BambooHR Review and Pricing: Should You Use It?

BambooHR Review and Pricing: Should You Use It?

A company’s employees are, arguably, its most valuable asset. Therefore, it makes sense to accommodate them as effectively as possible, without any hiccups in terms of HR management. HR software such as BambooHR has revolutionized human resources management, basically taking over the troublesome aspects of the role.

Whether it’s to effectively manage your teams, generate payroll for the entire workforce, or maintain regulatory compliance - BambooHR does it all. However, the question is, does BambooHR fulfill all of your company’s unique requirements for HR software?

Here’s a complete review to help you find out.

What is BambooHR?

BambooHR is one of the biggest HR software service providers in the world. It’s also one of the largest SaaS companies in terms of HR systems. Founded in 2008, the company started with basic HR management and employee record-keeping. It has since expanded to provide employee tracking and benefits management. The company primarily serves small to medium-sized companies or those that are currently growing and scaling.

BambooHR provides various HR solutions and HCM services, such as performance management, an applicant tracking system, new hire onboarding, benefits administration, and document storage. It also provides support throughout the employee lifecycle.

BambooHR software is the top choice for the majority of startups and smaller businesses looking to streamline HR and free up HR personnel to concentrate on more important elements, such as retention, and improving employee performance.

BambooHR Features and Services

BambooHR typically looks to replace certain members of an HR department, and its features reflect this. The user-friendly software can potentially take over HR functions such as keeping timesheets, and maintaining an employee database, as well as, employee onboarding. In addition, you can integrate BambooHR with various other human capital management, payroll processing, and point-of-sale software.

As an HR management platform, BambooHR has several features that are ideal for smaller and developing businesses.

Let's look at some of those features.

Payroll Administration

BambooHR has a simple payroll processing and administration feature, called TRAXPayroll, that lets you automate payroll for the entire workforce. To use this, administrators have to enter employees' information during the setup, and the software does the rest, with an active performance management option that lets you find out whether each employee is being paid what they deserve. With the latter feature, you can generate performance reviews that help you decide whether or not to give specific employees a raise. 

The system can also monitor and pay taxes (SR&ED, R&D Tax Credit, etc.) on the company's behalf, maintains compliance with local, state and federal regulations, stay clear in the audit trail, and even prints checks. 

Benefits Administration

This feature lets companies deliver their employee benefits to their entire workforce, while accounting for seniority, rank, and time schedules. Regardless of how unique your benefits are, the software can administer them without fault, along with the payroll. This is very helpful for companies with diverse benefits, who might otherwise have a hard time providing each employee with the benefits they are allocated. 

You can also set benefits in advance for employees. For example, if an employee is a few months away from earning a particular benefit, you can set it in their benefits delivery schedule ahead of time. This way, when the due date arrives, the employee will automatically receive that benefit. In addition, employees can track their benefits packages, to make sure they're getting their dues. Both employees and HR administrators have this ability. 

Role-Based Information Access

This feature lets you set a limit to how much access an employee has to their benefits and other HR data. This access is based on the role of the employee. For example, if an employee is in a position where they need higher-level access to employee profiles and data, you can provide them with it through the software.

This creates a good balance between not providing employees with any data (which can make them feel like they're not trusted), and giving them full access (which can result in misuse or data loss). Only the most senior employees who work closely with HR professionals have full access to employee information. 

Onboarding Assistance

BambooHR helps you add on employees without worrying about how to onboard them properly. A lack of onboarding is one of the biggest reasons for the employee retention crisis in the corporate sector today. BambooHR provides complete onboarding, from welcoming the employee with a custom email (with company branding), to providing all the relevant starting information and training material. 

If you're expanding your small business and bringing more employees in, you need to make sure they are familiar with how the company operates, and what they are expected to do, without being pressured. For employees that are going through onboarding, the training tracking system sends email alerts to let them know when they have passed each phase. All the data is accessed from and stored in the employee directory. 

Applicant Tracking

This feature works with the onboarding service, and tracks each new candidate's progress through the application process. The tracking feature basically shows when a job position opens up, and automatically displays the job criteria and the application form to prospects. This replaces having to create an opening on the website's careers page, or creating job ads on social media (LinkedIn, Facebook Marketplace, etc.), since the software does all of that by itself.

The administrator can then see how many applicants have filled out the job form, and narrow down the best ones. Later, they can invite the approved applicants, and directly reject the ones that won't be a good fit. 

BambooHR Pricing

Almost all of BambooHR's software products are customizable to the client company, and the pricing model is quote-based. You simply inform BambooHR of your unique business needs, and they will let you know exactly which products are best for you, and how much you will have to pay per employee, per month. 

According to some third-party BambooHR reviews, the pricing is reasonable, especially for small businesses. 

BambooHR Pros and Cons

Here are some of the positives and negatives of BambooHR:

​Pros

  • Simple interface with a lot of ease of use, especially via BambooHR mobile (iOS and Android).
  • Good administration resource for the entire company, not just the HR department.
  • Full new hire onboarding details, with electronic signatures for all applications.
  • An efficient time tracking system, on both the mobile app and desktop. 
  • Easy integration with other HR and administration software.

Cons

  • Too few access levels to employee data.
  • The offboarding feature is not as smooth as the onboarding one.
  • No multi-document upload feature. Uploads limited to a single document at a time.

Should you Use BambooHR?

If you are a small business owner looking for a very streamlined user experience from their HR software, then yes, you should definitely adopt BambooHR. If you're a larger company, however, looking for more access levels and greater flexibility from their software features, then BambooHR may not be ideal for you. However, if you're the former, looking to develop into the latter, then the software becomes a good fit once again.

Overall, BambooHR is a tried and tested name in the world of online SaaS companies that provide administrative software.