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WHAT IS HRMS?

Human Resource Management System (HRMS) is a software application or HR platform that automates, integrates, and controls an organization's everyday HR processes and procedures (such as managing Employee Information, Payroll, Compensation & Benefits, Workforce Management, Leave & Expenses Claims Management, Talent Engagement & Management, Talent Acquisition, Learning & Development and much more).

HR teams can optimize their operations and boost their productivity by leveraging such platforms, which are now available online i.e. in the cloud. Cloud-based HRMS solutions in Singapore are now available to SMEs in an user-friendly and easy-to-manage format. These HRMS cloud solutions can be used even by someone with little or no technical experience. In fact, managing the workforce is now possible with a single click of a button. Many HRMS software providers in Singapore are switching to cloud-based HRMS to make their solutions cost-effective.

While HRMS, HR Information Systems (HRIS) and Human Capital Management (HCM) are often used interchangeably, there is a slight difference between the three:

HRMS is a software application that automates, integrates, and controls an organization's everyday HR procedures
HRIS enables companies to employ technology to improve their people operations and optimize HR and Business operations, and enable them to keep up with the changing workplace trends.
HCM is used to refer to a whole suite of cloud-based HR software aimed at improving the employee experience.

Why are HRM Systems in High Demand?

Remote and Hybrid Workforce: Today's employees demand a hybrid work environment that offers great flexibility. The right technology to support this new workplace reality is critical, as it can improve employee engagement, reduce turnover and help businesses gain and maintain a competitive advantage. There is a visible surge in the demand for online HR Management software in Singapore as organisations look to meet the changing workplace demands.
Focus on Employee Experience: The pandemic has challenged the organisations and HR leaders, not just across Singapore but on a global scale, to rethink employee life cycle while assessing the employee experience virtually from hire to retire. HRMS system is expected to become more "employee-focused" as new features such as employee profiles, organizational charts, mobile-first, self-service portals, and other user interaction tools are added.
Employee Wellbeing: Employee wellness programmes and perks, such as physical wellness, mental health, flexible work hours, child care, elder care, paid time off, and more, are already being rethought holistically by organizations, as there has been an increased focus on the mental health of the employees and HR department can truly make a difference.

Organizations in Singapore look for an all-in-one HRM software as well as a cloud-based HRIS software that will enhance the employee work experience and wellbeing.

Types of HRMS:

HR software suit providers in Singapore offer a complete solution to help you streamline the administrative and strategic side of HR functions. An HRMS can be a Specialized HR Software or a Comprehensive HR Software as detailed below:

Bundled HR Suite:Certain HRMS products are sold as a single bundle, which means that the system includes many modules for various HR services that must be purchased as a single platform.
Modular HR Suite:An HRMS product consists of many modules that can be purchased in various combinations or package levels or separately, depending on the functions required by the buyer.
HRMS for Small and Mid-sized Businesses:SMEs always face challenges of limited resources and often overlook HRMS that can provide them an edge in the market.
HRMS for Large Enterprises:An HRMS designed for enterprise-level businesses (more than 1,000 employees) will offer similar modules as those designed for smaller businesses.
HRMS for MNCs:Organizations that function in multiple countries require an HRMS that can support them seamlessly across geographies. These platforms can manage recruiting, benefits, payroll, and other areas with custom workflows tailored to the company needs and the countries in which it operates.

HRMS Modules

Core HR is the centralized employee information database and is an important part of any HRMS software. The employee records are stored in an HRMS and can range from a simple name, address, phone number, and job title to a detailed work history that includes performance management assessments and training. Cloud-based HR assessment platforms in Singapore are making the entire process of employee assessment and training easy, simple and cost-effective.
Benefits Management modules provide timely information and assist employees in choosing the best healthcare and pension/welfare packages as well as track enrollment options and any financial consequences.
Recruitment Management modules track applicants and streamline the entire recruitment process. These modules also allow managers and HRs to post job openings, track applications, parse resumes etc
Onboarding Modules help HR staff in streamlining the process of preparing new recruits to be productive and keep track of activities that they must accomplish.
Performance Management modules, which are an important part of the talent management tools in an HCM or HRMS, manage processes related to evaluating and developing employees. Conducting performance reviews, providing feedback to employees and managing goals are all basic functions.
Learning Management modules can automate the delivery of online training materials and courses and are included in many HCM and HRMS products.
Workforce Management modules include a variety of functions for both day-to-day workforce management and strategic workforce planning, ranging from managing employee schedules to forecasting labor needs.
Compensation Management modules help in managing employee compensation, assist organizations in setting compensation budgets, viewing existing compensation levels, reviewing merit increases, and generating reports that provide a comprehensive view of compensation across the business.
HR Compliance Management modules assist businesses in staying up-to-date with changing regulations in areas such as work eligibility, healthcare, and data reporting, as well as ensuring that their policies meet regulatory compliance.
Reporting and Analytics modules help review and analyze data gathered and stored with the HRMS in order to provide strategic and predictive insights that may be utilized to steer the organization's business strategy.
Talent Management modules focus on identifying people with potential, help set up talent pipelines with specific roles and succession planning in mind. All gaps between hiring, L&D, and performance management can get bridged.
Travel and Expense modules eliminate the need for paper in the expenditure management process, and automated alerts keep you informed about the status of reimbursements. Employee's expenses, such as travel, hotels, meals, and fuel, can be handled without any confusion or complication.
Payroll modules in an HRMS manage all aspects of an employee's payroll accounting and management. HRMS Payroll Software modules assist HR professionals in ensuring the accuracy of their computations and the efficiency of their payments allowing administrators to automate computations, set up payroll procedures and distribute payments to employees.
Time and Attendance Tracking modules include features such as Attendance tracking, Clock in and Clock out time management, Biometric systems, Functionality for remote and mobile workers.Time and Attendance management system providers in Singapore help you capture accurate data and manage labor costs. The attendance tracking systems use biometric time and facial recognition to track your workforce in real-time.

Features of HRMS

Self-service Portals: Employee Self-Service (ESS), sometimes known as Employee portals, is an indispensable part of HRIS or HRMS. Employees can use these portals to view, manage and access their payroll and other HR information.
Mobile Access: Many HRMS software also offer easy-to-use mobile applications.
Voice Assistance: HRMS have a built in voice bots/ assistants that ease reduce time to action and enhance the employee experience.
Free Trial Period: Most HRMS come with a free trial period of a few days for you to experience the platform
Multilingual Support: Multilingual support helps streamline operations for businesses operating globally.
Shift Scheduling: Employee shift schedules can be simply created, managed and tracked with an HRMS. This assists in easing the difficult task of shift management by allowing users to establish and manage employee’s shift schedules.
Capacity Management: HRMS solutions allow you to develop facilities, set capacity limits, and establish approval processes.
Vaccination Management: Some HRMS platforms offer workflows to record and manage vaccination status as well as antigen test results.

Benefits of HRMS

Improves HR Staff eEfficiency: Having a single system that stores all or most of the company's HR procedures, reduces the amount of time spent switching between apps to complete a task.
Increases Employee Engagement: HRMS allows HR managers to acknowledge even the smallest things, such as an employee's onboarding experience, providing consistent feedback on their work, and showing appreciation when they do their job well.
Automates Payroll and Compliance Processes: Compensation tools help organizations set compensation budgets, view existing compensation levels, review merit increases, and generate reports that provide a view of compensation across the business.
Improve Employee Feedback and Performance: HRMS can greatly help in gathering accurate data, increasing employee engagement, and providing transparency throughout an organization.
Tracks Employee Turnover: Finding the actual rate of employee turnover and the reasons for it is critical - a task that can be made easier with a good HRMS. A comprehensive feedback system linked into the HRMS can not only assist in understanding the issues that lead to employee dissatisfaction, but it can also assist in identifying individuals who are most likely to quit the company soon.
Optimizes Business Operations with Analytics: More complex analytics reports and dashboards are made possible by centralising operations in an HRMS, providing company leaders with insights that would not have been available if data from numerous sources had not been combined into a single system.
Improves Employee Experience: Modern HCM & HRMS packages include robust talent management modules, giving HR managers a new set of capabilities for providing a better employee experience. Conducting successful performance talks, giving relevant learning experiences, providing fair compensation, and assisting employees with career planning are all examples of this.

Many organisations in Singapore have leveraged online HRMS software to enhance the overall work experience of their employees. This has helped them increase employee engagement and eventually, their productivity at the workplace.

Types of HRMS Deployment

HRMS can be deployed in one of the following three ways:

Cloud: A cloud-based HRIS/HRMS/HCM centralizes the entire data on a single online platform for easy data access and management. That enables better informed decision making by providing insights on employee data.
On-Premise: An on-premise system is an in-house HR solution. Its maintenance and development are carried out within the company. As a result, the company has complete control over any changes or updates. An on-premise HRMS has a one-time license fee but it requires huge expenditure & management.
Hosted: The vendor can either host it or can be hosted by the buyer by an upfront purchase.

TYPES OF HRMS BUYERS

Large and enterprise-level companies
Small and medium-sized businesses (SMBs)
Best-of-breed buyers

Challenges with HRMS

Lack of Integrations: A major part of HRMS that appeals the most to the leadership groups in Singapore is module integration. However, in other cases, a firm may desire to incorporate a product from a different vendor since the HRMS module does not meet the organization's needs, which might not provide a seamless user experience due to lack of integrations.
Data Migration: Extracting data from multiple sources and shifting it to a cloud based platform can be challenging.
Lack of Mobility: The inability to access records and data when on-the-go is a significant roadblock. Users will be put off if there isn't a mobile app for mission-critical operations including leave applications and shift scheduling as it becomes impossible to sync real-time data.
Lack of Customizability: Human resources software packages are frequently sold as "all-in-one" products that cover all of the functions required by the HR department. Buyers should understand that "all-in-one" does not imply "one size fits all." The capacity to modify an HRMS or HCM system to meet a company's existing operations is a critical aspect in determining whether new HR technology is broadly embraced and successfully used by employees.
Resistance from IT, Top Executives, and Managers for HRMS Implementation: HRMS is a considerable financial and time commitment for any firm. Depending on the size of the firm, implementing a whole new HR system can take months, if not years. Buyers should think about what sort of support the HRMS vendor offers to ensure a smooth and efficient deployment, as well as whether it makes sense to hire a third-party consulting firm to help with the process.
Rewards and Recognition: When it comes to selecting the appropriate recognition system, most businesses are torn between using their HRMS platform's recognition module or investing in specialist recognition software as some HRMS might not be suitable for global organizations or might not have the industry best practices that a specialized recognition platform might have.

How to Choose Right HRMS Software for your Business

HRMS must be tailored to the demands of businesses of different sizes. The key features must include employee record management, payroll management, time and leave management, security management, and training management. There are a number of HR software suppliers in Singapore that appear to provide similar services. Some might be right fit for your needs. Here’s how you can find them.

Pre Qualification Checklist : Answer these Questions before buying an HRMS Software

What is the headcount of your Organization?
What is the specific Business need?
How does the technology align to Business/ Talent Strategy?
Who are the Stakeholders involved in the HRTech buying/ implementation process?
What is the Budget for the solution?
What are the criteria for measuring success?

Best HRMS Software in Singapore

Here are the top HRMS Software in Singapore listed on the hrtech.sg marketplace under the HRMS Category:

Additional tips:

Start with a Problem not the Solution: Identify your organization’s requirements, needs, challenges and goals.
Plan your Budget: The cost of HRMS varies depending on your requirements and headcount. However, you do not need to spend a fortune on all of the HR features you require. Several low-cost software packages include both basic and advanced HR capabilities.
Customization: There is no one solution for all problems, an HRMS should be tailored to fit your needs. Choose the HRMS that you can adjust to meet your specific requirements and that is simple to update with a variety of additional packages for further features.
Watch Demos: Do not miss out on demos. To provide a good user experience, sellers should walk you through how each HRMS module functions. The easiest method to see if a product will deliver is to watch the demos that illustrate the exact processes for workers.
Read Use Cases: Read use cases to understand others tech adoption journey, deployment and adoption challenges. Request references from providers who can provide straight answers to your queries.

The continuous innovation and advent of HR technology promises an even brighter future of HRMS in Singapore that will optimize the world of HR operations. It’s high time organizations leverage HRMS for efficient functioning, especially with a burgeoning emphasis on remote workforce. Automating administrative HR tasks and processes will enhance employee experience and provide HR teams with bandwidth to focus on strategic aspects, and thereby be seen as a Strategic Business Partner.

Let's start revamping our HR functions before it’s too late!

Employee well-being has become the priority for every employer. The pandemic has only further enhanced its need and urgency. Employees’ financial well-being is equally important as their mental and physical health. Many organisations in Singapore are taking conscious measures to ensure their employees’ financial well-being. Earned Wage Access (EWA) is a prominent step in that direction.

Employee well-being is more than just their physical health. It is about prioritising various elements that impact them - mentally, emotionally and financially.

Background

Back in the 20th century, weekly pay was the norm. However, with various changes in business processes and government regulations, things changed and the employers rolled out cheques to pay employees monthly. As the monthly payroll saved a lot of paper and admin cost, companies were happy with this decision but employees were not.

Employees in Singapore and around the world prefer being paid weekly or at least every two weeks. This makes it easier for them to plan budgets and avoid resorting for payday loans in time of dire need. The Employee Financial Wellness Survey by PwC shows 54% of financial or money challenges cause the most stress. As an HR leader, Earned Wage Access can help you cater to your employees’ financial well-being.

What is Earned Wage Access?

EWA is the ability for employees to access wages that they have earned but not yet received. It is often referred to as on-demand pay or instant pay. With EWA, employees will have 24/7 access to the money that they have earned. The exponential rise of HR technology and increasing number of employees in the gig economy have surged the demand for instant payment practices like Earned Wage Access.

What Earned Wage Access is NOT?

Whenever employees face an emergency, they cannot afford to wait until payday to receive their paycheck. These situations are precisely when they are forced to draw an overdraft and opt for a payday loan. This makes them liable to interest charges.

This is where Earned Wage Access proves beneficial. Having said that, it is important to realise what exactly EWA is and what it is not.

EWA is definitely -

NOT an advance on future earnings
NOT charged with interest rates
NOT a payday loan
NOT daily payroll or replacing payroll

How does Earned Wage Access Work?

The EWA platforms provide money to employees on-demand and this amount is reimbursed by employers at the end of every pay cycle. Employers can provide their employees with immediate access to their earned money through a payroll service provider or a third-party EWA vendor that partners with the payroll provider. The EWA provider will integrate with the employer’s payroll management system to enable the payout process. They also connect with the employee time and attendance system. This integration helps employees track their pay daily with the ability to access their earned wages anytime.

Types of EWA

There are essentially two types of EWA -

Employee-Sponsored EWA: The employer collaborates with an EWA provider whose technology is integrated with the employer’s payroll system.
Direct to Consumer EWA: Employees are offered the on-demand pay services directly by the EWA provider. The funds are reimbursed from employees’ accounts after the payday.

Employee Benefits of Earned Wage Access

Self-finance Unexpected Expenses: As per the Financial well-being survey by OCBC, 53% of the Singapore workforce admitted that they would be unable to handle a sudden expense in times of emergencies and 11% indicated that they have borrowed money from friends and family. That’s why offering EWA safeguards the employees from cyclical debts and money-related stress. Instant access to earned wages enables employees to cover any unexpected expenses or money-related emergencies. EWA is beneficial the most for those who are unable to secure affordable credit or loans and need the money right away.
Circumvent Monthly Budgets: Monthly payroll forces employees to plan their budgets from paycheck to paycheck. The financial shortfall before the month-end can add undue financial stress. EWA helps prevent this with instant access to money.
Downsize Debts and Loans: Often, when faced with financial crises, employees have no option but to opt for high-interest loans to deal with cash flow problems. EWA helps them downsize debts and loans and save them from high interest rates.
Flexible Financial Planning: With Earned Wage Access, employees can set long-term financial goals while staying afloat in the near term. EWA offers them the flexibility in financial planning and utilize their funds whenever required.
Avoid Financial Stress: Lack of financial stability will constantly add up to the stress levels. Employers can free their employees from financial hardships by offering EWA benefits to them.
Mobile App Convenience: Employees can handle their entire payment process themselves on their mobile devices, without any intervention from the payroll team. This makes the payroll process fast, effective and efficient.

Employer Benefits of Earned Wage Access

Bolster Employer’s Brand: Implementing EWA and on-demand payroll is the best way to tell employees that you care about their financial well-being. This generates goodwill and positivity among the workforce, bolstering your brand image.
Reduce Absenteeism and Attrition: EWA puts employees in control of their finances and frees them from the anxiety-related to money issues. This increases their peace of mind and satisfaction levels. A happy and satisfied employee is less likely to be distant from work.
Enhance Employee Productivity: EWA can assist the employees to address their financial stress and make them much more productive. Once the financial burden is off their shoulders, they can contribute better.
Create a Thriving Work Environment: With EWA, employees will no longer be worried about their finances. All the money-related stress will be taken care of by the assurance that they can access their earned wages whenever they want. This helps create a thriving and a stress-free workplace.
Attract Top Talent: Earned Wage Access is a major attraction point in a competitive job market. Offering financial stability through EWA will help you attract top talent.This will eventually translate into improved business outcomes.

How to Implement EWA for your Business?

Implementing EWA policy requires deliberation on a few key factors. Covering these factors helps in planning an organization-wide EWA adoption policy.

Consider these factors while implementing EWA for your business -

What will benefit every employee? Customisation options of EWA services will let you implement the program to benefit your entire workforce.
Differences among EWA service providers: Choosing the EWA provider that best suits your business-specific demands and employee needs is crucial. Ideally, choose EWA tools that can easily integrate with your existing payroll system.
Promote healthy financial habits: Approach financial wellness as an entire support system rather than treating it as a one-time solution. Your EWA program should help employees become financially stable and inculcate healthy finance habits.
Create EWA program awareness: Find quick and effective ways to inform your entire workforce about the EWA process and benefits. It is important for your workforce to understand and welcome the EWA technology.
Leverage mobile-first technology: EWA providers should offer their services through a mobile app to make the on-demand pay process convenient for employees. They should be able to access their earned wages anytime, anywhere.

EWA Solution Providers in Singapore

Given the rising concerns around employee well-being, many organisations in Singapore are leveraging technology solutions to make employees’ life easy. Listed below are the top-most EWA solution providers in Singapore who are helping organisations provide employees with financial stability and stress-free work-life.

GetPaid: GetPaid is a voluntary employee benefit that provides early access to their hard earned wages. No added cost to the company as GetPaid does not charge the company any fees for this service.

Things to watch out while implementing EWA

Earned Wage Access can prove to be transformative for your business. It offers a plethora of tangible and intangible benefits. However, EWA might not be suitable for every business. Before implementing EWA solutions, organisations should be aware of the following pitfalls -

Employee Attitude towards the System: Change that involves technology is not always welcomed by everyone. It becomes important to consider how your workforce will react to EWA implementation. Measures should also be taken to ensure that they don’t abuse the system and get into financial troubles.
Limited Technology Solutions: EWA technology is not widely used due to lack of awareness and thus, the number of EWA solution providers is a little below the satisfactory number. Limited options might sometimes lead to dissatisfactory service.
Not Suitable for Small Businesses: EWA solutions provide maximum benefits when the business is widespread across countries.
Costs: Implementing and maintaining the EWA solutions will incur some certain cost requirements. EWA providers may also charge employees to access funds.
Laws and Regulations: Country specific or region specific laws and regulations can have an impact and limit or change how employees can receive their wages early.

Is EWA Right for your Business?

Earned Wage Access brings a lot of transformational benefits. However, it is important to understand the need, purpose and the best way to implement it. Whether EWA is an optimal solution for your business can depend on a number of factors.

These factors include (but are not limited to) -

The size of your company
The number of countries you operate in
Country-specific payroll laws and regulations
The pay scale of your employees
Contract types (if any) of your workforce
The industrial sector you operate in

Industries where work tends to be more flexible are ideal for EWA transition. Employees can track their accessible pay on a daily basis and withdraw their earnings for the day when need be. If your business is spread over different geographies, it is important to understand the payroll laws and regulations that can impact your EWA implementation strategies.

Remember, the primary goal of EWA is to provide financial stability to your employees. It is an innovative way to transform the payroll process for the better and support employees’ evolving work patterns and lifestyles.

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