Five features of stable HRMS vendors and how to spot them
Choosing a stable HRMS can produce long term results and benefits. It enables you to focus on growing employees and managers using the software application as a foundation. If you are selecting a new HRMS here are five areas where stable HRMS vendors will outperform the competition.
1. A long track record of product delivery
A stable HRMS vendor will have a lengthy history of product releases and upgrades. An established company will have customers who have used their product for many years. Ask for statistics when you do referencing - how long have the earliest customers used their HRMS? How many major and minor releases has the provider issued and over what timeframe?
2. Strong user groups
Dedicated users who endorse a vendor’s offerings are a clear sign that a provider is here to stay. Does the vendor host yearly user conferences and support regional user groups? Is there a mechanism for user interaction on the company’s website? Motivated customers who provide positive recommendations for an HRMS are a strong indicator of long-term vendor stability.
3. Integrations with other vendors
Even if you do not plan to integrate your HRMS with other internal and external systems ask about a vendor’s built-in interfaces. A stable provider will have a variety of integrations in place to other major systems like finance and government reporting entities. A vendor who has ‘been there, done that’ will be able to hit the ground running in this area. Be cautious if integrations are limited or are still in development.
4. A product suite that spans all HR tasks
A stable HRMS is one that has been around long enough to build up its offering to cover the entire employee lifecycle. Look for a system that covers recruitment, core HR, talent management and payroll. You may ultimately choose a mixed model of an HRMS plus other vendor solutions in specialized areas like compensation. Different HRMS should be a choice rather than a necessity though.
5. Functionality in compliance and end user training options
Compliance and end user training tools are always the last areas to be developed in an HRMS when time runs short. Compliance takes a backseat as there is usually a time lag before audit testing occurs. End user training options like customizable toolkits are often considered a ‘nice to have’ and are priced as a separate add-on rather than part of the core HRMS. Test your vendor’s level of stability by asking about these two areas during your HRMS selection process.
Can you find a suitable HRMS without relying on RFPs?
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