Handling human resources tasks is a necessary part of any business – including small to medium sized businesses that may not have a designated HR manager or HR team. One of the ways that smaller businesses can juggle HR tasks from recruitment, to payroll to exit interviews is by using HR technology. HR software keeps all employee information in one secure location (usually on a cloud server) and makes it accessible anytime. It’s not surprising that a report by Grand View Research found that the HR software market is predicted to exceed 10 billion USD by the year 2022.
5 HR technology tools for small businesses
1. HRMS (Human Resource Management System) or HRIS (Human Resource Information System)
These comprehensive HR systems are a way to input, store and track all employee information from employee profiles to performance reports to schedules, complaints and more. This technology can help to streamline workflows which improves overall work management and productivity. Many of the HRMS or HRIS on the market and offered through professional employer organizations (PEOs) include access to payroll services, benefits management and more.
2. Recruiting software
Recruiting software makes the hiring process easier by providing one place to create and post job ads, sort and choose applications, and create a list of candidates. There is a wide range of recruiting software available and businesses should consider their needs before investing.
3. Online payroll service
Outsourcing payroll is a popular option because payroll is a lot of work. Payroll solutions calculate and track paychecks, deductions, holiday pay, commission and more. Some services also handle payroll taxes. One way to outsource payroll is to partner with a PEO.
4. Talent management software
Talent management software allows managers to track employee development from training to performance reviews. The software makes it easier for managers to input employee performance data throughout the year so the evaluation is a true reflection of the work that has been done, rather than what the manager can remember from the last 30 days. It also stores feedback, goals and issues discussed so they can be referred to at the next review. Employees can access the information themselves which means more engagement with their work and short and long-term career goals.
5. Benefits management platform
A full benefits mangement platform helps employers manage health care insurance, retirement plans, sick pay, vacation pay, worker’s compensation, and other employee benefits. Outsourcing benefits mangement is a popular option for small businesses because it allows them to compete with the benefits packages offered by larger businesses at an affordable price; partnering with a PEO is a great option here.
When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions. We offer a truly paperless HR experience, built specifically with your business in mind, powered by best-in-class technology. Our online reporting tools and mobile access make for an integrated and seamless employee experience from recruiting to termination.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include all basic services such as payroll, workers’ compensation and benefits management plus value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies who partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!