A company’s employees are the backbone of all operations no matter how automated your systems are. They create and control every mechanism introduced in an organization. Hence, taking care of them is as important as satisfying the clients.
An effective human resource management system involves juggling multiple responsibilities at a time. From recruitment processes to payroll management, and more, HR deals with several duties. Luckily, NetSuite comes as one of the best innovations to optimize your HR processes. It is the kind of technology every business needs.
Explaining the Concept of NetSuite HR Management Solution
NetSuite presents an all-around Human Capital Management (HCM) solution. It eradicates duplicative and manual procedures by delivering employee data through a single source. Not to mention, it allows HR and Payroll specialists to competently handle employees by using NetSuite.
Some more areas where NetSuite helps are goal management and performance reviews. It helps manage your business objectives and performance checks using the prized feature of Performance Management.
Furthermore, it comes as great assistance for employees enabling them to create and track their goals, in alliance with their reporting managers. You can easily arrange and begin with performance reviews for each employee or for a group of employees.
The Benefits of NetSuite HR Management Solution
The NetSuite HR management solution offers a wide range of benefits to every individual or business using this software. Have a look at a few of them!
- It brings financial and HR data together merging them in one database so data is always readily accessible.
- It enables your company to acquire visibility into how employee performance influences your business’s financial performance.
- It reduces your HR administrative costs and helps you stay well within your budget prepared for a specific term.
- It empowers workforce and managers to accomplish HR tasks including updating addresses, launching promotions, or displaying time-off balances.
- It helps promote deeper employee engagement by making everyone feel involved in the companies processes.
- It connects employees with robust goal setting by helping the management identify, examine, and reward employees accordingly.
- It reduces the payroll management cost and the time taken to process it by eliminating the need to import or manipulate third-party files.
The Various Functions of HRMS
While considering the most suitable HRMS for your business, it is suggested to consider all the functional elements. To name a few, here are some major areas covered by the contemporary integrated database systems with different levels of priority.
It pertains to all the employment offers made to candidates and the ways of promoting your business to both the current workforce and outside world who intend to try their luck for internal jobs or submit referrals.
Moreover, it helps companies through every phase, from gathering candidate experience and handling resume management, to making offers and interview scheduling. It extends support throughout the onboarding process and every other HR process previously managed manually.
Employees who are more actively involved in the company affairs are more likely to yield supreme-quality output. Also, they adopt the business’s values and work towards its vision immediately which indicates how significantly employee engagement impacts your organizational performance.
Henceforth, NetSuite Human Resource Management is a tool that bridges every gape between the leadership and employees. It is a system that routes to finish a training course, attain a new skill, create a career path, achieve recognition, or become a leading figure.
It is one of the core HR functions in every organization because it acts as the primary portal to help with analysis, compliance processes, and reporting. In this phase, you are required to categorize your employees into business units. You must structure them according to locations or different departments.
In addition, your must outline reporting relationships between employees and managers and designate payroll to the relevant accounting cost centers. It’s where personal data is stored and saved to facilitate employee self-service, optimize reporting, and enhance HR service delivery.
In this stage, HR units monitor employee development, disciplinary measures, and manager evaluations. It is where different elements of workforce management are catered including record time and attendance to make sure the business is serving a safe and friendly work environment.
Also, you will find more duties being management in this part of NetSuite Human Resource Management. It involves remuneration planning, employees’ performance management, along with learning and incident recording.
To implement these tasks, HR can generate timesheet structures, time-off policies, overtime policies, and approval chains to boost automation, efficiency, and control.
Surfing data from the HRMS platform to create a vision for the forthcoming workforce is NetSuite’s major feature and attraction even through it is the most under-utilized. The actual worth of this feature commonly shows from acquisitions or mergers, volatile economic fluctuations, or in case of executives’ departures.
Henceforth, businesses that are proactive with their approach to augment the workforce are comparatively more determined to change, maingain better retention of supreme talent, and higher employee engagement.
Last but not the least, payroll is another vital function of NetSuite’s HRMS. It helps calculating income from net to gross or gross to net while catering to withholding employees’ individual deductions. Alongside this, it assists in issuing routine and long-term payments.
Payroll features consist of benefit elections with both employer and employee costs. Not to mention, full-service payroll processes digitize tax filing and deposits while self-service features enable employees to modify various documents.
It includes direct deposit accounts, elective deductions, tax withholdings while allowing to retrieve income statements’ copies without the HR’s intervention.
Using NetSuite HR Management Solution for Creating Integrated Database
NetSuite’s Human Resource Management software serves an extensive portfolio of features and options that simplify HR service delivery. It impacts the organization as a whole and reaches out to the every level of management.
It is incredible how a single tool offered by NetSuite can look after payroll and financials, onboarding, performance management, third-party integrations, and more. And, that’s not all; it also enhances data accuracy, developed a highly engaging employee experience, and helps in making data-backed decisions to strictly align workforce execution with business performance.