29Nov

A Guide to Seamless Performance Management Using an HRMS

How do you encourage great talents in the workplace? Now one might have several answers like appraisal, appreciation, accreditation etc. However, we believe the right way to encourage talent is by having an agile method of identifying their contribution.

The performance management system in an organization determines what heights it can conquer soon. The holistic process of performance management involves continuous reviews, feedback exchange, and training for upskilling.

Moreover, a performance management process must enlighten the immediate managers and hire management about the competencies, strengths, weaknesses etc. If long-term employee retainment and organizational growth is the goal, then its imperative for an organization to invest time, effort, and possible money into creating an agile performance management method.

Challenges of Manual Performance Management

Well, we have already stepped into the era of automation, and businesses have started discarding the manual ways of performance management. Businesses across the globe seem to be turning up to automation software solutions for performance management.

However, if you have not gotten over the manual process of payroll management process yet, then we can give you a handful of valid reasons that might change your mind.

  • It takes you time to set the KRAs and KPIs. Moreover, maintaining them manually in the excel sheets makes trackability more challenging than ever!
  • Managers might not analyze it accurately every month.
  • Collating performance since the joining date of the employee might be challenging.
  • Poorly performing employees might not get proper assistance to level up their performances.

Primary Features of Performance Management

Performance management system tools have several features that can make the process of rigorous reviews a very convenient one! The best HRMS systems have the The following pointers will bring you the prominent features of a common performance management module of an HRMS.

• 360-Degree Feedback:

A healthy performance management system evaluates a candidate in every which way possible and does not just stick to the hierarchical review system. Hence, a 360-degree feedbacking system makes for it and enables a fair assessment of performance in the organization

• Monthly review Model:

To keep track of the overall performance of an employee, a monthly review system is one of the most promising solutions. A month of time is the apt period to evaluate performances.

• Identification of training requirements:

With a performance management system, you can identify the weaknesses of your employees and help them overcome those shortcomings with the right training.

• A valuable tool to set KPIs and KRAs

You can set achievable and trackable goals using a dedicated performance management system. It makes the review system way more measurable.

The Bottom Line

Do you know what is an imperative part of a winning workplace culture? – Opportunity for talents. For that, an organization must have a promising performance management system process. Moreover, if you want to manage the mundane activities of HR wing at a go with absolutely no hassle, you can settle on the best HR software solution with a dedicated payroll management module.

22Nov

Employee Upskilling: Skills Over Degrees

Using a skill-based hiring technique increases workplace diversity and productivity. It also reduces recruitment expenses and closes skill gaps. Thus, firms have elected to replace degree-based hiring with skills-based hiring.

‘Skills over degrees’ is an innovative approach to hiring. It represents a more fair, inclusive, and rewarding strategy for attracting top talent. In a candidate shortage, skill-based hiring addresses a variety of problems caused by degree requirements.

In addition, HR performance management tools can also assist firms with administering employee upskill courses for their existing candidates.

Here are four reasons why your company should focus on abilities over degrees:

Locate Skillful Applicants

A poor hire costs a company around INR 25,000. However, losing excellent employees costs close to INR 50,000 per employee.

Skills-based hiring focuses on a candidate’s abilities and competencies. This provides businesses with a clear picture of their ideal applicant. It also gives job seekers a realistic preview of the position’s demands and duties.

A college education helps shape an individual’s critical soft skills. Yet, it does not guarantee that a candidate possesses the necessary technical skills.

Hiring managers may feel more confident in a candidate’s interest if they have a degree. It may also provide exposure to a specific topic or course of study. Yet, it is not a reliable predictor of job performance or a candidate’s suitability for a position. It is only a supposition.

Skill-based Hiring Improves Employee Retention

The great resignation has dawned. Employee retention is currently one of the most significant concerns for firms worldwide. When using skills-based hiring, employers must understand the abilities required to succeed.

A skills-based examination simulates real-life experience in the job role. This provides the candidates with a more accurate representation of the job expectations. In general, this leads to greater job satisfaction.

Proven Skills Contribute More Than Theoretical Knowledge

Besides, employee upskilling is on the rise. HR performance management tools have played a key role in this development. Firms are seeking to upskill their existing employees. They are doing this to maintain a good employee retention figure.

The number of firms providing skill development programs to their employees is increasing. Employees with a degree want better pay due to their investment in education.

However, college graduates are more inclined to change jobs frequently in search of better opportunity. The best solution to this problem is employee upskilling using an HRMS Platform.

Offers Access to a Larger Talent Pool

Reducing candidate application requirements helps to reduce impediments. Degrees do not necessarily prove an applicant’s ability to fulfill the task.

Adopting a skills-based hiring approach exposes your company to candidates who earned their talents through non-traditional means such as on-the-job training or self-teaching. Thus, employers now have access to a bigger talent pool.

Enhances Workplace Diversity

In the recruitment industry, there is a growing emphasis on the value of diversity. Inclusion, creativity, and productivity enhance a company’s bottom-line performance.

Financial incentives should be one of many motivators for firms to prioritize diversity. Yet, skill-based hiring can help increase workforce diversity. Although, let us understand how a university degree contributes to the problem.

Skills-based hiring is based on selecting the job candidate with the skill set that best matches the role’s needs. Hiring based on education only sometimes favors underrepresented groups. Disadvantaged people in the educational system cannot receive the same degree of education.

This could be due to resource and funding constraints. Skills-based hiring does, however, eliminate the unconscious bias associated with pedigree. It makes it far more accessible to candidates from various socioeconomic positions.

Diversity has emerged as a top priority for both corporations and candidates. It impacts a company’s bottom line and is a major deciding factor for job searchers.

Last Thoughts

A degree can only get you a job; it cannot help you advance your career. It is your skill that attracts employers, clients, and managers, and it is a skill that raises or lowers a person. We are in a qualified candidate shortage.

In addition, this situation has arrived when over a third of the workforce lacks a college diploma. This should state the need to reconsider the value of degrees.

Major corporations are now emphasizing skills over degrees. The momentum is building for enterprises of all sizes to follow suit. The benefits of skills-based hiring are plain. It has a history of enhancing employee retention, hiring quality, and so on.

How Can an HRMS Platform Help You?

ConfluxHR addresses most of your hiring, onboarding, and upskilling problems. Our robust HRMS Platform can assist you in the following:

  • Scheduling and Conducting Interviews with Candidates
  • Administering Upskill Courses to Existing Employees
  • Leave and Attendance Management
  • Employee Performance Management
  • Onboarding and Exit Process Management

Also, our HR performance management tools can help you retain more employees for your organization.

Start Onboarding and Retaining Better with ConfluxHR!

17Nov

Decoding Resource Utilization- The A to Z of it & More!

Companies put all their effort into allocating the right resources. However, the valuable output depends on the employee’s contribution to the company (in billable tasks). Managing the same becomes a hectic task as a team starts growing.

Running a business is never a cakewalk. One of the significant challenges to thriving in the competition is scalability. Moreover, utilizing the strength of human resources is a mere trick, especially when you assign multiple projects to people.

Let us learn about resource utilization, its use, benefits, and the best way to go about it.

How are resource utilization and performance management related?

Resource utilization is a key indicator measuring each employee’s performance and efforts at each time. It is a crucial aspect of the business process which allows the project managers and the team leaders to foresee the availability of resources across various categories soon.

Resource utilization helps you use human resources in the best way to optimize overall business productivity. Undeniably, keeping track of the employee’s performance can be a boon to the overall productivity of an organization. Hence, the performance management process depends on resource utilization for optimized productivity.

What role does resource utilization play in performance management?

The resource allocation process is one of the most crucial aspects of performance optimization and management. The simple task of assigning tasks to employees becomes way more completed when the organization grows on a large scale.

How can an HRMS help in performance optimization?

Human resource management software can make resource management way easier than manual processes. They enhance the trackability of systems, be it documentation, performance tracking or attendance. Here are a few ways HRMS can enhance resource utilization, thereby taking several notches up organizational productivity!

  • Documentation is easy with an HRMS.

Documentation has a meaningful role to play when it comes to performance management. Enlisting the KPIs and noting the scores of the employee each passing month is only possible with an HRMS with a dedicated performance management system.

  • Satisfied employees with self-dependent HRMS

HRMS keeps the employees self-dependent regarding information and actions like leave application, resignation application etc. Hence, it increases the efficiency of employees and helps them perform better each passing day.

  • Formulates the resource management system

The control function of management cannot be focused on without performance management software. It formulates resource management by streamlining the process categorically. It redefines every bit of resource management with advanced technology.

  • Enhances visibility and trackability of operations

Most of the business operations are not trackable when done manually. An HRMS can make things way more visible and trackable. You can be better access to data and insights in general.

  • Helps in cost-cutting

HRMS can help you optimize the budget and cut the operational cost to a great extent. It also saves several annual hours of paperwork and other mundane activities, thereby freeing up HRs for other strategical tasks.

ConfluxHR is one of the most promising HRMS solution with reasonable ticket-size meant to make your business scalable and agile. Have you been looking for an intelligent human resource management solution? Then, book a demo now and let us show you around our product.