The insurance sector has a human resource profile that is different from the rest of the financial services industry. It hires outgoing people driven by sales, as well as managers who are knowledgeable about industry regulations. Managing these people is critical in the development of the sales force, the maintenance of a rewards system, and the delivery of updated regulatory compliance training modules. Thus, choosing the right human resource management software is essential. But with several types of it in the market, which is the best fit?
There are three HR tools available for an insurance firm: core HR, workforce HR, and strategic HR. Choosing the right one must meet the needs of your company.
Core HR tools are the most traditional tools available. They handle:
• Employee benefits, from 401(k) plans to healthcare and life insurance;
• Payroll and compensation, from salaries to benefits and bonuses; and
• Time, from attendance to schedules.
Workforce HR tools are perfect for resource planning and real-time updates. They simplify the management of daily workplace functions and content in the company’s HR networks. These include:
• Recruiting new employees;
• Maintaining employment policies;
• Keeping employee records;
• Managing compensation; and
• Handling employee concerns.
Strategic HR tools are the tools of a modern HR department. They administer:
• Recruitment during the life of the application process;
• Training by tracking employee skills development;
• Performance via goal-setting and performance reviews;
• Compensation like rewards and incentives;
• Succession and leadership training through succession plans; and
• Workforce training using workforce analytics.
Core and workforce HR tools are the archetypal HR software systems for an organization, big or small, but strategic HR offers a wide-ranging set of management capabilities. If your company’s HR prerequisites demand an overhauling system, then Strategic HR might be better.