(I-BusinessNews.Com, December 08, 2020 ) Human Resource Software is trending in market. Many organizations are getting it implemented for easing the process of human resource operations. Best HR Software enables organizations to manage employee data along with their attendance, payroll management efficiently. HR personnel has responsibilities of many tasks which need to manage lot of documents. With the help of this software organizations can optimize these tasks and reduce manual work.
360Quadrants has analyzed the companies offering the best Human Resource Software. This analysis will help businesses select the software that best suits their requirements. The analysis has been based on critical parameters taken from the companyÂs product offerings and business strategies. 360Quadrants also helps businesses by providing critical insights derived from conducting a SWOT analysis.
COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY:
Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include the breadth of offering, delivery (based on industries that the vendors cater to, deployment models, and subscriptions), features/functionality, delivery, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).
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What are the benefits of HR software?
Employee Monitoring Â HR software helps businesses to monitor employee for every facet of an employeeÂs career growth plan. This comprises collecting information about their performance on training courses, preserving a record of each employeeÂs points for development, and carrying out appraisals timely. HR software also reassures that the data from appraisals are kept correctly with details on the topics covered, the objectives set, and the response received.
Tracking Leaves and Absence Â The Human Resource software can companies in proficiently managing absences and leaves. It streamlines and automates the way a company plans for holidays, keeps track of each employeeÂs outstanding leaves, computes pro-rate entitlement, and handles holiday requests.
Single View of Data Â The HR Software gathers data and allows users to access it whenever required. The data can be viewed at a glance and users can retrieve the same with only a few clicks. This also allows users to intensely drill into the analytics of the data which are pertinent in recognizing trends and noticing problems. ItÂs a possible solution that releases HR professionals from the chaos of manual tasks.
In May 2020, Toronto based Ceridian acquired Singapore based Excelity Global Solutions, a human capital management service provider.
In February 2019, Ultimate Software, which creates cloud-based human resources management software was acquired by Hellman & Friedman Capital Partners for $11 Bn.
In December 2019, Stone Point Capital acquired a majority stake in PrismHR.
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Best HR Software in 2020 and the latest associated trends
Mr. Aashish Mehra