NETSUITE UPDATE PART 2
Updated: Jan 21, 2022
The importance of a great HR team is indisputable. You want to make sure that you’re staying compliant but you also want your employees to feel well taken care of. While these are hallmarks of a well-run business, the toll of delivering on both of these needs can often fall heavily upon the HR workers.
Afterall, staying compliant alone requires tons of administrative tasks that can pile up in time. There’s keeping addresses of employees up to date, updating bank accounts for direct deposits (which happens so often), and with an inefficient system, this could also include manually calculating payroll earnings or benefit amounts. And we haven’t even scratched the surface yet on delivering quality care to your employees! Whether this is simply providing an ear or also executing quality performance reviews, the time of an HR leader is diverse. Which is why the best thing YOU can do to make their job easier, is by providing them with systems that can make their job easier.
If you’ve already chosen NetSuite to do that - great job! They’re in good hands and they’re productivity is about to reach a new level! If you haven’t chosen NetSuite yet, click here to find out more.
In NetSuite’s recent 2021 Release 2, new features were deployed that specifically targeted helping the HR worker’s job duties and productivity when it comes to automated payroll as well as increasing productive employee management. Read on to find out what's been updated!
If your company offers retirement savings along with a matching contribution benefit, with this new feature, your payroll calculations just become way easier! Within SuitePeople Payroll (a feature of NetSuite that is only available to employees within the U.S.), you can automate calculations for retirement plans by providing:
Formula-based calculations for 401k plans!
Additional retirement plan automation!
This new feature makes way for “age matching calculation for people over 50 and automatically calculates catch up amounts for all retirement plan types based on eligibility criteria and federal guidelines”.
*If you’re not currently offering retirement savings to your employees, this is a great benefit you should consider adding! Studies have shown that companies that offer retirement savings typically hold a higher retention rate and have more success when recruiting new workers!
Productive Employee Management
Engaging in productive and effective employee performance management can be the difference between having an A+, forward thinking team and having one that's not helping your company move forward at all. And with employee performance management showing true results in keeping your employees engaged, NetSuite 2021 Release 2 also focused on making great strides towards making this task for HR leaders that much easier.
Within the new features deployed in NetSuite’s SuitePeople Performance Management, HR leaders can now expect:
Automated peer reviews so that all updates regarding reviews and performances are documented in a file that will help make pulling together evaluations much more seamless (i.e notes on accolades or any performance issues) and ultimately cutting down work time for HR leaders.
Workflow notifications so that HR teams are always on the same page and updated simultaneously. This will then ensure that the review process is never waiting on an action to be taken (whether by employee or reviewer) and things will continue moving along at all times.
Customizable employee acknowledgements so that HR leaders and other designated officials can now tweak what is said at the end of the review process and effectively request employee acknowledgement.
Efficient goal monitoring by utilizing “several UI enhancements” so that employees can better keep track of how much time they have left to complete action items and prioritize their time accordingly. Additionally, team leaders can also oversee these monitoring systems at all times to better get a full idea of a project's progress and thus pinpoint any underperforming employees.
Lastly, a new feature entitled “areas of focus” captures areas of focus that an employee can use to help improve their performance and work on towards optimal future goals. This feature is also a great tool for leaders as it can cut down time that's spent trying to pinpoint trouble areas and more quickly help them build out a plan for employees looking to change the trajectory of their performance.