All You Need to Know about HR Analytics and its Importance

In today’s time, it is necessary to take the right decision to stay ahead of the curve. Now, every decision should be taken on the basis of reliable and accurate information as it directly affects a host of other elements including the return on investment (ROI). For those who do not know, HR analytics is the key to make this possible. It not just helps HRs to take the right decisions but also improves the efficiency of employees by building a better work environment.

All that said, take a look at the meaning and importance of HR analytics:

Human resource analytics is a specialized element in the field of analytics that applies operations, from statistics to the human capital within a company to enhance retention and efficiency of employees, resulting in good business results and an enhanced ROI.

Why is it important?

Now that you know the definition, it is necessary to understand the HR analytics importance.

As mentioned earlier, human resource analytics is specifically based on information that allows HR executives to collect, arrange and analyze data-related processes like recruitment, engagement, and retaining the best talent to support better decision making in these areas.

Following are the ways human resources analytics aid companies:

Boosts HR’s Productivity

Since HR analytics improve better decision-making, it automatically gives a boost to the overall efficiency levels of HR executives.

Simplifies the Process of Finding the Best Talent

HR analytics allow acquiring crucial insights by accessing as well as analyzing information collected regard to an organization’s workforce. This in turn helps HR managers to identify the best performing employees along the way.

Helps in Predicting in-demand Skills and Positions

Human resources analytics even aid HRs to know the exact skill and positional needs within their company.

We hope you got a clear understanding of HR analytics now.

Solve These Major Payroll Challenges Using Payroll Software

Payroll management is one of the toughest human resources operations. If done manually, it can be a time-consuming and labour-intensive operation. This is why people are nowadays considering payroll automation. Online payroll software is simplifying this routine process for companies and saving time for HR departments across India. For those who do not know, automated payroll systems are software tools that are particularly designed for streamlining and optimizing payroll. 

Using such systems, companies can solve a host of payroll challenges. Take a look at some of them:

Payroll Errors

One of the biggest challenges with traditional payroll systems is they are error-prone. Such systems/tools require a lot of human intervention that often leads to several human mistakes. But, when it comes to payroll software, it ensures 100% accuracy along the way, thereby allowing HR managers to worry less about mistakes in payroll processing.

Non-Compliance Issues

Be it startups or MNCs, every organization out there is required to stay compliant with legal requirements. However, it is not as easy as it sounds. Amid managing and carrying out routine tasks, HR executives often miss out on important updates. This is when online payroll software comes in handy. Such systems send automated alerts/notifications to HR departments every time a new law is made or amended. This way companies can easily ensure compliance and avoid several hefty fines and penalties in the long run.

Security Concerns

Security is a vital element when it comes to maintaining payroll information. Storing and managing such data in a spreadsheet can not just be risky but also result in various payroll frauds. Fortunately, cloud-based payroll solutions solve this problem. Such systems store every vital information in the cloud, which is considered one of the safest storehouses.

There is more but these are the top three payroll challenges solved by online payroll software.

Here’s How Workforce Management Software Can Benefit Your Company

Using technology is no longer an option for businesses today. The outbreak of the COVID-19 pandemic and the sudden shift in the work model has made technology a necessity lately. A number of HR-tech solutions are popular these days. One such technology is workforce management software. This is particularly because companies have faced various challenges to managing their employees in a remote working environment since the transformation to WFH setup. From startups to MNCs, almost every company left behind outdated methods and switched to workforce management systems.

image source: google.com

Here’s top reasons why every business should invest in such systems:

They Ease Confirmation Process

When we talk about traditional methods of workforce management, they are not that convenient. HR professionals have to invest a lot of time and effort, particularly in the confirmation process of employees. Now, the best way to make things easy for HRs is by investing in an automated workforce management solution. Using such systems, HRs can easily customize their letters as well as feedback templates. On the day of confirmation, the software will automatically approve, send confirmation letters to employees, and most importantly, update their profile in just a matter of minutes.

They Automate Offboarding Process

It is no news that offboarding process is also as time-consuming as onboarding. Not to forget, remote working make this process even more complicated. This is when workforce management systems come into the picture. Such solutions let HR executives customize the separation policy, explain the notice period, decide when to initiate exit interviews, and much more.

They Provide Insights

Workforce management systems also provide real-time insights to businesses. Using the best software, HR managers can know how many people were hired as well as resigned. In addition to this, they can even evaluate the common reasons why employees quit their job. This in turn can help organizations to take preventive steps at the right time.

There is more but these are the top three reasons why you must invest in workforce management software at the earliest.

Few of the Commonly Asked Questions about Gratuity

Gratuity is one of the benefits that an employee receives after rendering a loyal service for a specific amount of time. Employees who have recently joined or are working for a short period of time may find it difficult to understand the legal terms. These are a few questions that may help in gaining clarity in understanding gratuity.

Here are the questions:

• What is the new rule for gratuity?
• Can gratuity be denied?
• What is the formula for the calculation of gratuity?
• What is the taxable amount of gratuity?
• What is the new rule for gratuity?

Gratuity is a renowned benefit scheme implemented by the government under payment of gratuity act of 1972. Gratuity is the amount that is paid by the employer in return to the services rendered by the employees.

However, employees are entitled to receive the gratuity amount even before fulfilling the criteria. This is in case the employee meets an unfortunate accident which results in disablement or death. In such a situation the employee or the nominee of the employee receives the gratuity amount.

The new wage code of 2021, has new terms in store for the employees. It has established the law, which states that an employee is entitled for gratuity even after working for one year in an organization.

Can gratuity be denied?

Gratuity cannot be denied by the employer. There are laws which an employee needs to follow while applying for gratuity. An employee needs to apply for the gratuity amount within 30 days of notice. However delay in application is no longer the ground to dismiss granting gratuity to the employee.

If in case gratuity is denied, the employee can file a complaint under 8 of the gratuity act. The controlling authority will further consider the arguments of both slides and has the power to even order the employer to pay gratuity along with interest.

The law is amended considering any such incidents which ensures the fact that any employee who fulfills the criteria of gratuity receives the amount.

What is the formula for the calculation of gratuity?

Calculation of gratuity has been a mystery for any newbies dealing in gratuity. However, there are various applications available that can automate the calculation of the gratuity amount that the employee will receive. However, it is essential to state the formula that is used for calculation. This can provide better insight for the employee.

The formula for calculation of gratuity is :


The employees who are covered under the gratuity act is calculated by

Gratuity = n*b*15/26
Consider n = as the tenure of service rendered by the employee
b = the last drawn amount of the basic salary + the dearness allowance amount


However, it is essential to note that the gratuity amount cannot exceed more than 20 lakh.


The second pointer that needs to be considered is if in the last year of service of the employee who has served more than six months it is rounded up to the nearest figure. For instance, if the employee has served say, 10 years and 7 months it will be calculated as 11 years. The employee will receive a gratuity amount for 11 years.

If in case the employee has served for 10 years and 5 months the nearest rounded figure will be 10 years. The employee will receive the gratuity amount for 10 years.

These are a few questions that are often asked or googled to understand the new changes implemented on gratuity. As there are amendments that have been made under the new wage code of 2021. As the pandemic has made the government amend the rules to inhabit the new culture of work that has evolved due to the remote mode of functioning.

There are taxation rules which need to be considered before granting gratuity. As gratuity is not considered under tax rules, given with certain terms and conditions.

Why is 360 Degree Feedback Considered an Effective Tool?

It is no news that performance management is one of the most crucial operations in any company, be it small or large. It is a process that helps companies to acquire their goals efficiently in the long run. But when it comes to performance management, almost every other company in India pays attention to high performers only. This needs to be changed at the earliest possible. Businesses should focus on the entire team and help every employee to improve and optimize their performance along the way.

Effective and result-based performance management includes making sure consistency among those best performers and supporting those individuals with average metrics to improve their performance. HR managers and leaders should consider objectivity as well as biased decisions to carry out an effective and constructive performance reviewing process. They require to strike a balance between an honest assessment of employees’ contributions and helping them to enhance their skills. This is when 360 degree feedback comes into the picture. Adopting a 360-degree feedback approach will be an efficient, accurate, and effective alternative to a rating-based performance management approach.

Let’s dive into the blog and know more about it:

Meaning

It is a simple process through which feedback from an employee's team members, colleagues, and supervisor, as well as a self-evaluation by him or her, is gathered.

Benefits

In contrary to the traditional review techniques, 360-degree performance reviews are considered to be more accurate data and useful. As this method has the participation of employees in the evaluation process, the feedback is said to be unbiased. In addition to this, it also allows working professionals to figure out how they will improve their performance using a constructive personal development plan designed depending on the feedback received.

Here are some of the top advantages of using this approach:

• It provides a comprehensive assessment of the productivity of every employee
• It evaluates the performance of employees within the team as well as the organization
• It provides data-driven as well as unbiased reviews
• It streamlines the periodic review as well as the appraisal process

How To Make it Work?

This is how managers can work more efficiently with 360-degree feedbacks for the best possible outcomes:

Guide instead of rate: most companies rate their employees depending on how good or bad they are at a specific job. But this is not the right way to practice 360-degree feedback. Rather, companies use a scale to understand the behaviors of employees and guide them accordingly. This way, employees will know the areas that need improvement.

Pay attention to a few top behaviors only- HRs and leaders are normally do not find time to go through papers and reports to know what behaviors to pay attention to. Now, 360 degree feedback is an effective way to summarize the feedback to pick out the most vital behaviors to enhance. Besides, a 360-degree performance report also spells out some recommendations from the reviewers on how can managers train employees and facilitate a change in crucial behaviors.

So, this is everything you need to know about 360 degree feedback. Hope this blog helped you to know more about it.

How Does Recruitment Management Software Function?

Recruitment management software plays an imperative role for any organization. It has a major role to play as it helps in hiring candidates that will sum up to building a team for the betterment of the organization. An HR team works in hiring candidates by building up various ways to scale the potential of the employee.

Recruitment management software helps in planning on strategic ways to recruit potential candidates:

Job description

The very first step that a recruitment management team looks into is framing job descriptions. The team sums up the roles and responsibilities that are to be assigned to the candidate. It is imperative because job descriptions impart the candidate the ability to judge if they are fit to apply for the available positions.

It sets the budget for the role. The cost to the company is abided by the management system to maintain a healthy budget.

Interview

Once the job description is posted on various social media platforms applications start to flood in. This is where an application plays an imperative role. It filters the application in accordance with the eligibility of the candidate. It automatically sends updates to the selected employees for the second round of interviews.

Onboarding

Onboarding procedure begins after the recruitment team has selected potential candidates for the available position.it allows the candidate to update his/her personal details avoiding any risk of error. Once the employee has updated the details it becomes easier for the team to verify the details. As background verification plays an imperative role. It can cause legal trouble if not done within time.

These are a few elements that provide insight to what recruitment management is. Although there are various divisions that need to be studied to gain an adequate amount of information regarding recruitment management.

HROne Launches Asset Management Software Module.

30th of Aug, 2021: the most awaited moment of the year has come. With the launch of asset management software HROne has set its mark in the market. HROne aims to provide a fully automated HCM suite for SMEs and large scale enterprises. Asset management module is another step in the same direction.

Talking about the software,

Let’s face it, managing assets allocated to more than 900+ employees is a difficult job. For instance, recollection of details such as inventory details, vendor details, IT assets and laptop details are a few to be named. This data can easily be stored and accessed with the help of asset management software.

The team can ensure if an employee has any asset or is required of any. If a vendor has served well the employer can go ahead and place another order to feasibly ensure the betterment of the organization. These are a few pointers that highlight the utilization of asset management software.

Even during remote functioning these applications can prove to be a shield to decrease the workload and even maintain an error free record of the assets assigned. It stored employees information and the kind of asset assigned to them. If an employee is allocated with an extra pair of laptop chargers.

The webinar aimed to make the audience aware of the benefits of the application and how this application has the top notch facilities to accommodate data for large scale organizations. It aimed to provide better insight for the employers looking for such a feasible solution.

About HROne

Established in the year 2008, HROne is known to be one of the top-notch HR and workforce management software providers in the country today. Needless to say, it stands tall on the pillars of trust, backed by its 3.5 lacs+ satisfied users and 350+ happy clients across 20+ industries PAN India. HROne aims at providing an automated form of each application which can easily be operated from android and IOS devices.

With each passing day HROne has been able to launch applications that can help in summing to provide a fully equipped HCM suite. It has been proven to be one of the most trusted in providing HR software, payroll software and many other applications. A new addition to the list , asset management software has added up to building an entire picture of HCM suite.

How can an HR software help in making the most out of virtual mode of functioning ?

HR software in Pune and other cities have started to ponder developing tools that can assist in maintaining a healthy Suitable technology and platforms. Increase participation and reachTrack data at multiple points of event Increased lifecycle.

These are a few pointers that help in making the most out of virtual mode of working. Let’s take a tour to how HR software in pune and other cities in virtual mode of functioning:

Networking

These elements play an essential role in maintaining a healthy communicative platform while working virtually. Let’s take a look at these elements in details to gain better understanding how an HR software in pune and other cities can help in making the most out of virtual mode of working:

Suitable technology and platforms

A suitable technology platform for HR events plays an evident role for any organization. A suitable platform is usually categorized in two parts. The first being a template based platform and secondly a customized based platform.

Template based platforms provide an easier approach for the HR team to process without any scope for altercations. However a customized platform provides an option to mend with the provided details in accordance with the considered situation.

Pandemic made the HRs realize the importance of an event platform. It increased employee engagement and filled in the communication gap that has been created due to virtual mode of functioning. An event platform provides the employees with functions such as live chat and live poll.it ensures that the employees have a transparent mode of communication. If in case any such decision has to be amended a live polling facility can help in considering the opinion of the existing employees.

Increase participation and reach

Virtual events give you the opportunity to communicate with remotely based employees from various income levels. To widen the participation and reach the employees who have recently completed the tenure of 5 or more than 5 years, qualifying the eligibility criteria of gratuity and benefits allotted under the provisions of federal and state government.

The aim to reach out to the global audience

Any organization working on a global platform. The target of the HR team is to widen the reach of the employees.

Track data at multiple points of event

Data plays an imperative role for any organization. Data stored in applications such as HR software provide a secure, transparent platform for the employees and the Hr team to track progress of the team on various projects. The data analytics team can determine further steps for the development of the organization.

The virtual mode of functioning which came into picture due to the black swan event of the era has introduced a new vision for such tools. Functioning remotely has its own set of challenges. An easy access to store data makes it a little easier to cope with such situations. It helps to track the market situation and track results of the applied strategies implemented during covid.

Increased lifecycle

The lifecycle of an employee begins with the first day at work. The lifecycle of an employee determines the entire journey of the employee within the organization. It helps in maintaining a legal record of the employee’s entire term including personal details, and achievements.

Networking

This is a new platform that has garnered attention during the new era of work. To function effectively virtually it is imperative to have a secured platform for networking. As it helps in maintaining a healthy communication with the employees located in various districts. Applications such as HR software in cities like Pune have helped in establishing a healthy network with the employees irrespective of their location of residence.

These elements provide a wider picture for HRMS for organizations such as HROne to develop tools that can help in providing a healthy environment. It helps in providing applications that can help the organizations to deal with the elements. The virtual mode of work is not going anywhere. So initiating these ideas may help in functioning with a better approach.

How Does an HR Letter Play an Imperative Role in an Employee's Lifecycle?

An employee’s life cycle begins with receiving a formal letter from the human resource team. If someone has to define the life cycle of an employee. The entire duration an employee is associated with the organization beginning from the day he/she receives an offer letter can be defined as an employee’s lifecycle.

When it comes to an HR letter, it officiates each step regarding the employee’s life cycle. For instance, if an employee is considered for a promotion, and ends up being promoted to a higher designation. An official HR letter officiates the promotion. It states the new responsibilities assigned by the admin team along with the benefits.

Another instance which can help in gaining a better insight for the HR letter in an employee’s life cycle, while an employee decides to switch the organization for better opportunities. The HR team imparts an experience letter to the employee. The experience letter is a formal letter that implicates the new organization of the responsibilities that the employee has been able to cope with and has performed in his duration of association.

Let’s list a few such HR letter to gain a better understanding of its role in an employee’s lifecycle :

Offer letter

Offer letter is received by a candidate after completion of the interview process. It marks the beginning of the employees’ life cycle. If the candidate accepts the offer letter the onboarding process begins after that. Offer letter consists of a few pieces of information which the candidate needs to keep a keen eye on. Information such as the CTC, cost to company offered by the organization, terms and benefits that are bestowed along with the job.

Appointment letter

Appointment letter is received by the employee right after completion of onboarding formalities. Once the employee completes the onboarding formalities on the day of joining he/she receives a formal appointment letter. The appointment letter is adjoined with an extensive handbook of HR policies implemented in the organization to maintain a decorum. It explains salary breakup along with the variable and fixed components of the ctc. The candidate once signs an appointment letter it is considered as acceptance to follow the policies implemented by the HR team. With the new generation virtual onboarding procedure, candidates are provided with easy access to HR software. It provides a virtual appointment letter along with a handy HR policy book for easy understanding.

Confirmation letter

Each candidate, when hired, is hired on a probation period. This implies a trial session which indicates that the hired employee is capable of coping with the responsibilities assigned along with the designation. Once the employee has completed the probation period he/she receives a confirmation letter. Once the employee has completed probation period he/she becomes eligible for appraisal and other benefits bestowed by the organization. Benefits such as bonus, appraisals, etc in accordance with the employee law.

Experience and relieving letter

Experience letter and relieving letter is received by the candidate once he/she completes notice period. An experience letter denotes the responsibilities assigned by the organization to the employee he/she has taken over and completed with responsibility. It imparts the impression of how the employee has functioned in the previous organization. The organization the employee is about to join does enquire about his/her performance in the previous organization.

Relieving letter is the very last form of letter to be assigned at the end of association with the organization. It denotes that the employee no longer has any association or is bound with any responsibility with the organization and is free to join any other organization.

These are a few HR letters that play an imperative role in the employees lifecycle. These HR letters are easily framed in HR software. It provides HR letter format without any hassle decreasing the workload of the HR team.

HROne held a Live Webinar On Asset Management

5th July 2021, Noida: HROne has recently released the Asset module and held a live webinar exclusively on Friday 28th, July 2021. The webinar was held between 3:00 to 4:00 PM. People have been excited about this webinar since its announcement. The webinar was hosted by Magnum Gupta, Product Head who not just briefed everyone on the new module but also took questions/queries from the attendees to help them acquire a clear picture of the asset module.

Talking about the asset module, it can help companies to automate their Asset Lifecycle Management, mitigate a number of associated risks such as loss of assets, over budgeting or repeat purchases, and much more. The whole point of holding this webinar was to help people understand how they can best leverage Asset Management Module along the way.

When we asked Mr. Magnum about the new module, he said, “In times like now, HROne is trying to aid its customers in every possible way. The asset management module is designed to help companies to leave their worries behind. Using the new asset management module, companies can do a number of asset-related tasks easily such as asset creation, inventory updation, asset allocation, and much more. We held this webinar to walk people through every crucial step of asset management”.

We even asked Karan Jain, Founder of HROne, and he said, we are sure our new module will help companies to manage their assets more efficiently during this tough time. We understand that managing assets is not as easy as it sounds. No matter how much time and effort one invests, manual methods can make this vital process error-prone and slow. Taking the same thing into account, we have come up with our asset management module. If used correctly, our new asset management module can, undoubtedly, reap several benefits to companies.

Be it small or large, managing business assets has always been a tedious chore for companies. Without the right tools and processes in place, it can become a headache for managers. Not to forget, when an operation seems like a headache, it never gets done. All that said, it is high time for companies to invest in the right HRMS software such as HROne that comes with the right features.

About HROne

Established in the year 2008, HROne is known to be one of the best HRMS software providers in the country today. Needless to say, it stands tall on the pillars of trust, backed by its 3.5 lacs and more satisfied users and more than 350 happy clients across 20+ industries PAN India.

HROne has been greatly appreciated for its continuous support as well as contribution in the field of human resources automation and business intelligence. In addition to this, it has even managed to stay afloat in the challenging times of COVID-19, beating the crisis to make a significant profit in terms of employee productivity, performance, and huge business numbers.