Expersight Intelligence
Did you know that by 2030 the global Human Resources (HR) market is predicted to flourish into an eye-popping size of $30 billion industry?
Yes, the HR market’s compound annual growth rate is projected to be 10.4% and is growing at its fastest pace.
Brief Overview of SaaS-based Human Resource Management Software
Management of human resources across the corporate infrastructure is not at all an easy task, it does pertain to a lot of data collection, data processing and data storage functionalities. First of all SaaS human resource management solution is a model that always exists under the hood of SaaS ERP solutions. That is, the SaaS-HRM solution is a part or associate of enterprise resource planning software solutions. It is never a standalone application.
What is a SaaS-based Human Resource Management solution?
Modestly, typical management of Human Resources operations across a cloud platform application is generally referred to as SaaS-based Human Resource Management software. Here we are going to look into the competitive effects of the top best SaaS-based Human Resources Management solutions in the market and their unique functionalities with its windfalls.
How SaaS-based Human Resource Management solutions help in this robust digital arena?
It is a universal fact that the digital ecosystem is an ever-changing environment. To sustain and compete in the digital market, the market players should be equipped with smart and sharp applications. Once such a solution is the SaaS-based HRMS, that comes with the wholesome package of benefits that drives the business towards growth and productivity. Yes, SaaS HRMS solutions comprise of numerous handy utilities like tracking the candidate’s application, managing the entire distribution of cost to the company, electronic processing of applications or tax forms, leave and attendance management, timely display of notifications, vacation management, payroll administration, assessment of performance metrics, distribution of resources, benefits and a lot other additional customized functionalities. SaaS Human Resources Management System (HRMS) comes with various flexible and affordable price tag. Moreover, premium models would have compelling features like process design control, workforce analytics, and human resource compliance management solutions to convey the luxury factor to software applications.
Why are SaaS-based Human Resource Management tools considered the best for startups and small businesses?
The HR departments across small businesses or startups may seem less important or less focussed. But to stay competitive in the digital arena, human resources management has to be under a streamlined and automated HR workflow environment. This would drastically improve the efficiency of every single contributor or individual in the business system. Hence it is highly recommended for small startups to concentrate on improving their human resource management system by choosing a SaaS-based model to come out with flying colors in the business.
What are the unique features of SaaS-based Human Resource Management tools?
The uniqueness of SaaS-based HRMS are as follows,
- Management of Administrative tasks such as,
- Maintaining a database of employee details
- Recording and managing employee profiles
- Transactions of the recruitment life cycle
- Payroll administrations
- Facilities like employee self-service portal
- Delivering employee benefits
- Management of human resource services like
- Corporate regulations, procedures, protocols and legal policies
- Maintenance of Book of manuals and employee handbook
- Knowledge portal for employees
- Chatbots and support system to manage employee queries
- Talent Acquisition and Management solutions like,
- Processing online application
- Processing Recruitment life cycle
- Onboarding and Performance monitoring
- Competency and Compensation Management
- Access to learning and skill development methods
- Portal for career growth and succession to promotion
- Employee Management Portal
- Leave, Holiday and Attendance Monitoring
- Tracking of Work hours, tasks, activities and employee scheduling tasks
- Healthcare benefits
- Stock option benefits
- Children education benefits
Industrial Benefits of SaaS-based Human Resource Management tools
The key benefits of the cloud-based HRMS tools are,
- It does greatly reduce the huesome paperwork that has been carried out in the early days of human resources management
- Performance assessment can be accomplished with real-time monitoring and utmost accuracy
- It obviously increases employee engagement across the network portal
- Saas HRMS Facilities 24/7 permission for accessing the information on employee pay and benefits
- Installation and Deployment can be achieved at the fastest pace
- The cost of the software solution is very affordable
- The system is very secure and protected with a novel approach
- The software solution is open for futuristic innovations and updates
- Predictive Analysis with AI and ML techniques are made with the Saas based HRMS
- The software is known for its speed and accuracy of processing the employee information
Top 6 SaaS-based Human Resource Management Solutions in the Market
Justworks
This SaaS HRMS solution is known for its best in class expert support for payroll management, employee benefits, HR administration and compliance management. It is simple to use but effective as an HR management solution.
Pricing: The basic plan comes with $44 per month that covers payroll, benefits, compliance and HR.
Plus Plan comes with $89 per month that includes basic plan features and access to medical, dental and vision care management solutions.
Workday HCM
It is a unified and customized functional platform that constitutes talent management analytics, time tracking, payroll management, compensation, professional services automation, workforce recruitment, planning and onboarding.
Pricing: The pricing of this software can be obtained by directly raising a request on the website.
PayCor
It is sort of a streamlined solution to track and monitor various verticals of human resource management that includes integrated recruiting, payroll, attendance management and a lot of other solutions.
Pricing: The pricing of this software can be obtained by directly raising a request on the website.
Zenefits
It is an award-winning human resource management platform that facilitates a novel approach to people operations management, payroll, benefits, leave and attendance monitoring with a whole lot of unique features.
Pricing:
Essential Plan: $8 per month per employee
Growth Plan: $14 per month per employee
Zen Plan: $21 per month per employee
Addon services like,
Payroll would cost $6 per month per employee
Advisory services are $8 per month per employee
Benefits Admin using own broker service is $5 per month per employee
Namely
It is also an award-winning HR platform that is said to have wholesome functionalities that help people to interact, engage and operate more efficiently. It is considered a level higher than simply a human resources management solution. It offers productive methods for an effective talent management system.
Pricing: It costs around $15-$30 per month per employee.
Bamboo HR
It is more suitable for small and medium businesses with a focus on supporting employees of the organisation. It does get a significant solution for planning, analytics and reporting functionalities.
Pricing: The pricing of this software can be obtained by directly raising a request on the website.
Future Scope of SaaS-based Human Resource Management Software Solutions
The SaaS HRMS has got plenty of scopes to expand and flourish the corporate ecosphere with its band of specifications and functionalities.
There is going to be a great demand for this successful SaaS Product that is intended to make a significant impact on the businesses to achieve a greater feat.
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