StoHRM HR solution for an MFI

Overview
Being a staff-oriented business, the client was looking to strengthen their HR practices by adopting industry best practices and leverage an integrated HR system. They were looking for a partner more than a service provider to engage on a long-term basis for designing and implementing customized HR solution that suits the client’s HR requirements.
Our Client
Our client is a leading Indian micro-finance institution (MFI), expanding in rural areas, with over 800 employees.
“AscentHR’s fully customizable solution gave us all the tools to enhance our employees’ experience at every HR-related touch point.”
Challenges
The client wanted to deploy suitable technology tools in every aspect of their HR operations. Some of their HR activities were manually done and there was a need to digitize these manual and paper-based processes. Lack of HR systems in place to manage their people practices was holding them back from staying competitive.
- They wanted to eliminate manual and paper-based HR processes to reduce their cost of operations and increase profitability and productivity.
- There was a lack of visibility into people analytics. Although they had numbers like headcount and attrition, their causes were unclear.
- There was no tech-enabled system to facilitate internal movements and determine talent risks.
- Lack of sophisticated tools that are capable of setting goals and KRAs, ratings, and rewards were affecting employee development which has direct impact on business outcomes and business success.
Solutions
After collaborating with the client, understanding their HR needs, AscentHR configured its proprietary StoHRM HR software tailored to the client’s requirements. A full suite of the StoHRM modules was deployed to automate and streamline their HR and payroll processes.
The application enabled the client to experience a seamless journey from candidate hiring to employee onboarding, right through the employee life cycle, managing performance, learning, growth and separation.
StoHRM made it possible for the client to generate reliable and real-time insights to make time-sensitive workforce decisions.
Outcomes
The outcomes from the engagement were:
- Automation: Saved over 40% of time spent on repetitive tasks due to automation. The solution also helped the client to increase productivity and save costs.
- People analytics: As the data is now accessible anytime, anywhere, and across devices, client is now empowered to take informed hiring decisions, enhance workforce operations, and improve employee experience.
- Focus on high-value tasks: Teams are able to focus more on strategic objectives and development-oriented activities.
- Streamlined HR and payroll processes: The application streamlined the HR and payroll tasks resulting in a truly consolidated experience of managing the end-to-end employee life cycle.
Conclusion
AscentHR helped the client to address their short, medium, and long term HR requirements, enabling them to build a scalable organization.
Facilitating internal movements and determining talent risks are easier. Learning, growth and separation-related activities were digitized.