Human Resource Planning Software (HRP)
Introduction to Human Resource Planning Software
The human resource planning (HRP) software has been one of the most important and helpful tools in planning and management of human resources. The human resource planning software can be used for various functions, counting preparing schedules, tracking employee absences, issuing paychecks in addition to managing confidential files and records. These days, different brands of software programs are available for human resource departments are available in the market. These available software programs are efficient in recording information in addition to assisting a human resource employee or manager by supporting employees, setting goals, assessing progress, and improving overall work conditions.
Functions of Human Resource Planning Software
The different functions performed by Human Resource Planning software include:
- Succession Planning
The human resource planning software is helpful in succession planning in two major ways –
a. It allows the human resource department to formulate succession plans unambiguous to individual workers.
b. It assists in monitoring the progress of professional development and training of those workers.
- Gap Analysis
The human resource planning software can alert the human resource department to fill up the gaps as soon as they arise. This is accrued to the specific and customized progress monitoring the data systems are capable to do. Gap analysis is significantly simplified with software as the info is organized and can be verified against the employee patterns collected during succession planning.
Since human resource planning software is efficient in keeping an organized record of employee succession as well as workforce gaps, it can appreciably assist human resource managers in employees’ performance management.
- Employee scheduling
The human resource planning software is also helpful in short-term scheduling (week to week) as well as long-term scheduling (future goals and progress monitoring) of employees.
- Stress reduction
On the whole, the human resource planning software can be an important asset to human resources employees as it reduces stress by providing structure and organization to data and information collected on employees. Besides, it can scrutinize trends in addition to providing assistance in early intervention in certain situations thus leading to a well-functioning business.
- Debt ratios
- Liquidity ratios
- Profitability ratios
- Asset management ratios
- Cash Flow Indicator Ratios
- Market value ratios
- Financial analysis
- Business Terms
- Financial education
- International Financial Reporting Standards (EU)
- IFRS Interpretations (EU)
- Financial software