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An HRMS, or human resources management system, is a suite of software applications used to manage human resources and related processes throughout the employee lifecycle. An HRMS enables a company to fully understand its workforce while staying compliant with changing tax laws and labor regulations.
HR leaders and staff are the primary users, given that they run day-to-day workforce operations and are responsible for compliance and performance reporting. However, HR isn’t the only department that benefits. Companies can empower managers and employees with self-service for common tasks—an important selling point for younger hires. Executives can use an HRMS to generate data on workforce trends and their business implications.
And given that HR-related costs are some of the largest expenses incurred by a company, HRMS integration with the accounting system is invaluable for finance teams. Leading providers will go beyond basic accounting to help a company wring more financial insights out of HR data.