With inflation hitting record highs and widespread talk of an impending recession rife, businesses are trying to reduce expenses without sacrificing competitiveness. More often than not, the first place to look in this endeavor is the human resources (HR) division.
Taking into account how technology has transformed how human resources departments operate, integrating technology to enhance or optimize core business processes is one of the most efficient ways a company can cut costs. It is only logical to integrate digital tools into your human resource operations to improve their functionality and long-term efficiency.
Here are our top 5 suggestions on how technology can advance your HR functions while saving your company time and money.
Payroll Management
Even though small businesses have the option of handling payroll manually, the more employees you have, the more you’ll need a dependable tool to ensure that the process is effective. High-quality payroll management software might help your business save money.
You won’t need to hire a third-party company or bookkeeper to handle tasks like recording data, computing, filing taxes, making reports, and disbursing payments. A payroll management software will take care of everything and ensure its accuracy.
Payroll processing is certainly a time-consuming operation. And your HR team might be spending a lot of time calculating healthcare benefits, retirement savings plans, bonuses, incentives, and all payroll-related tasks. A payroll management software like HCM handles these activities quickly and intuitively while yet maintaining a high level of precision. This saves you time, money, and effort.
Time and Attendance Management
If you have workers from several regions or time zones, you will probably need at least a dedicated person to manage employee attendance and leave routines full time. This complexity only increases if you are dealing with a remote or hybrid workplace.
The manual collection, creation, and management of schedules, compliance reports, and PTO requests can all take a lot of time. But by using HR software to automate these operations, you can streamline all the challenging activities while cutting expenses and errors.
If your company uses attendance software, it can:
- Spend less time on administrative activities
- Spend less time on administrative activities
- Observe the attendance of the workforce
- Minimize the incidence of absenteeism and its costs
- Stop payroll fraud or time theft
- Minimize conflict
- Effectively create efficient work schedules
Employee Onboarding
Traditional onboarding, which calls for setting up conferences and meetings, has long proven to be highly ineffective. But so is allowing the new employees to read a physical handbook or go through a presentation at their own pace. A more engaging onboarding process that encourages interpersonal interaction increases productivity by 70% and new hire retention by 82%.
Digital onboarding comprises using technology to complete new hire documentation, training, orientations, and policy learning. Through a digital platform, you welcome new employees into the firm and its cultures after being without the logistics needs of physical onboarding.
The HR team has less administrative work to do, and new employees enjoy the convenience of a paperless office environment. Crucially, human resources software affords them access to autonomous support resources, which also reduce HR calls.
Communication
There is a lot of communication between HR and a company’s employees, but most of it is unnecessary and consumes time that Hr personnel could use for other tasks. Business owners can leverage HR software with built-in messaging and chat capabilities to expedite communication and promote high levels of employee engagement.
With the use of human capital management technology, some frequent communications between HR and employees can be automated. This is besides affording HR reps the ability to plan by creating communication templates. This is an essential tool, especially when hiring.
Performance Management
Human capital management demands continuous performance management. This aids the HR team in better understanding the skill sets of the workforce, raising employee morale, managing promotions, and defining career routes.
HCM software enhances fosters employee accountability while encouraging their autonomy. They are also crucial for planning future development, feedback, and ongoing learning and development. They also assist HR departments in gathering useful data regarding upcoming training requirements, career prospects, and other development-related efforts.
Because you need fewer people to monitor and analyze data, this will assist minimize downtime, improve the knowledge and skill base, and lower IT expenses.
HR software for small to medium-sized enterprises
Leading HCM solutions provider iSolved has partnered with ASAP Payroll to compile a single HCM platform capable of properly completing most HR processes. Contact us today for more information, or a free demo.
