Cloud based HR solutions are the modern alternative to paper based systems, meant for the management of human resources. The reason for this is because such a solution is a long term and stable method which gives companies the ability to enhance their processes while structuring their workforce for business related initiatives. Institutions that choose to use cloud HR technology are gaining both cost and productivity advantages over institutions that continue to use traditional systems.
Cloud based technology provides an HR system with a core that is unified, which is ideal for companies that have or intend to have operations in multiple regions. Additionally, the cost of owning and operating these cloud based systems is low and they do not require constant software upgrades. Below are some ways that cloud based systems will streamline operations while also providing more time for strategic initiatives:
Management of employee lifecycle
From the time an employee is hired until their retirement, employers can manage and monitor work performance, benefits enrollment, salary changes and more within a single data source. Employers can also monitor institutional assets which have been assigned to employees, which include tools, vehicles or equipment.
Digital benefits administration
Cloud based solutions allow employers to work over the web with ease, adjusting benefits, submitting information or assisting in enrollment. The management solution for your employees will support and report benefits data automatically for various medical plans such as vision, dental or disability, and will assign deduction amounts automatically for each employee.
Self-service for managers
Cloud based technology extends management beyond the physical office. It does this through the usage of mobile devices which allow managers to approve time cards, review employee events and approve requests for leave of absence.
Self-service for employees
Workers will be empowered by tools which give them 24 hour access to online features such as enrollment for benefits, training, requests for leave of absence and the ability to update their personal data. This decreases the amount of emails and calls which are made to HR personnel, and studies show that these self-service tools combined with mobile devices enhance the engagement of employees.
Compliance with the Affordable Care Act
Cloud based tools give employers the ability to monitor the hours of employees proactively, as well as monitoring and reporting aggregate data for health coverage. The data for employees who work full time can be calculated and compiled with ease, and notices for health insurance marketplace can also be provided and monitored. Cloud technology also allows employers to seamlessly report the health plan coverage of their workers to the Internal Revenue Service.
Core HR reporting
When core HR information is combined inside a system, it offers support for better reporting and decision making. Institutions that make use of cloud based systems can rapidly assess trends and make strategic decisions based on them. Some standard reports which are included are new hires, head counts and turnover as well as forms such as OSHA and EEO1, which will give employers greater insight into personnel management.