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0 Project background

One can come across many definitions of bank management. Usually, bank
management means the process of governing the bank’s statutory activities. Bank
management can be defined by the particular object of management – financial
activities connected with banking concerns. Bank management also concerns the
application of management functions in the banking sector. The main objective of
bank management is to coordinate elements of banking activity to generate profits.
While doing so, bank management ensures an optimal and organic system of
interaction with those elements.
Banking has been always a highly information-intensive activity that relies
heavily on information technology (IT) to acquire and deliver information to all
relevant users. IT is not only critical in processing information; it provides a way for
the banks to differentiate their products and service in the market. Therefore, banks
find that they need to constantly innovate and update their information technology to
retain their demanding and discerning customers. This is to ensure that they can
provide convenient, reliable, and expedient services.
HR 4 is a form of HR software that combines several systems and processes
to ensure the easy management of a business’s employee data. It is also used by
businesses to combine several necessary HR functions, such as storing employee
data, managing, payrolls, recruitment processes, benefits administration, and
keeping track of the attendance records. Human Resource Information Systems
provide a means of acquiring, storing, analyzing, and distributing information on
various stakeholders.
Overall, the project contains four submodules, starting with Payroll, Core
Human Capital, Compensation Planning and Administration, and HR Analytics.
Payroll contains calculation, management, recording, and analysis of employees'
compensation. In addition, payroll accounting also includes reconciling for benefits
and withholding taxes and deductions related to compensation. Core Human
Capital includes employee recruitment, scheduling, payroll, benefits administration,
internal relations, employee training, compliance, and safety. Core HR is sometimes
used to mean these basic HR responsibilities in human capital management (HCM).
Compensation planning and administration is a segment of management or human
resource management focusing on planning, organizing, and controlling the direct
and indirect payments employees receive for the work they perform. Human
resource analytics (HR Analytics) is defined as the area in the field of analytics
that deals with people analysis and applying an analytical process to the human
capital within the organization to improve employee performance and improve
employee retention.