The Indian government’s Digital India initiative has helped the startup ecosystem boost significantly which resembles the growth of the US economy in the last decade of 20th Century owing to the access to information on an economic basis without time and place restrictions. Social entrepreneurship is one of the most challenging yet disruptive business sectors in the new economic horizon of the subcontinent. The budding industries can tap the unexplored sectors and territories, but there are limitations in terms of managing their human resources. Social entrepreneurship will require a dedicated HR platform where the stakeholders will function smoothly without compromising with risks of decentralized organizations. 

How HR Software Solutions will Improve the Scalability of Growing Businesses with a Systematic Approach

The existing market in the Indian economy has absorbed the current product and service range mostly in the urban areas while the rural areas remain out of reach for the larger businesses. Having a dispersed infrastructure can be an excellent opportunity for social entrepreneurs as they can bring together a talent pool which aligns itself for a common business objective. The increasing investment made by the government on startup incubators has also improved the scenario but managing the workforce with vast demographic and social backgrounds will need cloud-based payroll software as they provide expertise in handling HR functions at affordable prices. 

Meeting Hiring Challenges with Talent Acquisition and Self-Onboarding Modules

A significant challenge for these organizations is recruiting the right employees. Since most of the youth are using online web portals and social media regularly, the cloud-based HR solutions provide the users with talent acquisition modules which integrate with job portals and social media. You can run a hiring campaign by using the system generated job description and post them on all channels. Resume sorting and interview schedules are significant incentives while employee self-onboarding will curb the cost of inductions for the budding enterprises and provide convenience too. 

Making Payroll Processing Convenient and Timely with Compliance Management

The employees working in these organizations are dependent on their salary for all basic needs, which makes timely disbursement of salary significant for survival. The payroll processing module will compute the wages of the employees based on their attendance and performance data along with deducting regulatory filing amount. Banking facility integration will enable smooth disbursement to keep the employees happy and engaged. It shall also generate the salary slips. Automated generation of statutory filing will help small entrepreneurs in managing compliance without hiring the expensive services of consultants or outsourcing them.  

Handling the Productivity and Evaluation Methodically

The startups find it difficult to coordinate the staff members as they might be expert at their work, but the exposure to management and team building is limited. They cannot develop and enforce proper employee evaluation models which can become a major concern for the survival in the sectors needing the involvement of disruptive fields. The Performance Management Systems provide an interface to the organization to run a KRA-KPI structure and calculate the productive output continuously. It enables providing feedbacks and building SOPs for simplification of the work processes and reduce the effects of attrition. 

Drive the Mobility Movement to Improve Business Process

When it comes to social entrepreneurship, the mobility movement will provide great impetus to growth as the staff members will come from diverse geographies, ethnicities, and educational backgrounds. Using their smart devices for administrative functions such as uploading daily activity reports, investment/loan proofs, and making leave applications will help to add value to the engagement along with improving accessibility to administrative functions of management. This will also reduce the infrastructure costs, which is a major concern for new enterprises who struggle with liquidity and operating cost issues frequently. 

The Conclusion

When the entire economy is shifting its focus towards inclusive growth of the whole population and connecting the whole of the formal sector with informal businesses, the gap between them can be smartly bridged by using cloud HR Software solutions that act as a platform for collaboration for the employees and employers. They also improve the operations and introduce corporate functioning methods without requiring to invest heavily in infrastructure and training. Cloud HR Software will be one of the greatest assets in social entrepreneurship for the Indian economy.