HR Softwares Can Help Your Startup Go A Long Way

According to ADP research, 57% of companies are planning to make a major new investment in HR softwares in the near future.

A Market Research Media report “Human Resources (HR) Software Market Forecast 2015 – 2020” states the HR software market is expected to grow at a CAGR of 2.4% to reach $9.2 billion by 2020.

These statistics confirm that the HR softwares will be playing a crucial role in an organization’s HR policy. Why? Because it lets the organizations do more with less. And what could be better news for startups?

Most startups are low on funds and even if they have an investor backing, HR cost in terms of an in-house or outsourced team can burn a hole in their pocket. In such a scenario, HR softwares can help them manage tasks effectively and go a long way in the growth of their business as well as talent.

Automation and standardization of HR functions

The Hyderabad-based human resources startup, Darwinbox, offers a software that manages processes right from recruitment to performance management. It controls the entire lifecycle of an employee on one unified platform. HR software such as Darwinbox act as centralized systems by automating and standardizing HR functions such as:

Payroll and compensation
Perks and benefits
Attendance and leaves
Job application tracking during recruitment
New employee onboarding
Training &performance management
Dashboard and report generation
Drawinbox

Darwinbox has helped its clients like Voonik, Swiggy, Sai Life Sciences and Delhivery reduce the workload of their employees, eliminate the chances of human errors and boost their productivity.

Cloud-based advantages

ZingHR, a Mumbai-based is a new age cloud HR platform that offers 20 integrated modules for every HR function. Currently, it manages over 4,50,000 employees across 200+ global clients from startups to large enterprises. Cloud-based HR software brings numerous advantages:

You can easily deploy and integrate these HR softwares with other applications.
You can 24/7 access to employee data.
You can manage your workforce across devices and locations.
You can set up security checks, approvals and authorizations, which will keep your data secure.
You can recover valuable data in case of disaster or emergency situations.
You can scale up your existing HR software as the number of employees grows.
ZingHR

Cost saving

An HR survey done by Hunter Group revealed that companies with successful self-service implementations reported a staff-to-employee ratio of 1:151 while companies without self-service had a ratio of 1:99. In addition, employees experience improved quality of service.

Zoho, a web-based software offers a host of self-service HR solutions in six countries, including India. It makes employees independently manage their personal data, view attendance & leave data, raise travel request, claim medical reimbursement, access announcements, and other information. It then sends an automatic notification to the HR person, thereby transferring the onus of managing data from HR person to the employee himself.

A startup implementing self-service HR software such as Zoho can reduce its cost of hiring an HR professional(s). Usually, the HR professional to employee ratio is 2:100 in most organizations. Let’s say, your startup has 50 employees. So, probably, you can train one of your team members on using HR softwares or manage it on your own instead of hiring a specialist. As your startup begins hiring more people and reaches 75 – 100 people, you can take one HR professional on board. But, at any point of time, you will always require one less employee to manage the workforce, thereby reducing your manpower cost substantially.

A new dimension to HR technology and customer relationship

Touted as the next frontier for HR software, chatbots will replace several human tasks for the organizations. And, they are already doing so in some cases.

For example, the US-based online retailer, Overstock.com, has recently introduced Mila- a chatbot to replace a call-in hotline for its employees. When an employee calls in sick using his app, mobile or computer, Mila not only takes the message and responds “I’m sorry to hear that”, but also sends the message to the appropriate manager, who will then adjust the employee’s schedule. Mila can do other jobs as well – make a phone call or send emails. With Mila by their side, Ovestock.com has improved its internal communication and saved time & money by managing workers’ schedule faster.

Back home, Allwin Agnel, the founder of Prepathon, a test preparation startup, launched a bot last year in December to automate the repetitive workload of teachers and coaches associated with his website. Since then, he has launched several bots to address different types of concerns of students using Prepathon. Allwyn claims that his bots have reduced human intervention by 90%!

Niki, an AI fuelled shopping assistant bot handles around 25,000 questions a day via from the customers of Ola, Burger King ,Uber, Paytm, JustRechargeIt, and Mobikwik.

With technology becoming inseparable from startups, the use of HR software will go a long way in helping startups to manage their talent as well as customers.

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