For many companies, the last quarter of the year is an especially busy time. In addition to wrapping up the current year or fiscal Q4, departments must begin to plan for the months ahead—and that means budgeting for software.
One line item HR teams need to review annually is the HR technology stack. Where is the pain for your HR team, and where is the risk? Employee document management systems are one of the easiest ways companies can save time and money, and proving the business case for implementing an employee document management system that integrates with your HRIS can be a simple exercise if you know what data to gather.
Here are five ways that HR software solutions can boost HR productivity in the coming year.
Reduce Inefficient Paperwork
A good HR manager is a strategic thinker and charismatic leader with the potential to shape each and every department of your company. Think of your favorite HR manager: How much time is this person spending on trying to find employee files or making sure every employee has compliant documentation on file?
Employee document management systems can classify, file and route documents securely and accurately with no human intervention. By automating time-consuming paper and even digital processes, HR software, combined with a scanning process if needed, allows your team to spend less time filing and finding documents and more time on strategic projects like recruitment and employee engagement initiatives.
Avoid Steep Turnover Costs
Once your HR department is spending less of the workweek on administrative tasks, it can focus on one of the most important aspects of any company: attracting and retaining top talent in a competitive market.
With the unemployment rate in the U.S. at record lows, the “war for talent” is back on, and the stakes are high. In its 2018 Retention Report, Work Institute estimates that companies will ultimately pay $600 billion in turnover costs as one in four employees leave their jobs to pursue other opportunities. Using Bureau of Labor Statistics figures as well as data from exit interviews, the report estimates that nearly 77 percent of those employees could have been retained if companies had better development and management policies in place.
By spending more time recruiting the best candidates, helping high-performing employees grow within the company and developing better training programs, your HR team can work on engagement and retention. And HR is not immune to the positive impact of professional development at work either; less administrative work can help companies free up their HR team members for more important, and therefore more satisfying, work.
Streamline Hiring Processes
Hiring new employees is a time-consuming and expensive process. From marketing the position to interviewing candidates to onboarding the new team member, there are countless forms to be completed, many of which will need to be retained.
By automating as many steps of this process as possible, HR software solutions return valuable hours to your department and gets new employees up and running faster.
Hire Stronger HR Employees
When you invest in HR technologies, you invest in the team that will benefit from greater efficiency, cost savings and improved HR functionality as well as the skill-building that comes with justifying and implementing that technology. After all, you want your HR employees leading the way with strategic initiatives.
When was the last time you updated your performance management model? Or developed new coaching and leadership programs? Or evaluated your HR talent retention brand strategy? With day-to-day tasks automated and, the HR team can think less about administration and worry less about compliance and work on elevating their strategic role in the organization.
Save on Office Space
Office space is expensive. Even if you’re not renting on Fifth Avenue—where New York-based companies shell out an average of $97 per square foot a month—it’s incredibly costly to store the amount of paperwork your HR department requires to run smoothly and comply with regulations.
By including an employee document management system in your HR budget, you can reclaim valuable space and possibly even avoid renting a larger office as your company expands.
The bottom line? When it comes to efficiency and cost savings, software solutions can help HR teams contribute to a company’s bottom line, but planning ahead to make a strong business case is a must.
Andrea Palumbo has over 20 years of experience in the HR and Payroll industry as both an HRIS client and vendor. Her teams are responsible for implementing and maintaining critical HR technology, data and timely processing of payroll for over 1300 employees globally. Andrea’s in-depth knowledge of HR Technology and sensitive employee data allow her to convey the benefits of having a robust HRIS and data management systems working together side by side.