Overview of factoHR

Paid time off (PTO) is an employee leave program in which employees can draw from a leave bank (with a certain number of leaves) and be guaranteed a set amount of money for their days off. It is an automated system that lets employers track employee vacation time, handle time-off requests, approvals, and leave balances. The time off tracker provides data to other systems, such as Payroll, and aids in employee compensation management. You can create multiple time-off policies, customized approval applications, holiday calendars, and workweeks that can be assigned to different teams and departments based on region, shifts, and so on with a time-off tracking software. It is an all-in-one place to store and handle information and queries on time-off tracking for all your employees.

Recruitment management is the process of hiring and selecting employees. It comprises responsibilities including posting job advertisements to attract people, updating application forms, and scheduling interviews. A recruitment management system is frequently automated to standardize, simplify, and speed up the recruitment and selection process.

A performance appraisal is a regular evaluation of an employee's work performance and overall contribution to an organization. A yearly review, performance review or evaluation, or employee appraisal evaluates an employee's abilities, accomplishments, and growth—or lack thereof. Performance Appraisal is a very important tool for HR to maintain transparency. This helps both the employees and the company. The performance appraisal process should be internal and external, but it’s more practical to have only internal appraisal because of its direct benefits over the employees.

The payroll management process consists of a series of controlled processes completed in the same sequence each month to establish a payroll cycle. Put another way; the payroll process is all about determining what is owed to employees, i.e., the Net Pay after all applicable tax adjustments and deductions have been made. Therefore, payroll management necessitates cautious and detailed preparation. Changes to details relating to specific employees' payments, assumptions, and other financial payments are reviewed and monitored regularly. There are three primary phases to this payroll management process: before, during, and after the payroll administration.

The process of welcoming new clients, ensuring that their inquiries and concerns are addressed, and delivering new products and services as needed is called onboarding. Depending on the firm, onboarding can take different forms, from welcome calls to user groups to training sessions. Despite the fact that it is commonly viewed as a need to sustain customers and deepen their connections, many firms struggle with the coordination of onboarding procedures and their execution through numerous departments.

Employee lifecycle management (ELM) describes an employee's stages when employed by a company. HR plays a vital role in ELM, and it begins even before the employee is hired. Outreach, recruiting, onboarding, growth and training, results, and offboarding are the six stages of ELM. How the firm introduces itself, deals with candidates, invite people into the company, and manages their personal and professional progress are all part of the ELM process.

A database of employees comprises vital information such as each employee's personal information and company-related information such as their pay scale, employment date, and more. In addition, it contains a range of employee personnel fields for HR to refer to, such as name, age, job title, salary, length of service, and so on. Employee database software that works well should be self-service, allowing employees to add and change their data. Employees can keep track of their data, such as the job they've done each day or the hours they arrived and left. Team leaders may have access to information about the employees who report to them, but other sensitive information, such as compensation, can be kept secret.

HR compliance is company's commitment to respect the labor laws' operating requirements. Processes, procedures, and records are all affected. Workers are also entitled to all benefits mentioned in their employment contracts. Benefits administration, attendance and timesheet management, payroll management, and compliance management are all included in the HR Compliance Management System, a typical software application.

Employees are tracked and monitored using time and attendance systems (TNA). An employer can track its employees' working hours and late arrivals, early departures, break time, and absenteeism using a time and attendance system. It also reduces overpayments, frequently generated by paying personnel when they are not working, and eliminates transcribing interpretation and intentional errors. TNA systems can also guarantee that evidence of attendance conforms with labor standards. Most firms use time and attendance software to automate duties such as tracking hours and leave.

Applicant Tracking Systems (ATS) can be incredibly useful in helping recruiters efficiently manage the huge number of applicants they receive. Clients can use an applicant tracking system as a database. Businesses of various sizes use it to organize, find and communicate with big groups of customers. Its primary purpose is to make organizations' lives easier by automating and searching for specific candidates. Applicant tracking software is a system that simplifies the management of job applications. In other words, it helps companies that receive an overwhelming number of resumes each and every day. An applicant tracking system ‘tracks’ these resumes as they come in and allows you to look at them facilely.

A self-service portal is a website or app that enables workers (or external clients for externally visible support providers) to help themselves when they require assistance, information, or a service. It's one of several ways to give folks who need help self-service, self-help, and, ideally, self-care skills, with that help often requiring no interaction from support professionals. A self-service portal is a wonderful way to save time and money by expediting frequent service requests. Self-service portals also allow up service employees to work on more complex issues or develop new products that will help the company expand.

Benefits management includes defining, preparing, analyzing, and monitoring benefits from starting a program or project investment until the last predicted profit is realized. Its purpose is to ensure that the desired outcomes are exact, measurable, agreed upon, feasible, and on schedule. 'Benefits management and 'benefits realization' are frequently interchanged phrases.