7 Tangible Benefits of Investing in HR Technology
Not long back, when there were no HRMS (Human Resource Management System), HRs used to rely on excel sheets or spreadsheets for maintaining employee data such as pay, taxes and other stuff, which required manual efforts. This leaves them with the only option of on-premise, which could only be accessed while sitting at your desk.
Soon everything changed. Looking at the competition, business owners started craving for an efficient tool, which could help them performtheir operations smoothly. A cloud based HR Software was the need. A good dedicated HR Information Systemlets you add a number of users (HR team) in addition to the admin. Thus, delivering a balanced workload for the management.
The thought of Investing in HR development might make business owners quite nervous because of the nature of the function. They often tend to overlook the tangible benefits seen through HR improvements.
Investing in HR technology / development is never a wrong decision. It carries numerous benefits, which are true and contribute towards improving ROI.
Listed below are few prominent tangible benefits of investing in HR technology:
- Efficient HR department:
Time required by the HR folks for performing their concerned duties tend to reduce with HR Management System. Thus, reducing cost. SMEs that could not afford to pay HR professionals every month can subscribe for budget friendly HRMS and save money. They also save a significant amount of time, which was earlier consumed in scheduling interviews and other mandatory tasks. Things when streamlined make an HR department efficient and quick.
- Reduced hiring and associated costs:
As mentioned above, automated Human Resources Management System saves your time and cost. ‘Time is money!’ Right? A company without such software which could actually handle over 200s of employees at a time requires a team of HR that could handle your employee base of over 400. Where an HR software can reduce such requirement saving you huge money.
- Quick access to every data:
If you have a habit of working with spreadsheets to store employee data, you must be in a clutter of documents by the end of every month. Important documents must be getting displaced. All these silly games can be changed instantly through a good HR Solution. It lets you access every type of employee data with just a click. Everything is just a matter of seconds.
- Information-rich decisions:
Human Resource Management Software provides a centralized hub for all the concerned people making it easier for everyone to be informative. Every person associated with it has a bird’s eye view of the projects and processes. As a result, every decision taken is data driven. It ensures people to make good use of the data available. Thus, it prevents any chances of taking wrong decisions in future. Information at your fingertips gives more power to you, which in turn helps you run the administration efficiently. Further, power to make sound decisions paves way for success.
- Data recovery / backups:
With all the data stored on cloud, your cloud HR software can be accessed anytime through any handheld device. It eliminates any fear of data loss at any instance due to natural calamities or human faults. Data recovery is a great concern for every business, which is not the case with a cloud based HR software, since data can be quickly recovered with just a few clicks.
- Positive environment:
Automated payroll calculations and tax deductions make payroll processing a piece of cake and redundant/error-free every month. Thus, timely salary every month, which leads to happier employees. Accurate calculations of wages and taxes makes it trustworthy. Disputes are avoided leading to a healthy and positive work environment.
- Improved results:
All the pre-mentioned benefits of HR software contributes towards improving efficiency, productivity and morale of their employees. As a result the company culture improves. Employees are more engaged and thus, reduces employee turnover. It witnesses rise in productivity. Therefore, a good revenue is observed. Every asset necessary for the success of business is improved.
So what do you think now? Is ROI just a number which never shows any improvement for HR people? No. Right? ROI (or return on investments) definitely shows improvements if your administration is integrated with HR software.
A cloud-based HR software being more efficient and advantageous, with least resources it offers high and quick return on investment. It save time, curbs errors and unwanted efforts put in simple HR duties like hiring, on boarding, managing attendance, payroll, F&F, etc. Some of the basic features that show instant benefits are as follows:
- Auto taxation:
Taxes- One of the trickiest parts of payroll. There are dozens of categories of taxes with each having their own rates and compliance requirements. Each of them have their own settlements and rules. Why trickiest? Taxes vary with respect to state. One small mistake in reporting could invite a disaster leading to costly penalties. Don’t worry! HRMSSoftware are designed to automatically calculate and file taxes with precision minding each terms and conditions. They provide support as well.
This feature being ideal for employees or freelancers who get paid based on their hours of service. Here your payroll department needs to calculate precise amount to be paid. Add-on feature of time tracking in HRMS prepares bills with accurate wage to be paid without commending any error. Thus, reducing accounting mistakes and saving time.
- Supplementary modules:
With just a little effort, you can find HR software that has supplementary modules like ESS (self-service) for employee assistance, leave management, claims approval through mobile and much more. These minor features acting as add-on feature could prove to be the crux for successful management in future.
So, if you wish to be ahead of competition and deliver seamless experience to your on boards, then you must plan for investing in a SaaS based HR solution. It requires minimal investment and proves to be cost effective when compared to on-premise or standalone/legacy solutions saving good amount of time that can be invested in other valuable and strategic business operations. Hope it was clear!https://www.cosplayshot.com/7-tangible-benefits-of-investing-in-hr-technology/Technology