improvements to SuitePeople, which assisted fast-growing businesses in making work simpler and more interesting for their workers. Managers now have the authority to propose changes, such as promoting direct reports on their initiative. An additional incentive is provided because bonuses and other adjustable pay types are now accessible to workers and may be paid via SuitePeople U.S. Payroll, as opposed to before. With enhanced workforce planning tools, it is possible to model personnel requirements to meet growth objectives. These new skills engage workers in novel ways, enabling them to perform better and have a stronger sense of belonging to the organization.
For human resources (HR) leaders and their teams, administrative tasks such as updating employee addresses, changing employee direct deposit bank accounts, manually calculating payroll earnings, calculating benefit amounts, and administering the entire performance review process via email take up a significant amount of their time. According to a survey performed by G&A Partners, human resource people are spending as much as 73% of their time doing administrative tasks.
The Gallup Organization has published a study stating that 85% of the worldwide workforce is “neither engaged nor disengaged at work.” (Reference: https://www.gallup.com/workplace/231668/dismal-employee-engagement-sign-global-mismanagement.aspx) It is an unusually high proportion of employees and should cause worry among company executives. Actively involved employees are more likely to create higher-quality work, recommend exceptional individuals to the business, accomplish their objectives, and assist others in their growth and development.
HR technology can play a role in assisting employees in becoming more engaged with self-service experiences to receive answers to questions more quickly, being rewarded and recognized for a promotion, and streamlining monotonous processes that can get in the way of the delightful aspects of work.
Therefore, there’s every reason why you should hire certified NetSuite partners like Folio3 to have the latest features of SuitePeople integrated into your current NetSuite that your company is using to streamline its operations.
Motivating and Retaining Your Employees
Bonuses may be a powerful incentive for workers, but incorporating them into normal payroll processing can be a difficult task for human resource managers. Payroll managers no longer have to rely on spreadsheets to compute and distribute bonuses since SuitePeople U.S. Payroll can handle and process various bonus kinds such as spot, referral, merit, and even custom types. Employees will now view bonus goals and past payments to provide them with an extra incentive. HR managers now have a new avenue to use to assist retention efforts due to the increased visibility.
Accrediting Your Managers
Manager Self Service has been enhanced, enabling managers to make changes for their direct subordinates without involving human resource personnel. Promotions, transfers, and salary increases are all instances of these types of changes in the workplace. Managers now have strong data to rely on when making important choices. If information managers are aware of the percentage of pay increase that their direct reports have had and their years of experience in the position they are considering for promotion, the greater the likelihood that their request will be granted. SuiteFlow approvals, which may be set up and monitored, let managers keep track of requests and requests-to-be.
Forecasting for future jobs is a critical component of maintaining control over growth. A spreadsheet is used most of the time, and the data from the HR system is often incorrect or missing. With so much information coming in from different sources, it becomes impossible to manage the spreadsheet. As a consequence, drawing options becomes more difficult and time-consuming, and it takes longer. In addition to allowing CFOs to predict growth using up-to-date people data from SuitePeople HR, the new SuitePeople Planning and Budgeting SuiteApp makes set-up easier, eliminates manual data entry, and grants necessary rights for saved searches. It is now much simpler for CFOs and other executives to predict future labour needs since they have access to up-to-date, consistent data on workers, money, and budgets. It is easier to make adjustments when workforce planning is conducted centrally. Moreover, a complete forecast can assist in making choices about the growth of the workforce when data entry time is reduced.
Implementation of Swift Changes
Due to the sheer time it takes to import huge amounts of personnel information. It is necessary to do extensive troubleshooting and data re-keying, particularly when relevant dates are needed. An update to the CSV Import Tool now adds the ability to specify effective dates for changes that occurred in the past, are now occurring or will occur in the future. Bulk adjustments, such as reassigning a group of employees to a new department or granting an annual pay raise to all employees throughout the business, may now be completed much more quickly and efficiently, with fewer keystrokes required to enter effective dates.
Additional Access Controls
In large organizations with numerous office locations, controlling who has access to different kinds of personnel information is a difficult task. Human resource managers are not usually solely accountable for the personnel that works in their respective locations. The ability to create restrictions by subsidiary and region and apply them to certain NetSuite roles is now available to administrators in NetSuite. In the case of an HR manager who works in a Florida office, they are solely accountable for workers in its Toronto office. They should not have access to sensitive employee data for people who work in its Florida office. SuitePeople will enable businesses to manage which employees’ data can be accessed based on the firm’s rules.
Complete Employee Life Cycle Management
Offboarding workers may bog down HR. It is possible to overlook tasks. Ex-employees may take Exit interviews may save valuable information. Examples of what may happen if no proper offboarding procedure is in place. SuitePeople HR now offers an offboarding procedure to relieve HR personnel and guarantee all responsibilities are done before the employee’s final day. Once the termination date is established, the HR representative may develop an offboarding strategy, inform, and delegate duties to other departments like IT and payroll.
Thus, from worldwide financial abilities to new and improved functionality for various vertical sectors, NetSuite 2020 Release 1 is intended to help clients be at their best now and in the future. That same onboarding tool can be used to offboard workers. Folio3, a certified NetSuite partner, can make the customization, integration, and implementation of the Latest NetSuite SuitePeople hassle-free and quick for you. The sooner you integrate the new features, the better it’s for your business, considering the ever-increasing competition.