How much does HRMS cost, and how do you budget for it?
Knowing about the current prices before hiring HRMS services is crucial. Human Resource Management System ( HRMS ) is a software module that forms one solution for easy data management.
The vendors of these software systems have pre-designed packages according to the basic or most advanced needs of their clients. The packages meet the requirements of firms of varied sizes.
It must be noted that the modules can be easily customized, but the Vendor shall charge a separate quote for that purpose.
HRMS software companies are hired to reduce the burden on the Human Resource department. By getting a customized model, they can easily decentralize the data amongst the employees and save a lot of time!
Here are some common modules of HRMS :
- Talent Management
- Employee records
- Time & attendance
- Payroll Management &
- Benefits Administration
Pricing Models for HRMS
1. Subscription Plans: This model is affordable and can be canceled anytime. Basically, it means that the software is hosted on the Vendor’s server and not on the dedicated server of the company. Subscription Plans can be bought monthly or annually by paying per employee fees. This model is most accurate for firms that don’t want to maintain a lot of data or host it.
2. Perpetual Licensing: Under this type of model, the company only pays for the HRMS software. They decide to host it on their personal servers. Large enterprises or firms generally use Perpetual models because they want to ensure data security and regular maintenance. The cost of this model varies on the number of employees that would be using it per month or annually. Any customization to this module can reduce or increase the price depending upon the requirement of the clients.
General Vendor Pricing for HRMS in 2022
The charges mentioned below are the most recent and belong to the pre-designed software. The vendors charge annual or monthly fees per employee for their services. However, these prices can vary if you demand personalized software for limited functions that suit your requirement.
1. PeopleStrategy – Costs $16 – $33 depending on purchased packages and employee details.
2. HR Cloud – The initial plan costs $6 per employee per module ( PEPM ), and the client may select their preferred service.
3. OnPay– OnPay charges $36 per month + $4 per person for an all-inclusive pricing package that includes features, onboarding, and support.
4. Zenefits – This Vendor offers HRMS services ranging from $10 – $27 ( PEPM ). Right from the basic HR needs to the most advanced ones are covered under their plans.
5. Oracle Peoplesoft HCM – The human resource application by Oracle can cost from $185 – $225 per employee. This comes with a bunch of benefits and added features to make things convenient.
In addition to this, Procure HR Services is the leading Vendor in the HRMS market! We take care of your human resource department by Perpetual Licensing & Subscription Plans. You may ring us at + 91-8963075111, and we can discuss the ideal software for all your needs!