Formulating HRIS features and modules following the needs of NEXT ventures' human resource management department

Abstract

"Human Resource Information Systems (HRIS) are gaining importance for companies of all sizes and in all sectors, including the financial technology (fintech) sector. The HR department plays a vital role in the success of any firm, and having the appropriate HRIS features and models in place may significantly boost efficiency and effectiveness. In recent years, the fintech industry in Bangladesh has expanded fast, with a concentration on mobile banking and digital payments. According to a study by the Bangladesh Bank, the number of mobile financial services (MFS) users in the nation increased by 27 percent in 2019 to reach 53,4 million. This rise is attributable to the rising adoption of mobile phones and internet connectivity in Bangladesh and government programs designed to promote digital financial inclusion. (Bangladesh Bank, n.d.). The expansion of fintech in Bangladesh has substantially influenced the economy and financial inclusion of the nation. Mobile banking and digital payments have facilitated access to financial services in rural and remote locations and helped to expand e-commerce and other digital services. In addition, the Bangladesh Bank has remarked that the usage of MFS has reduced the country's reliance on cash, hence improving financial stability and decreasing the danger of money laundering. (Bangladesh Bank, n.d.). NEXT Ventures, a digital fintech company, is no exception to this trend. The company recognizes the importance of a strong HRIS and has worked to develop features and models that meet the specific needs of its HR department. One aspect of NEXT Ventures' HRIS is the integration of self-service portals for employees. This allows staff to access and update their own information, such as personal contact details and benefits enrollment, which helps to reduce the workload of the HR department. In addition to these features, NEXT Ventures has also focused on developing models such as leave management, attendance tracking system, employee exit management, payroll, and training and development management, and so on, which fulfill the requirements of the HR department that increases the productivity and efficiency of the whole organization. NEXT Ventures has demonstrated a commitment to developing a comprehensive and effective HRIS that meets the needs of its HR department. By implementing key features such as a centralized database, performance management system, and self-service portals, as well as utilizing data analytics to make informed decisions, the company is well-positioned for success in the competitive fintech industry." In conclusion, the report has focused on the importance of formulating HRIS features and modules that meet the specific needs of the HR department at NEXT Ventures. Through an analysis of the company's current HR processes and needs, the report has identified several critical areas for improvement in the HRIS. Overall, by implementing these recommended HRIS features and modules, NEXT Ventures can greatly improve the efficiency and effectiveness of its HR department. This, in turn, will benefit the company as a whole, positioning it for success in the competitive fintech industry.