factoHR helps BFSIs in empowering the workforce and organize important data neatly
HR Challenges In BFSI Sector
The Banking, Financial Services, and Insurance sector constitute an important part of the nation’s economy, but the industry also faces HR challenges on their way to help customers. With their major complications being around employee management, it is important for the industry to resolve the queries so the employees can focus their attention on their customers without having the burden of other tasks.
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Prominent Challenges
BFSI industries always have a complex structure of handling HR operations and employee information. Here are the major challenges that limit their productivity, which can be eliminated smoothly.
Capturing Attendance
During the situation of COVID, it is essential for banking sectors to implement a highly safer method alternate to biometric machines to eliminate the risk of surface contamination to capture their employees’ attendance.
Engaging Workforce
Maintaining engagement between workers and managers was inefficient due to the distributed working environment during COVID-19. It was also difficult for managers/CEOs/HRs to share even the smallest details due to the segregated communication system.
Onboarding New Recruits
More employees bring more responsibility to the manager, and so the onboarding process for the banking industry is often troublesome and time-consuming. The tasks like collecting and storing employees’ information at the time of their onboarding were tiresome when handled manually.
Managing Performance
Finance industries work with a larger number of employees, which makes managing tasks and measuring their productivity challenging for the managers. As most of the time, it is stored on paper or in spreadsheets, the industry found it hard to control the operation at the organization’s leaf level.
Manual Expense Management
Traveling employees mostly submit their expense claims, attendance details, and proofs through mail or discrete communication channels. It is often time-consuming for the accounting department to process these expenses.
Multiple Attendance Solutions for Multiple Locations
BFSI industry has its branches distributed across many locations, making its attendance management more segregated. With separate solutions, the reconciliations of data at the time of salary processing became more time-consuming and laborious.
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factoHR’s Extensive Solutions for the Industry
Here’s how factoHR has resolved the everyday challenges of the regular HR activities in the banking and finance industry with its specially designed solution.
Contactless Attendance Capture
factoHR’s mobile applications allow employees to mark their attendance perfectly authenticated with geo-tagging, geo-fencing, and face recognition. The feature has become beneficial to the industry as an alternative to biometric systems.
Enhanced Employee Engagement
Employee engagement is now easy to establish even in the remote workplace by analyzing your employees’ mood for the day and helping them through. factoHR also enables you to share every update with all your employees at once using a single window.
Self Onboarding
Now, you don’t have to collect and store employees’ information yourself. With factoHR’s self onboarding, assign your new recruits all the access rights to update their own information, confirming errorless data entries.
Simplified Performance Measurement
Eliminate the use of spreadsheets and papers and analyze all of your employees’ productivity with factoHR’s performance module. You can create customized OKRs for each team, assign them, and measure their productivity even in a remote environment.
Automated Approval Workflow
With factoHR’s cloud-based expense management platform, employees can submit claims and attach proofs using the ESS portal. With increased transparency over the expenses, HR and managers can check and approve the requests and consider them for reimbursements.
Unified Attendance Capturing for Different Locations
factoHR’s mobile-driven solution allows BFSIs to control attendance for all the locations with a single geo-fencing feature. Employees can mark their attendance within the fence assigned through the mobile app. The solution offers a centralized server to reconcile data from all the locations to ease salary processing.
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Get started with the beneficial features specifically catered by factoHR to reduce the burden of routine manual HR activities and improve your business progress.
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