Today all organizations are overwhelmed with one thing more than anything else: employee data. And if you aren’t prioritizing this, you should be.
Employees want to know their progress, benefits, and holidays and organizations need excellent employee tracking tools to meet staff and organizational needs.
Access to this data is vital to the staff as seeing their data makes them feel confident that working at your organization is the right choice when these things are in place.
So, what’s the answer to meeting all these needs across the entire employee lifecycle cost-effectively and efficiently? HRM, otherwise known as the human resources management system.
Grandview Research predicts global HR technology spending will reach USD 24.2 billion in 2023. With the business world investing large amounts in HR software, choosing the right solutions for the best ROI is essential.
Using the right HR management software allows you to organize all your employee information in one centralized location to keep track of your top talent and who needs further support to perform at their best throughout all HR processes.
To help you discover the top ten HRM choices for 2023, we will explore the following topics:
- Why is HRM software essential in 2023?
- What are the types of HRM software?
- How do you choose the best HRM software for you?
- Top 10 HRM software solutions for 2023
Why is HRM software essential in 2023?
Today, staff have more complex requirements than ever. Public awareness of DEI (diversity, equality, and inclusion), the importance of benefits, and fair payment are high.
The advantages of these considerations for staff are well documented in promoting innovation and healthy culture, as well as the importance of promotions, development, and benefits administration to encourage employee retention.
HRM software is essential for helping HR leaders collect all the information about incoming and existing staff to ensure their well-being and provide high equality, employee performance, and retention.
What are the types of HRM software?
Various types of human resources software are available, each type of HRM software designed to serve different organizational objectives as they complete the core HR functions. Here are a few of the top examples and their main features.
The purpose of employee onboarding software is to ensure the first experience of your organization is positive for incoming staff, and the process is efficient.
You can include electronic signatures, training tracking, employee questionnaires, and other automated functions to provide a streamlined and tracked onboarding experience by the HR team.
Also, follow onboarding best practices to give incoming hires the best impression of your organization.
The purpose of a performance management platform is to assist HR professionals, HR managers, and employees in assessing employee skills, establishing performance objectives, and monitoring progress to encourage employee development in HR teams.
Applicant Tracking System (ATS)
An ATS is a type of software HR uses for recruiting, making hiring easier for your organization.
It is responsible for tasks such as storing data about job applicants, posting job openings to various job boards, and evaluating applications to find potential matches for job vacancies which can help reduce recruiting expenses.
Human Resources Information System (HRIS)
An HRIS is a software system that offers various HR functions, including recruitment and applicant tracking, payroll and benefits management, storage of employee data and profiles, and ensuring compliance with regulatory and legal requirements.
This platform enhances individual and team engagement by offering employees feedback, coaching, analytics, and daily work priorities.
How do you choose the best HRM software for you?
With the number of HRM solutions today, choosing the right one for your organization can feel impossible. However, with a systematic approach, you can discover the right HRM for your needs.
Build a strategy to assess HRM tools
Clearly define the organization’s workforce challenges, needs, and goals. This list will help you focus on what’s essential for you and find the best HRM for your needs to avoid waste and ensure ROI.
Develop a cross-disciplinary acquisitions team
Ensure representatives from HR, IT, finance, and departmental managers and staff who will utilize the software are in attendance. A diverse team ensures you consider every department’s needs and helps you get a broader overall view of your HRM needs.
Define your needs
Provide a list of the organization’s HR software system requirements, including technological and business-related considerations such as meeting international compliance standards.
Short-list potential vendors
To create a list of potential vendors, utilize diverse research techniques such as reviewing reports and consulting with other companies. Afterward, choose five to 10 of the most promising candidates and contact them for additional details.
Send out requests for proposal (RFP) to potential vendors
To ensure an effective RFP, include information about your organization, project details, timeline, submission rules and scope, and a vendor questionnaire clearly and concisely.
To assess a module or feature’s abilities accurately, you should request vendors to create demos based on real-life scenarios from your organization.
Demos should be fully scripted and include the precise steps employees will follow. This approach is ideal for determining whether a product can fulfill your requirements.
Examine case studies
Request reference customers from vendors who have experienced challenges with deployment and adoption. Look for customer stories that match these criteria.
Top 10 HRM software solutions for 2023
We have carefully researched every list of the best HR software solutions available online, including tech industry leaders such as Forbes and Gartner, and software recommendation websites like Selecthub to bring you the top ten HRM solutions for 2023.
Best for: Highest quality customer support.
Help your team work smarter by removing the hard work of repeating manual tasks and stopping using emails using SAP SuccessFactors. Doing so allows them to focus on essential functions that will make a difference.
- Unified, Global Cloud Applications.
- Actionable Insights and analytics.
- Agility Innovative technology.
- Simple User Interface.
USD 25-38 PEPM (per employee per month).
Best for: Great partner for your business.
The Monday.com employee management system tracks your talent pipeline and engages employees.
- Schedule Linkedin posts automatically.
- Automate your hiring process emails.
- Aggregate employee performance reviews.
- Get leave requests approved quickly.
USD 24-48 PEPM.
Workday Human Capital Management
Best for: Easy to access for new employees.
Workday HRM enables you to comprehend your workforce’s skills and abilities fully. By having more insights, you can implement the appropriate organizational modifications.
- Global workforce management.
- Complete worker and skills profile management.
- Flexible organizational structures and modeling.
- Agile compensation management.
USD 45-62 PEPM.
Best for: High-quality customer support.
Paycor’s HCM software can assist leaders in streamlining their recruitment process and development of employees, as well as managing their pay and retention.
- HR+ payroll software.
- Talent management.
- Workforce management.
- Employee experience.
- Benefits administration.
USD 17-23 PEPM
Best for: Easiest to use HRM.
BambooHR is a software that gathers and organizes employee information throughout their life cycle. It helps you in various aspects such as hiring, onboarding, compensation, and building an excellent organizational culture by providing tools and insights to focus on your valuable asset – your people.
- Employee Records.
- Mobile App.
- Workflows and Approvals.
- Reporting and Analytics.
USD 17-23 PEPM.
Best for: Joined up solution for HR, finance, and IT.
Built on the first Unified Workforce Platform, Rippling provides everything you need to run a workforce in the HR department, finance, and IT.
- Onboard employees and contractors in 90 seconds.
- Pay everyone in their local currency – in minutes.
- Manage HR, IT, and Finance in one global system.
- Automate your global compliance work.
USD 43 PEPM.
Best for: Employee insights to build HR systems around staff needs.
TriNet Zenefits streamlines your workflow by automatically connecting HR, Benefits, Payroll, and Scheduling. Zenefit customers typically spend less time onboarding new employees and managing payroll and benefits.
- Automated onboarding.
- Easy employee management.
- Learn from your workforce.
USD 35 PEPM.
Best for: A great choice for smaller businesses.
Building on 70 years of experience from two leaders in HR solutions, UKG™ combines the strength and innovation of Ultimate Software and Kronos®.
- Self-service portal for employee data.
- Automatic email alerts and notifications.
- High customization and personalization.
USD 26-37 PEPM.
ADP Workforce Now
Best for: Healthcare and non-profit organizations.
ADP Workforce Now provides a versatile, safe, and inclusive HCM (Human Capital Management) solution, which helps clients tackle various business challenges.
- Insights into the flow of work.
- Intuitive payroll features.
- Service from implementation to optimization.
- Employee empowerment.
USD 19-42 PEPM.
Best for: Small and medium businesses with smaller teams.
Zoho People aims to provide cloud-based HR software to help businesses manage HR operations with agility and effectiveness. This HRM software prioritizes employee experience, making retaining talent easier and building a highly effective workforce that can respond quickly to changes.
- Core HR simplified.
- Time and attendance optimization.
- Effective performance management.
- A new approach to employee training and development.
USD 1-5 PEPM
Take the time to choose the right HRM for you
The rapid technological revolution has created numerous options among human resource management software platforms, and the competition has increased drastically.
However, this does not lessen the importance of choosing the right human resources management system for your business.
The main goal of any program is to act as an effective platform that assists in managing current and potential employees. While virtual HR solutions have some limitations, they are still highly recommended within businesses for their clear insights and security.
With our top 10 list of HRM solutions for 2023 at your disposal, don’t wait: take the time to select the right Human Resources Management tool today.