What is a good HRMS for a startups of _100–200 employees and for the medium business
                     What is a good HRMS for a startups of ~100–200 employees and for 
the  medium business?
How Does the Banking Sector Use HRMS?
Here’s how the banking sector can benefit from an HRMS, an in-demand technology that’s  
here to stay.
Hiring the Right Talent
The banking sector is known for people who are expected to work in a fast-paced, risk-laden,  
customer-centric work environment. The HR personnel of banks should always be well-  
prepared to fill up the vacancies arising due to resignation, transfer or retirement of staff across  
branches and locations.
No doubt, the recruitment process is rigorous and time-consuming. But a good HRMS
platform (with an application tracking system) should ease this task with workflow automation.  
Usually, these solutions enable the entire hiring and payroll process, from creating JDs and
screening applications to candidate communication and appointment initiation. HR can also  
enjoy the liberty of spending more time gauging the real capability of candidates rather than  
wasting time on repetitive paperwork.
Retaining the Best People
When it comes to retaining talent, banks cannot afford to make compromises. This apart, they  
need to have the right mix of experience and talent. Most importantly, they have to minimise  
turnover and enhance the loyalty of their people. No doubt it is a massive barrier to reckon  
with.
Any move that goes awry can adversely impact the operational efficiency, customer satisfaction  
and reputation of the bank.
HR has to ensure accurate and timely salary payouts to avert dissatisfaction among the  
employees. They also require intuitive dashboards with insightful data for recognising high  
performance and productivity. It is equally important to have a system that creates career  
pathways and monitors the KPIs of every employee. All of this can’t happen without a  
comprehensive HRMS system.
Training for Development
Nowadays, it’s not surprising to see banking processes and policies changing often. Even the  
rate of technological adoption has accelerated, thanks to the need to be nimble and efficient.  
This calls for a comprehensive strategy for frequent skilling, upskilling and reskilling of the  
bank’s personnel.
Modern training management systems are designed to help banks create training programs for  
different departments. Cloud-based platforms facilitate easy access to webinars and video  
tutorials from anywhere on any device. Even the assessment & certification system process  
becomes quick and easy unlike its physical counterpart.
Engaging the Employees
Banking professionals have to reckon with the challenge of interacting with exacting customers,  
adhere to strict timelines and brace for a high level of financial risk. So, it’s not uncommon for  
employees to experience burnout and low morale sometimes. Also, it’s not always easy for the  
HR to feel the pulse of the employees everytime.
Since bank branches are distributed across locations, it’s impossible for HR to communicate  
with everybody, redress grievances and take disciplinary action in person. The built-in  
employee engagement modules within today’s HRMS solutions make the task of  
communication a breeze. Many have a provision for running in-house surveys and polls  
besides providing regular feeds and message boards that can be accessed by all.
Minimising Manual Work
Every HR team performs a lot of routine tasks every day. It’s not possible for the head office  
HR to track the time and paper wastage across all their branches. Even the compliance  
reporting process involves paperwork. If at all some branches succeed in optimising their
resources, it doesn’t help the organisation as a whole.
When HR and payroll functions are automated, it results in quicker processing of  
salaries and faster decision-making for many other administrative tasks. Plus, it leads to higher  
resource optimization and elimination of expensive human errors.
Enabling Employee Self-Service
Every employee requires access to organisational policies, forms, payroll information,  
statements, reports, claim status and more. But it’s not feasible for HR to address each query  
manually and quickly. This issue gets aggravated in larger banks with more branches and  
frequent employee movement.
The arrival of the employee self-service portal (ESS), with a supporting mobile app, has  
turned out to be a blessing for HRs. Many of the tasks, like updating personal details and  
generating payslips, are now done by the employees themselves. They just need to log in and  
execute the tasks at their convenience. This helps free up bandwidth for HR, enables employees  
to focus on their departmental tasks and creates greater transparency.
Centralising Data Storage
Banks have branches of all sizes and multiple departments as per the requirements of the  
location. So, both HR and employees require a multitude of information on a regular basis to  
do their work in a hassle-free manner. Paper-based documents are outdated, while  
spreadsheets are no more practical for larger and fast-expanding organisations.
A centralised document repository provides the answer to all the documentation woes of banks.  
When documents are digitised and stored in one place, it’s easy for people to access the same  
when required. HR can also define the access permissions based on different levels. This step  
calibrates the documentation process and also keeps information and assets secure.
Closing Thoughts
Every bank has its unique business challenges and employee demands. But most of the core  
banking functions remain the same. Every HR has to constantly explore newer ways to keep  
their employees happy and motivated. This expectation puts a lot of pressure on the whole  
department.
A good HRMS enables an HR to optimise workflows and expedite tasks throughout an  
employee’s lifecycle. The self-service facility will offer greater control to the employees so that  
they feel more empowered. This change can create a domino effect and help the banking  
enterprise drive cost savings and increase profitability. Visit greytHR website for HR and  
Payroll Software products.