Cloud-based HR software is a boon to HR folks as it allows data and services to be accessed remotely through a web-browser; without the need to install and manage the application on local machines. Typically, working on a pay-for use basis (or as a subscription pricing model based on user counts or usage metrics), HR SaaS is rapidly becoming a go-to deployment model that easily differentiates itself from the traditional "licensed" model.
According to Market research the global human resource (HR) software market currently has a market value of USD 15.8 Bn. Multi-utility of cloud-based HR systems is the main reason for its increasing popularity and market size.The global market is forecasted to expand rapidly at a compound annual growth rate (CAGR) of 10.4%, and reach USD 25.9 Bn by 2023.
Cloud based HR software systems have the benefit of easy installation process without the requirement of an IT team and is especially appealing to the mid-market organization. Users simply need a computer with a web browser and internet access to be able to leverage all the HRMS system's features. This makes the model highly advantageous to smaller enterprises that have limited IT resources, infrastructure and technical know-how. It also speeds the implementation process thereby accelerating time to value.
The growth in Cloud Softwares for HR functions has definitely been a major contributor. With the inclusion of cloud based Free HR software, the HR and payroll departments can fasten processes with increased efficiency and effectiveness. Most SaaS HR Softwares pertains to the function of database management, compensation,leave management , attendance tracking etc. They also include multitude of sophisticated features that can deliver needed functionalities (e.g. online processing, remote access, MIS reporting, query builders etc.).
The very nature of the cloud means that SaaS customers are using the most up to date version of the HR software. Cloud HR software are updated with new versions containing new features and enhancements multiple times per year. This is a big step forward from the prior traditional licensed model which typically delivers new versions in about every two years. Further, in the multi-tenant architecture of any quality cloud software, all users are on the same system release, eliminating the issue of multiple, and sometimes incompatible versions. Every customer is put on to the latest release version simultaneously and given the option of ‘turning on’ the updates when they are ready. The user does not endure the planning and costs involved with implementing upgrades.
To conclude, cloud based HR software enable organizations (especially SMBs) to work in a more cost effective and flexible way without sacrificing feature sets and continuous innovations. Further, by leveraging already existing hardware and software, implementations can happen faster as and when it’s needed.
For many years, HR & Payroll software like greytHR have been in this industry to provide the right solution that you are looking for in your small business — located in 150+ cities, including Mumbai, Pune, Chennai, Hyderabad, and many more. GreytHR not only helps you to process accurate payroll every month, but it also comes with in-built statutory compliance, expense management, leave, and attendance management modules.