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The Science of People
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:
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.
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:
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.
HRMS can be deployed in one of the following three ways:
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
Here are the top HRMS Software in Singapore listed on the hrtech.sg marketplace under the HRMS Category:
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.
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.
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.
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.
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.
There are essentially two types of EWA -
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 -
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.
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 -
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) -
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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