Revolutionizing HR Tech with an Integrated HCM Suite

• By Anisha G
• 27-05-2024
• Trends

We’ve come a long way from the 1970s when the introduction of ERP solutions benefitted HR departments by serving as a more efficient replacement for actual paperwork. Today, the HRMS market is estimated to be valued at $46.28 billion by 2030.

However, with the increasing popularity of HR tech, there’s also increasing confusion about different types of HR tech products. Even professionals often use the terms HRIS, HRMS and HCM interchangeably. While they aren’t completely different from each other, there are some fundamental differences between them. Rather, the terms signify a progressing timeline of HR tech developments.

HRIS vs. HRMS vs. HCM

Companies can have different requirements when it comes to choosing a HR software. While some may need an information repository, others may need a more comprehensive solution to manage a growing workforce. That’s why a clear understanding of HRIS vs. HRMS vs. HCM is necessary for making the right choice.

• HRIS: Human Resource Information Systems serve as a platform for managing employee data like identity information, addresses, bank details, payroll, attendance and document tracking. Their functionality is mostly limited to HR teams.
• HRMS: Human Resource Management Software contains a more expansive list of features in addition to the ones contained in an HRIS. It includes additional features that facilitate recruitment, applicant tracking, performance management and employee engagement.
• HCM: Human Capital Management systems build upon HRMS with added features like learning management and succession planning. It serves as a unified approach to empowering workforces and fostering business growth. Comprehensive solutions like HCM software can benefit people throughout an organization, from employees to C-suite executives. They can serve an important part in strategy and planning by facilitating workforce insights.

What is Akrivia HCM?

Poised in the dynamic and rapidly growing space of the HRMS market, Akrivia HCM is emerging as a prominent name owing to its innovative solutions to an extensive list of HR challenges.

Founded in 2018, Akrivia provides Asia’s only truly unified cloud-based HCM platform. Catering to enterprises from different sectors like manufacturing, IT services, healthcare, BFSI and retail, Akrivia has built up a formidable repertoire of clients including McDonalds and Mitsubishi.

Presently, Akrivia boasts 200,000+ users, spread across more than 15 countries in the GCC and SEA.

Akrivia HCM Products

Akrivia’s HCM suite offers a comprehensive solution that not just caters to HR needs but can also serve as a powerful workforce planning tool with its analytics-driven features. The platform includes 9 products spread across 40+ modules that provide seamless integration with multiple platforms. This holistic approach ensures seamless transfer of information, making it accessible and optimizing it for maximum productivity. Here is an overview of the nine products the platform offers:

1. Recruitment Management

Akrivia’s Recruitment Management product is crafted in a way that anticipates the recruiter’s every need. Its integrated features allow recruiters to manage everything, from creating a requisition to a candidate’s onboarding in single platform. With built-in job boards that can be customized and automated job postings, it becomes easier to keep track of hiring needs.

Once applications start coming in, the in-built ATS can take over for candidate profile scoring and skill gap analysis to identify the most compatible candidates. This can greatly accelerate the hiring process. The software also comes with an OCR enabled resume parsing module that ensures the resumes aren’t rejected owing to their design or other visual elements.

When shortlisted candidates make it to the interview stage, the dynamic interview scheduling feature negates the need for consistent back and forth between the recruiter and candidates. Candidates and recruiters can simply schedule an interview slot on a calendar.

After candidates make it past the interview round, employers can also manage offers and track candidate authorisation in the portal as well. Once a candidate signs an offer, employers can also streamline their onboarding tasks with the onboarding management features.

2. Core HR

Akrivia’s Core HR product encompasses every HR requirement throughout the employee life cycle. The intuitive onboarding process can be tracked by new hires and employers both. Signing and uploading relevant onboarding documents also becomes more efficient with the added digital signature and on-cloud document repository functions. This can also actively help in reducing paperwork tasks and be time-effective.

The portal also serves as a unified platform for storing both personal and professional employee information in employee profiles. Employees will also have access to a self-service portal which can streamline approvals. Marked with other innovative features like an AI powered chatbot, which can be used for raising tickets or learning about compliance policies, Akrivia’s Core HR product can make employee engagement easier too!

Core HR also has a module that can enable role-based access to information to protect data integrity. Businesses can also display transparent and visual organization hierarchies which can facilitate better collaboration. The multi-entity management feature can allow companies with international presences to coordinate effectively with cross country teams.

3. Time and Attendance

Akrivia’s Time and Attendance product has an expansive list of modules that continue to streamline work for over 200,000 users today. With integrated shift and overtime scheduling modules, employees can track their schedules more easily. The geotagging and geofencing attendance features make it effective for managing remote and globally distributed workforces. Biometric attendance data can also be seamlessly synced with the other modules to manage attendance in real time.

The mobile friendly interface along with the widget-based dashboard also makes for an intuitive and engaging employee experience. The notifications and reminders features can allow employees to plan their timelines ahead to enhance workflow.

Both employees and reporting managers can access attendance reports and analytics which ensures transparency. Attendance details can also be easily integrated with payroll management which also reduces risk of human error and prompts timely payroll processing.

4. Leave Management

Manual leave tracking can be time consuming and sensitive to errors, but with Akrivia’s Leave Management software, companies can efficiently integrate leave policies with their attendance and payroll process. Tasks like requesting and approving leaves can be automated as employees can have direct access to the leave management portal. They can also use the AI-powered chatbot to apply for leaves. The mobile friendly design of the portal also enhances efficiency.

The Leave Management software also allows organizations to put customizable calendars and holidays in place to accommodate regional customs. The software can also automate calculating leave accrual and carryovers, while also being able to configure diverse types of leaves.

The software also comes with in-built insights and analytics features that are easily accessible on the dashboard. This feature can help managers keep track of leave patterns and plan workflow accordingly.

5. Payroll

Managing payroll can be another stressful venture for HR teams, considering how grave the consequences of inaccuracies can be. But with Akrivia’s comprehensive payroll suite, companies can minimize the risk of these. Essential payroll processes like calculating taxes, deductions and generating payslips can be automated to save time.

Businesses can also customise individual salary structures while handling multiple pay groups and pay cycles on a single platform. Employers can also manage variable payments like bonuses and allowances on the portal. With the customizable flexi benefits module, benefits like LTA, meal coupons, and other tax savings can be calculated with ease. Companies can also track advance and loan requests on the portal.

Akrivia’s payroll software can also be easily integrated with attendance management software so that there no need to manually duplicate attendance data for payroll processing. Employees can also access their pay slips easily, directly through the portal or even through the chatbot.

Tax compliance also becomes a breeze, which is especially beneficial for companies with a global workforce. Akrivia’s payroll management software is trusted by businesses operating over the diverse regions of the GCC and SEA owing to its easily adaptable tax compliance and payroll modules.

6. Expense Management

Akrivia’s expense management suite makes it convenient to track business and employee expenses. The software comes with features that can help in managing business travel related expenses, setting expense limits and expense claims and reclaims. To enhance efficiency, expense approvals from multiple levels can also be tracked seamlessly.

Employees can seek advance claims prior to expenses which can be verified after spending by submitting bills. The handy travel desk feature can manage travel and accommodation bookings. The software also supports a vehicle mileage tracking feature that can be used to calculate compensation according to the distance travelled while on duty.

When travelling overseas, employees can use the location based per diem feature which can facilitate currency exchange and calculate payout percentages based on the latest conversion rates.

7. Performance Management

Continuous performance management is an essential component of boosting workforce productivity. But with post-pandemic workplace trends – like flexible work modes – performance management has become much more difficult. Akrivia’s performance management software can be used by companies to reap the benefits of consistent performance management even while having a workforce that is distributed across the globe.

The software comes with continuous feedback features that can be used to nurture a culture of growth and professional development. With a 360° feedback mechanism, employees’ performance can be reviewed by their peers and managers. Companies can also establish and track OKRs through SMART goals to ensure that employee productivity is geared towards company objectives.

With the PMS and LMS integration feature, companies can also track their employees’ professional development. Their skills and competencies can also be rated by peers to spot potential areas of improvement. The skills gap analysis feature can be used to train and upskill employees and set up a career development plan for them. This way businesses can also develop succession planning strategies by developing internal talent.

8. Learning Management

Upskilling employees plays an integral part in both employee retention and building an adaptable workforce. And having a learning management tool integrated with your performance management and employee engagement portals is a huge plus. Akrivia’s learning management software is built for just that.

With essential features like course creation, course tracking, evaluation, certification and learning suggestions, learning management becomes a lot easier and more adaptable. The course creation module supports a wide range of file formats from .docx to video formats so that the learning experience can be customized for every workforce. The learning management software can also be integrated to include courses from popular learning platforms like Coursera.

Employers can use the in-built skill gap analysis feature to understand skill gaps and automate training recommendations based on that. Training sessions can be conducted and managed for multiple batches at the same time, as well. Companies can also use the Leaderboard feature to encourage employees to commit to their professional development.

Akrivia’s learning management software also has a built-in training calendar feature that can come in handy for employees undergoing live training sessions. There’s also analytics to keep track of learning progress and improvement. The pre and post training assessment modules can be essential in measuring the impact of learning outcomes.

9. Employee Engagement

Akrivia’s employee engagement software can empower businesses with important tools that can boost employee engagement rates. With features like polls, announcements and surveys, employers can gain insights into employee sentiments in a fun and engaging way.

The rewards and recognition features can be used to motivate employees to stay productive. This can also help employees feel valued while their contributions are appreciated. Companies can also use Nexus, the integrated social media platform, to boost social engagement at the workplace, all the while keeping things professional.

The Future of HR Tech

The journey of HR tech has been truly dynamic. From simple excel spreadsheets to integrated solutions that can be used for strategizing and planning, HR tech has progressed beyond just employee management. HR leaders across the globe now realize the difference an HCM software can make for both SMEs and big corporations. This has created a demand for automation that can make a massive difference in workflow.

As technology progresses further in the HR domain, data driven insights and evidence backed research are gaining increasing importance. That’s why incorporating AI and ML into HCM software to promote efficiency is also becoming the new norm.

Powered by AI/ML algorithms, HCM software are empowering HR professionals to make better decisions. With an increased focus on integration, seamless information exchange and streamlining workflow, innovative products are further revolutionizing the HR landscape.