Here is an interesting fact–
Many SME business owners postpone the implementation of payroll and HR software till they come to a certain size. They think that manual payroll processing, or a limited desktop software, is sufficient for their organisation.
But startups go for the automated HR solution early. Even when they are just a 20-person team.
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We are often asked, should SME businesses go for integrated HR and payroll software?
The quick answer is: It depends on what kind of business you run and what is your business philosophy.
Workforce upskilling has become a buzzword in the current job market. With technological advancements and ever-changing business needs, the workforce must stay relevant to be successful.
In our view, upskilling is even more important from the perspective of SME businesses. Because the employees are often not professionally educated or trained for their job roles. Many junior employees take on bigger responsibilities, as senior people are not affordable.
In such scenarios, upskilling can be a good way to remain competitive.
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Small and medium-sized enterprises (SMEs) face unique challenges managing their human resource (HR) functions. Often, these businesses have small HR teams. So business owners also get involved in HR tasks.
Let’s be straightforward here. This poses multiple challenges.
First and foremost, the business owner gets distracted from the core business, & the business suffers.
Secondly, HR is a specialised function. Admin and junior HR persons get overwhelmed with the complexities involved. This leads to inefficiencies in managing attendance, payroll, leave management, recruitment, & onboarding. And errors in adhering to compliance.
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An SME business owner asked an imminent question recently–
Why are Indian startups booming, making money and getting success, while SME businesses are still struggling for growth?
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What is the priority for SME business owners in 2023? In our recent survey, most of them put business development and financial management at the top. Ahead of Human resource management.
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So, your business is booming and is now transitioning from a small business to a medium-sized business? Now, as you can experience it yourself, handling a company with over 300+ employees is a difficult task. And the same is the case with the HR department.
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A Human resource management system, often known as HRMS, is a software application used by businesses to manage HR functions. It focuses on employee lifecycle management and automation of mundane HR tasks. It facilitates candidate management, recruitment, onboarding, exits and data management. In fact, end-to-end HR functions.
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