One software industry analyst has been watching the human resources management system market for some time and has discerned some trends. With the economy recovering from recession, organizations are focusing on core HR concerns, such as strategic hiring and productivity. As a result, they'll invest in technologies that help in these areas, particularly if they "offer an immediate return on investment or meet some compelling management or regulatory need".
Human resources management systems (also known as human resources information systems) exist "at the intersection between human resource management and information technology." Usually, this means taking previously disparate HR information and automatically integrating it in such a way that users can gain a clearer picture of what is happening in the company—in a more efficient way than if HR had to gather all of the information from its various sources, and analyze it manually.
This diverse information includes payroll, work hours and overtime, benefits administration, recruiting and development, training and learning, performance records and more. You've probably already automated one or more of these services, either internally or via an external service provider; companies commonly outsource payroll and benefits functions, for example. But even so, can you imagine what you could do if all of those functions were integrated and all of that information could be compared with little effort? That's the promise of human resources management systems.
Read the whole story on HRinfodesk.com.
A recent issue of the Canadian Payroll Association's magazine Dialogues looked at how payroll technology will be changing in the next few years, and what that will mean for the payroll industry—and the businesses it supports. Turns out, the next few years are looking pretty rosy for payroll professionals. Here are some insights.