What is NetSuite HRM?
NetSuite HRM (Human Resource Management) is an all- encompassing cloud-based solution which facilitates human resource processes and helps manage workforce by organizations efficiently. It keeps everything in one place, therefore making it easy to track employee information such as wages, benefits, training, and performance assessments. Built with a strong self-service feature, employees can easily change their profile and the manager has real-time information about the team members.
NetSuite HR Management makes the process easy by ensuring compliance with labor laws and rules. From recruitment to offboarding, it will guide the employee's journey, cultivating a more engaged and productive workforce. As the HRM system connects flawlessly with NetSuite ERP system, it enables a consolidated data perspective from which management can make data-based decisions throughout the company.
Benefits of NetSuite HRM
• Managing the Data of the Employees Centralized:
NetSuite HRM enables a centralized database that gathers all employee information, regardless of it being a personal detail or a job history, compensation, or performance records. A single Seamless system eliminates data silos and makes data recording correct.
• Streamlined HR Processes:
Complete NetSuite HRM offers implementing and automating complex human resource processes like recruitment, onboarding, performance management and offboarding reducing management workload and increasing the employee's effectiveness.
• Real-Time Monitoring and Analysis:
NetSuite takes care of the human resource management system with real-time reportage. The advanced analytics and reporting capabilities provide real time data that helps you make sound decisions on human resources metrics such as headcount, turnover rate, and the current compensation structure.
• Better compliance and risk management:
Suitable for manual accounting of expensive or specialized items, inventory management can also be automated with NetSuite HRM. This can help to ensure compliance with labor laws, regulations, and company policies by providing tools for managing employee records, time-off requests, and other HR-related tasks, eliminating any penalty for non-compliance
• Enhanced Employee Self-Service:
Employees can view their personal information (e.g., contacts), request for leave, and view their payroll through a relaxing self-service portal anytime. This will help employees to be able to take control of their own records and data as well as free HR staff of much of their repetitive work of filling out forms.
• Hassle-free Integration of the NetSuite system:
The NetSuite's suite is a perfectly and tightly gathered whole, with the NetSuite HRM, which is part of it, being deeply woven into the ERP system of the company, therefore, allowing to have a single view of all the up-to-date information about employees' data, finances and other business-critical data for better decision-making.
• Scalability and Customization:
The System is a cloud-based tool that grows together with business, while the feature of customization allows NetSuite HRM to meet decently organized needs and specific industry requirements.
Key Features of NetSuite HRM
1. Managing the Centralized Data of the Employees:
NetSuite HRM enables a centralized database that gathers all employee information, regardless of it being a personal detail or a job history, compensation, or performance records. A single seamless system eliminates data silos and makes data recording correct.
2. Streamlined HR Processes:
Complete NetSuite HRM offers implementing and automating complex human resource processes like recruitment, onboarding, performance management and offboarding reducing management workload and increasing the employee's effectiveness.
3. Real-Time Monitoring and Analysis:
NetSuite takes care of the human resource management system with real-time reportage. The advanced analytics and reporting capabilities provide real time data that helps you make sound decisions on human resources metrics such as headcount, turnover rate, and the current compensation structure.
4. Compliance and Risk Management:
Suitable for manual accounting of expensive or specialized items, inventory management can also be automated with NetSuite HRM. This can help to ensure compliance with labor laws, regulations, and company policies by providing tools for managing employee records, time-off requests, and other HR-related tasks, eliminating any penalty for non-compliance.
5. Enhanced Employee Self-Service:
Employees can view their personal information (e.g., contacts), request for leave, and view their payroll through a relaxing self-service portal anytime. This will help employees to be able to take control of their own records and data as well as free HR staff of much of their repetitive work of filling out forms.
6. Hassle-free Integration of the NetSuite system:
The NetSuite's suite is a perfectly and tightly gathered whole, with the NetSuite HRM, which is part of it, being deeply woven into the ERP system of the company, therefore, allowing to have a single view of all the up-to-date information about employees' data, finances and other business-critical data for better decision-making.
7. Scalability and Customization:
The System is a cloud-based tool that grows together with the business, while the feature of customization allows NetSuite HRM to meet decently organized needs and specific industry requirements.
8. Workplace Incidents:
Helps the company to track all the incidents that have occurred in the company.
9. Effective date tracking:
Every change to the employee record is recorded in the system. While making the changes, the user is asked for the reason.
How Does NetSuite HRM Tackle Challenges?
Managing HR can be a complex task, especially with multiple systems and data inconsistencies. NetSuite's HR module tackles these challenges head-on, offering a centralized solution:
- Eliminate Data Silos: Say goodbye to juggling separate HR systems. NetSuite streamlines data management, ensuring a single source of truth for all employee information. This eliminates duplicate entries and ensures accurate recordkeeping.
- Gain Real-Time Insights: Accurate data means insightful reporting. NetSuite’s centralized platform empowers you to generate real-time reports and analyze key HR metrics. This allows for data-driven decision-making and better workforce management.
- Boost Employee Engagement: A competent workforce is, naturally, a productive one. NetSuite HR builds employee engagement through the help of the system that allows us to set goals, award achievements, and build a company culture of appreciation. It is an incentive in work and creates a favorable workplace.
How Much Does NetSuite Human Resources Cost?
The cost of Human Resources the NetSuite depends on a personalized quote based on each organization's chosen specifications. Factors like company size, number of users, modules to be installed, implementation scope and other additional services change the pricing. For the real estimate, it's better to contact the NetSuite sales team which can correctly evaluate your business and make a personalized offer. The cost is not made public because of the dynamic, individualized pricing strategy that varies from one case to another.
Conclusion
NetSuite HRM is a fully featured cloud-based solution that integrates HR functions. It is a comprehensive solution that includes employee data management, self-service, and compliance support. The NetSuite HRM covering all the HR (human resource) processes involves seamless ERP integration Although this is designed as an individualized solution, with this solution, productivity, engagement, and alignment of HR with business objectives are enhanced. Through the optimization of the workforce, NetSuite HRM enables organizations to excel in operational performance.
Discover How NetSuite HRM Can Boost Employee Engagement
Frequently Asked Questions (FAQs)
NetSuite HRM is developed in such a way that it can be easily understood by users because of its simple design and the capability of role-based permissions. Moreover, NetSuite has provided in-built training and support tools so that the users can make the best use of the system.
NetSuite HRM is an objective scalable tool which can be used both by startups and huge businesses. Small businesses wanting to optimize the HR function and enterprises on the lookout for a complete human resource solution can benefit from NetSuite HRM.
It is worth mentioning that NetSuite HRM has a powerful integration capability with other frameworks within the NetSuite ERP system, such as finance and CRM ones. This facilitates a connection between the departments while at the same time taking care of the inaccessibility issue of the separate HR software.
With NetSuite Human Resources department employee compensation can be handled for a worldwide team. It can be programmed for multiple currencies, tax regulations and compliance requirements for the countries it deals with.