What Makes HRIS Beneficial for SMEs Growth?
The rampant spread of COVID-19 in 2020 has brought massive changes in the business landscapes of various industries in the Philippines. With lockdowns in place, many companies are forced to limit their operations, while countless small and medium enterprises (SMEs) need to shut their doors, either temporarily or permanently. This significantly affected many people’s lives, including those who rely on SMEs for various goods and services.
However, it’s been two years since the global health crisis started, and the country’s economy is improving again. SMEs are at the forefront of businesses returning to normal, most of which are looking to rebound after an unpleasant experience amid the pandemic. A Department of Trade and Industry (DTI) report showed that more than 10% of registered enterprises in the country are classified as SMEs.
And since going back to normal means an influx of applicants for various positions, SMEs must have their systems checked to ensure that processes are efficient. Multiple organizations invest in modern solutions to streamline tasks, such as the Human Resource Information System (HRIS). This provides institutions with a centralized platform for all HR functions, including one of the most crucial parts of growing a business, the Philippines payroll.
Payroll management has long been an issue with many firms, with most cases leading to legal consequences and reputational damage. Implementing a payroll package software and integrating it into the HRIS would give SMEs a powerful tool to scale their operations. Stakeholders and HR personnel can ensure that the employee data is accurate and safe, leaving no space for possible discrepancies that might arise on the way.
Apart from this, HRIS can also improve the progress of SMEs by making HR processes more economical than ever. With the workforce’s HR needs automated, the department will not need to invest in added equipment and personnel. Also, it will allow HR staff to make informed decisions as HRIS can provide insights about various business-related metrics that can be crucial in gaining an advantage over market competitors.
To learn more about how SMEs can take advantage of HRIS to grow their business, check this article by GreatDay HR.