The reality is that HR software is necessary for the smooth operation of every firm, regardless of its stage of development. Spreadsheets, paper files, and emails probably won’t be enough to stay on top of processes and comply even if you only have 10 employees.
Human resource requirements evolve alongside organizations, so knowing when to invest in specialized software is essential. It’s risky to adopt a system before it’s ready to deliver the full value it promises. But if you wait too long to adopt, your competitors will streamline their processes and get ahead of you, costing you a ton of money.
But the problem pops up when it comes to picking the best HR software in Bangladesh that’d serve your purpose to the fullest. After all, there are tons of them under different catagories. So, picking which one will be a wiser decision?
Which One is the Best HR Software in Bangladesh for You?
Payroll
Businesses can automate payroll processes and keep track of employee wage and salary rates with the aid of payroll software. With the click of a button, payroll software can quickly and accurately calculate total compensation, debit the appropriate amount from the business bank account, and transfer money to employees. Payroll software also allows users to file their taxes and generate reports to monitor changing payroll costs.
Why it’s a ‘Must’ for a business startup: Payroll software should be the first system every new company buys overall, not simply the first HR system, for the following reason: Even if you are the only person working for you, they still need to be paid appropriately and on time.
When to adopt: Based on our data, we can infer that the ideal size range for making this important purchase is between 1 and 24 employees, as this is the range where adoption of payroll software peaks early in a company’s lifecycle.
By the way, don’t worry that new software will blow your budget; payroll software suppliers are fully aware that even the smallest firms require their products.
It’s essential to have the mobility to manage payroll on your smartphone while you’re on the go, so when comparing different systems, make sure to give mobile usability top consideration.
Applicant Tracking Systems
It provides a hub from which businesses may coordinate their various stages of the employment process. Using an ATS, recruiters are able to advertise jobs on various social media platforms and online job boards, collect and store resumes and other application materials, monitor prospects as they progress through the recruiting process, assign scores and rankings, and eventually make job offers.
ATSs do more than just give you a central hub from which to run your whole hiring operation online; they also give you an edge in the competition for talent. These tools can disseminate your job listings to the widest potential audience, thereby increasing the chances that a casual browser will become a serious applicant. You and your team can use embedded analytics to figure out where and why employees are disenchanted with your business.
Our research shows that applicant tracking software is the most desired HR tool among firms with 251 to 5,000 or more employees. The timing of your adoption will depend on your specific staffing requirements, but we advise starting as soon as possible and certainly before you reach 250 employees.
By the way, it’s essential that you select an applicant tracking system whose benefits match your hiring priorities and volume, whether you run a restaurant or a hospital. Here are some pointers on how to go about it.
There are application tracking software systems that are created to satisfy your specific demands if you’re a staffing agency owner or an external recruiter working for client companies.
Timing and Presence
What does software for time and attendance do? Time and attendance systems also offer employee self-service (ESS) capabilities, which enable employees to clock in and out of shifts, see timetables, and request time off on their own. This is in addition to saving time on information and producing reports.
Why it’s essential for a business startup: If your business is in a predominantly shift-based industry like retail or food and beverage, having time and attendance software that can optimize schedules based on availability and needs and then automatically communicate them to workers via email or text is crucial to minimizing missed shifts.
If you run a small firm, time and attendance systems can still be quite helpful even if the majority of your workforce consists of “9-to-5” workers. By integrating your time and attendance software with your payroll system, you can also port over employee hours to automatically compute payroll, which will save you a lot of time.
We recommend investing in time and attendance software when you have between 1 and 50 employees, as this is the size range where adoption peaks, according to our data. Manual time and attendance tracking become a considerable administrative burden after 50 employees.
By the way, invest in a system that can track time spent on particular projects and create invoices if you work with a lot of contract employees or freelancers.
As a business, you have every legal right to keep track of employee hours and attendance. However, there are some legal considerations you should be aware of before implementing any additional monitoring of employee whereabouts or computer use.
Personnel Tracking
Every person in your company has a lot of information you need to keep track of, including their name, address, job title, boss, work history, and certifications. Using employee tracking software, you can save all of this data in a safe, user-friendly database along with useful tools like an employee handbook and an organizational chart for the business.
In our Buyers Guide, you can read more about the features of personnel tracking software.
Why it’s essential for business startups: It can be time-consuming and error-prone to enter or update just one item of information for 100 employees in a spreadsheet. As your business hits its growth spurt, these problems will only be exacerbated, which is why it’s wise to invest in a dedicated system with preset fields for all of the information you need to track with your workforce early on.
Your company has a fantastic opportunity to get ready to leave “startup mode” by formalizing department structures and hierarchy during this transition to dedicated personnel tracking software before you start hiring more staff.
When to adopt: Adoption is so prevalent across all business sizes because personnel monitoring is a fundamental component of many HR systems. Despite this, we observe a peak in interest in this software between 1 and 1,000 employees, indicating that it has evolved into a crucial tool for all firms.
Make sure some of them really showcase platforms you’re considering because employees will frequently use these systems to update their own information or look up business policies. Employees who dislike a system will just go back to pestering HR to look up information for them.
Integration with people tracking systems is essential since numerous other programs and systems will depend on current employee data to function properly. Inquire of vendors about any API capabilities or agreements they may have with other software platforms.
Performance Management
The strain of annual reviews is reduced with the aid of performance management software. In addition to facilitating the establishment of individual goals and the monitoring of employee performance, many HR systems also automate the gathering of feedback, the filing of papers, and the presentation of key performance data to stakeholders.
Data-driven performance management offers nearly innumerable advantages for flourishing firms, including but not limited to increased productivity, high-performer retention, sales, profits, and employee engagement. Also, you’ll need a system to handle a lot of personnel information and monitor patterns over time if you want to transform your company into a data-driven performance provider.
However, if your company places a high value on employee growth, you may want to make the investment in performance management systems before you reach 5001-50000 employees, which is where we often see the peak in adoptions.
To ensure buy-in from all levels of the organization, the software you select should support, rather than detract from, the company’s long-term objectives and not necessitate extensive training for upper management.
It’s crucial to have access to in-depth performance statistics so you can go into your stats and extract actionable insights for enhancement.
But Which One is Exactly the Best HR Software in Bangladesh For Your Business?
Well, there are two ways for you to walk on. First one, you already know what you’re looking for. So, pick one of the software we’ve mentioned above. Or, you can simply go with PeopleDesk – the best HR software in Bangladesh that can bring the advantages of all these software without making you waste any extra money.
