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Many companies seek to purchase an all-in-one HRIS system that can provide a large breadth of functionality under one roof. These systems can often manage a variety of different functions, ranging from payroll processing and benefits administration to performance reviews and employee development.
However, with the advent of more specialized systems and the rapid improvement of integration capabilities, companies are now more open to buying the best system in each category, rather than settling for lesser functionality.
Below are the primary categories of HR software today and some of the most popular HR software platforms in each category:
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Human Resources Information Systems (HRIS) often include a payroll module, which makes these systems a foundational platform for most HR departments. Many companies refer to their HRIS as their 'source of truth' when it comes to employee demographic and pay data. Some of the most popular HRIS + Payroll platforms today include:
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Another foundational system for most businesses is their Applicant Tracking System (ATS). The ATS is the foundational recruitment tool which is typically responsible for publishing jobs to 3rd party job boards, tracking applicants, coordinating interviews, generating offer letters and starting the onboarding process. Some of the most popular ATS systems are:
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Once companies have begun to effectively hire, pay and manage their employees, they often want to evolve towards building a more enjoyable and fulfilling workplace experience. One of the best ways to do this is by developing a system of constant dialogue with employees through employee engagement surveys. Additionally, companies are shifting towards a model of performance reviews that provides more continuous manager-employee conversations. Some of the most popular performance & engagement solutions today include:
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With all of the recent job switching taking place, many companies have decided to re-invest in their compensation practices. Compensation tends to have two components: compensation management and compensation data. Comp management tools allow companies to run a review cycle where admins can allocate budgets to managers to determine raises for their teams. Comp data tools allow companies to benchmark their roles against similar roles at similar companies to ensure they are paying competitively. Some leading comp platforms today include:
Another popular category in the talent management world are Learning Management Systems (LMS's). Learning management systems are central repositories where companies keep all of their training materials and assets. These systems can then be used to onboard employees more quickly, to track compliance and required trainings and to give employees the opportunity to develop new skills & competencies. A few leading LMS's include:
As hybrid and remote work becomes more popular, businesses are more open to the idea of hiring talent wherever they can find it. However, hiring global talent has always been a risky proposition due to the time consuming payroll and compliance concerns with setting up entities abroad. Global Employer of Record (EOR) services have recently come to market to solve this exact problem, allowing companies to hire global talent and employ that talent compliantly, without having to become an expert on local regulations. Some leading EOR platforms include:
For companies that have established entities abroad, it can often be challenging to manage payroll in multiple countries. Typically, companies will use a local payroll processor in every country, but none of these vendors will speak to each other, leaving data very siloed. Recently a number of global payroll solutions have come to market to aid these challenges. The top global payroll platforms include:
