Human Resource Information System for Institutional Fund Services - Essay Example

HUMAN RESOURCE INFORMATION SYSTEM Human Resource Information System Author Author Affiliation Date Table of Contents 2- Current system 4 2.2- Description of the business and Problem 4 2.3- History 5 2.4- Nature of operations 5 2.5- Location 6 2.6- Current customers 6 2.7- Potential customers 6 2.8- Stakeholders Matrix 6 3- Current system flow charts 8 3.1- Staff Initial Record File Development 8 3.2- Staff Salaries 9 4- Advantages / disadvantages of the old system 9 4.1- Advantages 9 4.2- Disadvantages of the old system 10 6.1- New system proposed 12 6.2- Proposed System 12 6.3- Opportunities 14 6.6- Deliverables 16 6.7- Technology Based Deliverable: 16 6.8- Project Quality Assurance based Deliverables: 16 6.8- Project Management based Deliverables: 16 7- New system scope and constrains 17 8- Advantages / Disadvantages of new system 18 8.1- Advantages 18 8.2- Disadvantages 19 9- Clear evidence through documentation that opportunity is needed 20 10- Feasibility study 22 10.3- Technical Resource Required 25 10.4- Economic Feasibility 26 10.4.1- Economic desirability 27 10.4.2- Intangible factors involved 27 10.4.3- Worth of Problems solving 28 10.4.4- Project Cost Plan 28 29 10.5- Schedule feasibility 29 10.5.1- System Development Milestones 29 10.5.2- WBS- Work Breakdown Structure 30 10.5.3- Table of Time Schedule 32 10.5.4- MS Project Gannet Chart 33 33 10.5.5 Network Diagram 34 Bibliography 35 1- Project Title Human Resource Information System for the HSBC Institutional Fund Services Business 2- Current system This section presents an overview of the current system of HSBC Institutional Fund Services for the assessment of problems and issues in their existing working arrangement to determine the possible improvements and enhancements we can suggest. 2.2- Description of the business and Problem HSBC Institutional Fund Services is a part of HSBC Securities Services, providing fund administration and custody services to global asset management industry. The department consists of 200 employees including senior management and other workers. In the past few years, it has been noted that there emerged a lot of issues and problems regarding staff and human resource management that are hindering in enhanced corporate performance management. Further investigation on the issues regarding human resources revealed that problem for this is due to lack of up to date staff handling and tasks management information and inconsistency of information. Thus, there is need to implement an advanced system that is capable of managing the records of employees in an effective way. 2.3- History HSBC Institutional Fund Services business is a long history of public funds services handling and management. This organization has been running for many years and offering performance and capability for businesses and corporate funds services management. This business is a subsidiary of HSBC for offering a great deal of services and facilities. 2.4- Nature of operations At the present HSBC Institutional Fund Services business is making use of the paper based approach or legacy systems for handling most of their business operations. In this scenario the business is operational for offering: Handling Human resource information Recording HR personal details Human resources Storing professional information of Human resource Updating Human resource daily working routine Recording working hours Processing monthly salary of staff Handling loans of staff Managing extra time for duties Storing educational details of the staff members Client Information management Client funds recording Maintaining Client history for funds management Processing and managing daily services records 2.5- Location HSBC Institutional Fund Services business’s central working office is located at Abu Dhabi, UAE. This office is centrally handling the branches of services all through the world. 2.6- Current customers The HSBC Institutional Fund Services business is having a lot of small to medium size business for handling their funds services. 2.7- Potential customers In future the HSBC Institutional Fund Services business is expected to engage large size businesses for handling and maintaining their fund services and handling corporate business cash services. 2.8- Stakeholders Matrix A stakeholder is any person who can have a positive or negative impact on the project outcome. A project can involve a lot of stakeholders depending on the nature of a project (Kerzner, 2006; Hughes & Cotterell, 2005). The table below outlines stakeholders of this project: Stakeholder Major Benefits Attitudes Win Conditions Constraints Project Sponsor [HSBC Institutional Fund Services business] To increase Business power to have better HR management and handling Positive Meeting important business goals Time and cost Project Manager Project success Positive On time and within resource completion Time, cost and technology System Development Team Members Experiences and financial advantages Positive On time completion Time, cost and technology Quality Assurance Staff System working and HR management quality Positive Effective decision and business operational supporter Time, cost and technology 3- Current system flow charts We have divided the system development process in different phases and each phase is outlined with respect to their development time. 3.1- Staff Initial Record File Development The image given below shows the process of the staff initial record file development: 3.2- Staff Salaries The image given below shows the staff salaries development process: 4- Advantages / disadvantages of the old system This section presents some of the important advantages and disadvantages of the old HR information management approach that was a legacy or paper based approach: 4.1- Advantages The basic advantage of the present manual and legacy system for HR management is the staff working and operational synchronization with the present system. This offers a great deal of support and capability to potently enhance the overall performance of business. The staff is having deep working practice of present system that offers them a fast working and operational capability for working on such system. The next main advantage of such old system is enhanced support and alignment to current business process. The present system is more and more aligned to overall corporate processes and working. This system makes use of present business working areas to gather and process information for running business. 4.2- Disadvantages of the old system As the business evolves the current business system becomes less effective regarding managing business processes and workings. In this scenario we have outlined below a number of issues and disadvantages of current system: In addition, the present legacy system is having a plenty of duplicated or inconsistent data that is not suitable for the effective handling and management of human resource operations and processes. This meaningless data is not so effective to extract the enhanced business decision support based information and facts. For instance, which employee should be fired for not doing appropriate working? The main disadvantage of present system is the non-automated system of business working and operations. This issue presents a great deal of complexity regarding effective operational support for the business. Another main disadvantage of system is the lack of support for the business operations and working. In a number of business areas the present system is not able to offer a great deal of capability for handling and managing business working and tasks. One of the biggest issues in the present business system is the lack of enhanced communication and collaborative support. The present system is having less communication capability for sharing data and information among business departments. 5- New system proposed scope 5.1- Background As I have previously assessed some of the main issues and aspects regarding HSBC Institutional Fund Services Business. Here we need a new and more enhanced automated human resource information system that is able to improve the business performance and capability. The newly proposed system is very much significant to HSBC Institutional Fund Services Business because there are several business areas that need automation and improvement of management for overall corporate operations. 5.2- Project Purpose The basic purpose of this project is to improve the corporate potential performance and the overall working capability of corporate. HSBC Institutional Fund Services Business is aimed at improving the overall business communication and collaboration among business departments. The new technology based system will empower the business working and professional creativity and enforce better working standards. 5.3- Problem Description The traditional HSBC Institutional Fund Services Business working is slow and full of errors. This data produced from the business is not enough to manage the business human resource management. There is small quality and operational management check and balance on the business working staff that is one of the biggest issues for the effective management of business tasks and operations. In order to deal with the business operation, the current human resource management the present business system is manual thus it is based on manual working. In this scenario the overall management of human resources at the business has become more and more complex to offer a great deal of performance. 6.1- New system proposed 6.2- Proposed System HRIS is the proposed HSBC Institutional Fund Services Business management solution that will handle and manage the overall business working and operational aspects related to human resource. The present business system is more and more complex to offer better performance for business human resource management. In this scenario HRIS will be one of the best solutions to digitize the business and corporate data and reform the overall business working entities. This will present a much better support and operational performance for business and operations handling (Reh, 2012). The new technology at any business corporate is aimed to enhance the overall performance of corporate and working efficiency. Due to some performance and working issues the HR management of HSBC Institutional Fund Services, has decided to implement a new Human Resource Management Information System technology for the better corporate management. The main aim and objective of this new technology based system is to improve the overall Human Resource corporate working and operational performance. The Human Resource Information System technology will offer enhanced support and capability to HSBC Institutional Fund Services corporate in case of enhancing the overall HR power and taking effective and accurate decisions for tasks allocation, handling, personal finances management and issues reporting. In case of application of new Human Resource Information System technology for HSBC Institutional Fund Services business will be able to have a centralized business database of business Human Resource that can be accessible for the corporate performance analysis and HR management. The new Human Resource Information System technology will also automate a number of HR management operations and will reduce data transfer delays and data duplications regarding HR operational handling aspects. The new Human Resource Information System technology will as well interlink the main corporate departments and enhanced the timing, quality and capability of data sharing among all these departments. Therefore we can say that this new Human Resource Information System technology will ultimately enhance the HSBC Institutional Fund Services business performance and will offer a better business support in all areas of Human Resource working and operations (Reh, 2012). 6.3- Opportunities The new Human Resource Information System will enhance the HSBC Institutional Fund Services Business overall performance and will offer a great deal of performance for better business handling. The newly proposed system will offer a great deal of support for HSBC Institutional Fund Services Business. We have outlined below some of the opportunities that the business would be able to achieve through the new Human Resource Information management System. Better data and corporate HR information management HR issues handling HR financial information digitalization HR personal information recording HR daily working reports management HR personal communication capability HR quality enhancement HR working monitoring and assessment HR performance check Application of international staff management standards HR working and over time management 6.4- Justification /motivation The new HRIS for HSBC Institutional Fund Services Business will offer a great deal of support for improving the ways and methods for the enhanced business performance and credibility. The application of new technology based system will improve the overall working performance and capability of business. This will lead to a better business and operational management. The technology based solution will improve the management capability to have a great deal of check on the business working staff and have more improved performance assessment for business dealing. Thus, the business financial staff will be able to better manage the business staff salaries and working hours. 6.5- Boundaries The new Human Resource Information System is also having some implementation boundaries. In case of application of this new technology based solution we need to have a great deal of knowledge and capability to assess the present working of business. In case any problems with the existing business working the overall business solution would be more and more complex to handle such operations. Here for HR assessment we need to have a number of statistics. In this scenario the business needs to have a better and enhanced solution that can be extremely complex. For this reason we have certain boundaries to have a system to encompass all fundability of business and operations. 6.6- Deliverables In scenario of present project we are having different types of deliverables that will be available through Human Resource Management System for HSBC Institutional Fund Services Business: 6.7- Technology Based Deliverable: New technology based working systems New HRM software systems New Database system for recording business data 6.8- Project Quality Assurance based Deliverables: System testing reports System quality assurance statistics System working performance report Quality of decision and accuracy of decision certificate 6.8- Project Management based Deliverables: Project Management Report Project Risk management report Project budget plan Project evaluation report 7- New system scope and constrains 7.1- Implementation scope The newly proposed Human Resource Information System for HSBC Institutional Fund Services Business will have a wide implementation scope. This system will cover business staff management, and their financial management aspects. These areas will be developed through prototyping based approach and will offer a more enhanced approach for better business and operations handling. This system will also cover the overall communication and collaboration of business data and information with other corporate areas. As a solution for the problem, senior management has proposed a performance measurement indicator (PMI) for the organization. With this PMI, the objective is to speed up the decision making process with accurate up to date data. This will enhance the people management process within the department and lead to success of the business. To implement a performance measurement indicator to integrate division of work carried out by teams to evaluate staff and enable centralized business staff information management for handling better business services. Here we will be able to improve the level of accuracy of information to best practice the staff engagement. The system will also present faster and reliable decision making for staff operations management. 8- Advantages / Disadvantages of new system 8.1- Advantages In case of application of Human Resource Information System at HSBC Institutional Fund Services Business we will be able to get a great deal of support for business management and handling. The main advantages can be: Staff Record Management: The new Human Resource Information will manage the business staff personal and professional data and will offer a great deal of support for handling business staff records. HR Finances Management: The application of Human Resource Information System will offer a great deal of support and functionality for enhanced management of business human resource finances handling and operations. This will be a great deal of capability that will ease the HR finances to better handle the monthly and daily business working house and pays. Staff Data Sharing: The Human Resource Information System will offer a great deal of support and capability for sharing staff and human resource data with other departments. This will offer other department to better manage jobs and tasks and potential operations. Operations Management: The new Human Resource Information System will offer enhanced capability to better manage the human resource allocated jobs. The new system will present a great deal of capability to better handle and manage the allocated jobs, their statues and potential performance of tasks. This will offer business management to have a better check on staff working and performance. Recruitment Management: The new Human Resource Information System will better manage the overall process of the recruitment for the business new staff intake. This system will handle the staff personal, educational and professional record to better handle the overall process of recruitment. Communication: The new Human Resource Information System will offer more enhanced communication and collaboration among the business staff and working areas. The communication and collaboration will facilitate regarding present specific messages to staff and daily tasks information. 8.2- Disadvantages New Human Resource Information System application will also involve a number of issues and disadvantages. We have outlined below some of the important issues: Staff Acceptance: The new Human Resource Information System will require sometime for hands-on to staff of business. In case of complex system application the business staff can reject the system and can lead for customary working platforms. Financial Issues: The new Human Resource Information System will be high-tech technology based system that require extensive investment from business staff and will also involve a great deal of financial load to business operational budgets. 9- Clear evidence through documentation that opportunity is needed In scenario of clear evidence through documentation regarding opportunities that will be offered by the new technology based system application for the HSBC Institutional Fund Services business, we have conducted a web based survey that has assessed the main significance of the application of Human Resource Information System. A Human Resources Information System is an automated system that allows us to manage all our staff as well as information regarding them. It is typically performed in a database or, more frequently in a set of organized databases. These arrangemnts comprise the worker name as well as contact information plus the entire or some of the following: Department Job title Grade Salary Salary history Position history Supervisor Training completed Special qualifications Ethnicity Date of birth Disabilities Veterans status Visa status Benefits selected And a lot more They comprise reporting abilitys. A number of systems manage systems previous to they turn out to be employees and some of them are interfaced to payroll or other economic systems (Reh, 2012). In this scenario, one of the well-known examples of such application is SAP HRIS. This Human Resources Information System offers us a wide variety of functions that facilitate us to carry out standard reporting from the entire Human Resource areas. As well, it allows us to descibe our own reports rapidly as well as efficiently. Human Resources Information System comprises a lot of basic technique of requesting reports by allowing us to start them straight from structural graphics. SAP HRIS for all time shows two windows intended for processing. In the primary window, structural graphics is dynamic as well as we are able to choose an object. In the 2nd window, a catalog of accessible reports is displayed. In this scenario, we make use of the 2nd window to establish a report for the selected object (SAP, 2000). In case of application of new technology based HRIS based solution we can assess that Terasen Pipeline, Toshiba America Medical Systems, Inc. and CS Stars LCC are high-quality instances of bussinesses facing concerns comparable to employee tracking software and human resources data and information systems. In this scnario, all of these businesses are acquainted with the significance of new technology, data security and human resources information systems (Brown, 2012). Here I want to presnet an excample of HRIS that is Epicor Human Capital Management system offers a great deal of capability to automate our HR processes, facilitataing us to manage, track and analyze all our employee data from application to departure. In addition, robust recruitment management, absence tracking tools and benefits all inside this HRIS application, offers us superior control over time off, staffing and advantages of better administration, by paperless workflows designed to pace managers as well as employees in the course of widespread set up as well as administration processes intended for improved efficiency (Epicor Software Corporation, 2012). 10- Feasibility study This section will present a detailed feasibility study of application of new Human Resource Information System at HSBC Institutional Fund Services business. Here I will assess a number of aspects are areas regarding the feasibility of new system of HRM. 10.1- Operational feasibility The new Human Resource Information System at the HSBC Institutional Fund Services business will offer an excellent support and capability for enhancement of performance of overall business. In case of application of new technology based solution for the HSBC Institutional Fund Services business will offer a great deal of support for corporate operations. Here the new Human Resource Information System at the HSBC Institutional Fund Services business will offer a great deal of support for digitizing the business working and operational environment. The new Human Resource Information System for the HSBC Institutional Fund Services business will also facilitate the enhance handling of overall human resources and management of their operational aspects. The new Human Resource Information System for the HSBC Institutional Fund Services business will manage the daily operations of human resource from attendance to overtime working management. The new Human Resource Information System for the HSBC Institutional Fund Services business will enhance the speed of working and handling of operational areas of business. Here we will be able to speedily process and extract the useful areas and aspects of the business. The new Human Resource Information System for the HSBC Institutional Fund Services business will also offer a great deal of communication and collaboration for the transmission and handling of corporate information. 10.2- Technical feasibility The technical support is also very feasible for our project. We have a number of such applications those are presently working all through the world for handling and managing corporate operations and processes. In this section we have outlined some system development software requirements that will be very feasible for its overall development and application: C# for system development SQL server 2008 for database CASE tool for system designing Microsoft office for system Documentation We have outlined below some hardware requirements that will be very feasible for the overall development of the system: P4 Computers 256 or above RAM 10 GB Hard Drive Space Workstations and Servers for testing and sharing of application 10.3- Technical Resource Required This section will present the main technical resource required for the overall accomplishment of project: 10.4- Economic Feasibility This section will present the economical feasibility of new Human Resource Information System for the HSBC Institutional Fund Services business. Here I will assess a number of factors and aspects regarding economical facility of our new HRIS. 10.4.1- Economic desirability The present system of HSBC Institutional Fund Services business is operational through legacy and paper based systems. In this overall working enviourment there is need for faster, accurate and quality based system that can offer better services to business tasks regarding human resource management. In this scenario there huge cost is spent on the management and handling of overall processes for HR management. The application of new Human Resource Information System for the HSBC Institutional Fund Services business will potentially reduce down the extra staff needed for management of operations. The cost regarding paper based working will also cut down to a greater extent. This system will also reduce down overall errors and mistakes in manual pays and overtime management that will also reduce business cost resource. Here we also able to get frequent communicational and collaborative capability that will offer a better support for handling and management of corporate operations. 10.4.2- Intangible factors involved The application of new Human Resource Information System for the HSBC Institutional Fund Services business will also involve some of intangible factors. Here we can involve a number of costs regarding management of new technology based system. Here some costs are about the on-going updating and servicing of new system. Here we will also require some database protection arrangement that will also offer a great deal of hidden costs aligned to this project. 10.4.3- Worth of Problems solving The new Human Resource Information System for the HSBC Institutional Fund Services business will be having a great deal of worth regarding problem solving for the business areas and aspects. This will reduce a large number of issues and will present a great deal of functionalities regarding the business as I have already mentioned in the previous sections. 10.4.4- Project Cost Plan I have outlined below cost plan of project and presented the overall working and project handling times: Project Resource Cost of working (Per Hour) Total Cost of Working Total Working Hours Project Manager $20.00/hr $19,200.00 960 hrs Requirement Analyzer $18.00/hr $1,008.00 56 hrs System Designer $18.00/hr $4,032.00 224 hrs Coder $17.00/hr $1,904.00 112 hrs Tester $17.00/hr $1,904.00 112 hrs System Analyzer $17.00/hr $15,232.00 896 hrs Business Accountant $17.00/hr $5,712.00 336 hrs System Installers $15.00/hr $10,080.00 672 hrs Network Engineer $15.00/hr $10,080.00 672 hrs Training In-charge $15.00/hr $3,360.00 224 hrs Web developers $14.00/hr $112.00 8 hrs Installer $10.00/hr $80.00 8 hrs Total Cost of Working $72,704.00 10.5- Schedule feasibility This section will present the schedule feasibility of Human Resource Information System for the HSBC Institutional Fund Services business. In this section we will present a detailed analysis of the overall schedule feasibility of the proposed system. 10.5.1- System Development Milestones Task No Task Description Duration Budget (LKR) T1 Implementation of a Team 1 Week N/A T2 Discussion 4 Weeks N/A T3 Finalize the requirement 2 Weeks N/A T4 Procurement of Hardware and Software 10 weeks 2,000,000 T5 Compatibility 6 weeks 1,000,000 T6 Installation and Integration 12 weeks 500,000 T7 Testing and Commissioning 4 weeks N/A 10.5.2- WBS- Work Breakdown Structure Activity Level 1 Level 2 Level 3 1. Task 1- Implementation of a Team for Human Resource Information System Application 1 Week   2.  3 Days Subtask 1.1 Requirements analysis 3.  1 Day  Subtask 1.2 Interviewing the staff personals 4.  3 Days  Subtask 1.3 Recruiting staff for development 5. Task 2- Discussion 4 Weeks   6.  1 Week Subtask 2.1 Discussion with business staff 7.  1 Week  Subtask 2.2 System needs analysis and business personal interviews 8. Task 3 Finalize the requirement 2 Weeks 9.  3 Days  Subtask 3.1 Assessing technology specification 10.  4 Days   Subtask 3.2 System analysis 11.  5 Days   Subtask 3.3 Extraction of main requirements 12.  2 Days  Subtask 3.4 Finalizing requirements and taking approval 13.  Task 4 Procurement 10 weeks 14.  2 Days  Subtask 4.1 New technology systems needs analysis 15.  18 Days  Subtask 4.2 Finalizing main system working requirements and developing list of main system to be purchased 16.  50 Days  Subtask 4.3 Purchasing new systems for corporate 17.  Task 5- Compatibility 6 weeks 18.  1 Week  Subtask 5.1 Existing systems analysis 19.  2 Weeks  Subtask 5.2 Developing and establishing new systems for corporate 20.  3 Week  Subtask 5.3 Upgrading of existing systems and mounting systems compatibility 21.  Task 6- Installation and Integration 12 weeks 22.  1 Week  Subtask 6.1 Completing configuration of working systems 23.  2 Week  Subtask 6.2 Installing Human Resource Information System 24. 9 Week  Subtask 6.3 Integrating with corporate database and making it operational 25.  Task 7- Testing and Commissioning 4 weeks 26.  1 Week Subtask 7.1 Finalizing all installation 27.   1 Week Subtask 7.2 Testing for working performance 28.   1 Week Subtask 7.3 Quality assurance of system functions 29.  1 Week Subtask 7.4 Taking Management Approval for project completion Project Complete 10.5.3- Table of Time Schedule Project Tasks Duration Start Date End Date Precedence Human Resource Required Implementation of a Team 7 days 2-Apr-12 10-Apr-12 Project Manager, Requirement Analyzer Discussion 28 days 11-Apr-12 18-May-12 1 System Designer Finalize the requirement 14 days 21-May-12 7-Jun-12 2 Coder, Tester Procurement 70 days 8-Jun-12 13-Sep-12 3 System Analyzer, Project Manager Compatibility 42 days 14-Sep-12 12-Nov-12 4 System Analyzer, Project Manager, Business Accountant Installation and Integration 84 days 13-Nov-12 8-Mar-13 5 System Installers, Network Engineer Testing and Commissioning 28 days 11-Mar-13 17-Apr-13 6 Training In-charge System starting 1 day 18-Apr-13 18-Apr-13 7 Web developers, Installer Staff Feedback 1 day 19-Apr-13 19-Apr-13 8 Project Manager 10.5.4- MS Project Gannet Chart 10.5.5 Network Diagram Bibliography Brown, S. (2012). Human Resource Information Systems. Retrieved March 28, 2012, from http://www.comparehris.com/Human-Resource-Information-Systems-/ Epicor Software Corporation. (2012). HR Management Software. Retrieved March 29, 2012, from http://www.epicor.com/solutions/pages/human-capital-management.aspx Hughes, B., & Cotterell, M. (2005). Software Project Management . New York: McGraw-Hill Higher Education. Kerzner, H. (2006). Project management: A systems approach to planning, scheduling, and controlling (10th ed.). New Jersey: John Wiley & Sons. Reh, F. J. (2012). Human Resources Information System. Retrieved March 22, 2012, from About.com: http://management.about.com/cs/peoplemanagement/g/HRinfosys.htm SAP. (2000). Human Resources Information System. Retrieved March 22, 2012, from http://help.sap.com/printdocu/core/print46b/en/data/en/pdf/PAIS.pdf Read More