In today’s competitive business landscape, staying ahead requires continuous improvement. Here is where Human Resource Management Systems (HRMS) software comes in. HRMS software isn’t just for large corporations. This guide explores how HRMS software can benefit SMEs in Singapore across various industries, from construction and retail to F&B.
HRMS Software: Not Just for Big Businesses
While larger businesses readily see the value of HRMS, it is a misconception that smaller companies don’t need them. HRMS software offers solutions for businesses of all sizes, from streamlining recruitment for a growing startup to automating payroll for an established firm.
Here’s a breakdown of HR functionalities compared to talent management systems, a specialised subset within HR:
HR Software (All-encompassing) |
Talent Management System (specialised software within HR) |
| Payroll processing | Applicant tracking system (ATS) |
| Benefits administration | Succession planning |
| Time and attendance tracking | Learning management system (LMS) |
| Employee onboarding | Onboarding tools |
| Performance management | Performance management (advanced) |
| Record keeping | Employee engagement tools |
It is never too early to consider alternative HR solutions or to plan ahead! Read further to explore more about the benefits of HRMS software and check out the six best HR software in Singapore and their standout features.
Benefits Of HRMS Software For Singaporean SMEs
Before investing in any new system, cost-benefit analysis is crucial. Here’s how HRMS software can benefit your SME in Singapore:
1. Acquire and Retain Talent Easier
HRMS software simplifies the recruitment process by automating tasks such as job posting, applicant tracking, and interview scheduling. This accelerates the hiring cycle and ensures that organisations won’t miss out on attracting top talent. Retaining these talents can also be made easier through effective human capital management and talent management systems within these HR platforms. For additional talent acquisition tips, check out our previous article.
2. Improve Efficiency and Productivity
HRMS software automates tasks like leave approvals and claims, freeing up HR staff and saving costs. Employees may also have a better work experience due to the easy management of their end-to-end employee lifecycle and the effective use of human capital management and talent management systems. Additionally, your business can also improve sustainability practices through a reduction in paperwork, especially with the use of HR Cloud software.
3. Data-Driven Decisions for Strategic Growth
HR cloud software may also have robust analytics and reporting capabilities. HR professionals can use it to generate insightful reports on various metrics such as workforce demographics, turnover rates, and performance trends. These insights enable data-driven decision-making for strategic HR planning and can help to further improve productivity.
6 Best HRM Software Available
The benefits of using software to streamline HR processes, such as talent management systems, can be enjoyed by most, if not all, businesses. Here are some of the best HRMS software available in Singapore and highlights their key features, in no particular order:
1. Workday
- Full suite of HR functions with standout analytics features
- Continuous development, especially in AI and machine learning, ensures usability for the future.
- Flexible configuration options to meet global needs.
- Long-standing history of success with its human capital management software.
2. ADP Workforce Now
- Caters to all business sizes, including newly incorporated startups.
- User-friendly across roles (management, employee, HR).
- Standout feature of allowing the easy generation of new reports.
3. BrioHR
- Popular among small to medium sized businesses.
- Built to scale according to your business needs.
- User-friendly with simple pricing packages
4. Oracle Cloud Human Capital Management
- Highly customisable and comprehensive with standout AI features.
- Easily integrates with other HR software to extend functionality.
- Continuously investing to improve existing strategic human resource management features.
5. SAP SuccessFactors
- Comprehensive and configurable catering to complex business needs.
- Appealing look and feel improves user experience.
- Integrated learning management system for employee development.
6. Carbonate HR
- All-in-one platform with standout features such as upskilling, and inventory and human capital management.
- Also available through a mobile app on both iOS and Android.
- User-friendly and easy to navigate.
- 24/7 support team to answer any queries.
- Customisable and flexible to suit your business’ policy and preferences.
Finding the Perfect HRMS Fit with Poss Capital
The “best” HRMS software for your business, be it Workday or Carbonate HR, will depend on the specific needs and budget of your business. Carefully evaluate your options and conduct thorough research before making a decision.
Worried about the financial commitment?
Poss can help finance your business’ adoption of HRMS software by providing small business loans with transparent terms and no early repayment penalties. We understand that SME owners may face challenges in many aspects of their business, especially the difficulty of securing working capital loans without collateral. Poss wants to help you bridge this financing gap and let you manage and grow your business without any worries. Contact us today!
