Components of Commercial Value Chain
February 12, 2025
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Introduction Human resource is one of the pillars which defines a strong and successful organization. Workforce is the backbone of any organization and form integral part of its strategic plans and initiatives. Recruitment and Selection Recruitment and selection are two of the main function carried out by human-resource department. An organization undertakes recruitment under following […]
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One of the major financial functions is the management of fixed assets. Asset management module primarily maintains asset register, which provides information about asset related transactions. Asset Management thus helps in keeping track of fixed assets, handling fixed asset depreciation for fiscal reporting and revaluation of asset. Budgetary control (BC) module is another important finance […]
Information systems have revolutionized the way businesses get conducted. It facilitates automation across departments. Information systems are getting actively used by human-resource team. Most of Human-Resource activities are done through online or web-based portals. This web based portal help employee or HR team member access data from anywhere in the world or from remote locations.
Human-resource team undertakes functions like talent hunting, selection, recruitment, performance management, compensation management, payroll management, etc. Advent of information technology and system has facilitated the development of portals, which can help the human-resource accomplish its task in a much quicker and efficient manner.
Employee portals for human-resource department undertake different tasks some of them are as follows:
During the employee on-boarding process, information pertaining to an employee like name, address, previous work experience, pension details, insurance details, etc. are entered in a central database, which remains in place until the employee maintains their employment. Portals have the flexibility to edit certain information as and when required.
Employees are required to fill their timecard on daily, weekly, fortnightly or monthly basis depending on the nature of employment. Portals are available in which employee can directly input the information. Portals are flexible to incorporate holiday schedule depending on country or location.
Timecard on submission goes to the manager for review or approval. Portals also allows employees’ to manage their leaves information.
HR utilizes portals actively manage compensation for an employee. Past and current compensation data from the employee is stored in the compensation management tool. Payslip is electronically generated, and the payroll tools let an employee view their current and past payslip details.
Based on compensation received or to be received in a given financial year, tax calculations are made visible to an employee as well as payroll department.
Human-resource team utilizes online portals for appraisal management. Employees are required to enter their annual plan onto portals, which are reviewed by managers and HR manager. During the end of the year, assessment, managers enter employee performance onto this portal. This appraisal portal is utilized for further calibration process of various team members as to assess their performance.
Employees are also encouraged to develop their individual development plan, which encompasses short term and long term goals. Employee than are asked to chart out activities, skill required to achieve long term as well as short term goals.
When an employee decides to leave organization, there are several formalities, which need to be completed. These formalities are required from the employee as well as from employer side. Exit Tools are used by human resource to accomplish this task. It helps the employer as well as the employee has a smooth and risks free exit process.
Information technology, systems and global environment have facilitated the development of several portals, which are extensively used by human-resource department. These portals have streamlined various processes which before were time-consuming and exhaustive. Portals have enabled organization control over employee-related activities.
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