5 Cloud-Based HRMS Solutions Shaking Up the Market
With so many HRMS solutions to choose from, the buyer (first-time or otherwise) can sometimes feel overwhelmed, no matter how tight their preparation and statement of requirements. Here are five cloud-based HRMS that are currently creating a bit of stir in the HR software market…
When a company’s own investors describe it as, “the fastest growing SaaS business in history” it’s tempting to write the statement off as hyperbole. But in its two funding rounds so far, Zenefits has raised $84million ($66.5million of which was in the second round, just five months after the first) so maybe there is something to the claim. Certainly, Zenefits is garnering headlines in 2014 and as for growth, it went from 15 employees to 120 in less than six months. As for what it does, the cloud-based HRMS is essentially an interface between you and your third party suppliers of payroll, insurance, 401(k), etc. and neatly takes care of the administration so you don’t have to, cutting process time right down. The neat angle is that it is completely free to clients. The company makes its money from being the insurance broker of record which means that Zenefits services don’t cost you a single penny.
Recommended Reading: Compare Zenefits, BambooHR, Namely and more in this free comparison guide
Another respected name in the cloud-based HRMS market, BambooHR – like Zenefits – offers HR management services to small to medium enterprises (up to 1,000 staff). Established in 2008, BambooHR has been the bridge for thousands of clients in 70 countries to leap from spreadsheet-based staff records to a true HRMS and as such is an excellent first or entry-level system. With a one-off implementation fee and a low monthly subscription, BambooHR comes with a strong reputation for being easy and intuitive to use from board level reporting to employee self-service.
Just a couple of years old and originally restricting itself to a client list of advertising agencies, Namely now offers end-to-end HR functionality to a wide variety of clients. Although it boasts the capability to manage the whole employee life cycle, Namely has a strong focus on performance management. It facilitates the scheduling of employee reviews linked to a goal-setting function that ties in with corporate objectives and tracks individual progress.
Furthermore, employee records can be ‘tagged’ with particular skills enabling the tracking of learning and development and the creation of virtual teams tailored to specific project requirements. With fresh funding in 2014, this cloud provider is taking aim at the market share of giants ADP and Paychex.
With an impressive new client record and employee growth of 190% in six months, UK-based provider Fairsail is on the up. Offering a complete suite of HR software management functions, Fairsail’s client list shows a focus on UK companies but their specialty is clients who are fast-growing with an eye on global expansion. Fairsail supports working across national boundaries and legislations with multi-country employment rules, calendars, currencies and languages. What’s more, given that many of their clients see a live system within 90 days and a return on their investment within a year, Fairsail looks set to grow its share of a competitive market.
Ascentis has the reputation of being one of the easiest to use cloud-based HRMS on the market, which should be attractive to any company looking to dip its toe into the HRMS waters. A full HCM suite – personal records, time and attendance, recruitment, benefits management, etc. – with much-lauded metrics and analytics, Ascentis also offers fully-integrated self-service and payroll modules to further enhance the all-round offering. With particular praise singling out the customer service and legislative compliance capabilities, Ascentis has a client list of around 1500 small to medium-sized companies.
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