Today’s business environment around the globe is filled with philosophies, self-help books and consultants that say they know how to make your business more successful. But what is success to you? Is it the happiness of your employees or getting a five star review? Or is it to become the market leader all others in your industry look to for guidance?
Of course, all of these aspects matter, but you won’t be able to maintain any of them if you don’t keep one goal in mind at all times: making profit. Without a healthy bank balance you won’t have employees, customers or respect from others.
The good news is that certain advice can help you manage the all important profit as well as keep other factors in check. The solution comes from an area you may not consider that often: your HR department’s technology.
Don’t be too sceptical. Keep reading the following five facts and learn tips you didn’t know your business needed.
You Can Save on Salaries
Paying your employees their dues is one of the biggest expenses for any company. For small businesses especially, it can be a challenge to balance payroll with the rest of your business’ finances. It’s obvious then that you have to prioritise only paying what’s necessary and making sure employees’ productivity justifies their salary packages.
For both these goals HR software becomes a non-negotiable on your budget. Thanks to comprehensive packages created by vendors such as Advance Systems you can get easy solutions to:
- Time and attendance management: Moving from paper to digital format means you have more accurate records of hours worked. With biometric sign in systems workers can’t sign in for each other, so you only pay employees who actually come to work
- Employee records: By using technology to manage employee records, performance reports are easier to manage and salary increases can easily be calculated to align with how each person performs
- Scheduling software: When you lose time on a job you lower productivity. Improve your workforce scheduling system so you know individuals with the right skills and knowledge are available when needed
Getting more work done and only paying for actual hours worked will quickly improve your profit.
Your Team Can Get More Done
One of the most exciting developments of the modern job market is the involvement of AI and machine learning.The more tasks you can automate around the office the better as every second you save means your staff can get more done at the end of the day. With modern day AI even complicated tasks can take place without a staff member hovering nearby. And yes, it even applies to your HR department:
- Analysing job applications to identify the most promising candidates
- Processing feedback from employees to compile performance reports
- Doing repetitive work such as copying employee details onto forms
This isn’t only beneficial because your staff gets a few hours more to handle their to-do lists. It means these staff members will be more creative and satisfied when performing other tasks. Why? Because they don’t feel so drained by boring assignments. More satisfaction leads to more productivity and when a streamlined HR office can serve employees better, it eventually affects the entire business.
You Don’t Need as Much Floor Space
Another huge expense for any business is the leasing of office space. But why keep everyone on site if your staff can perform their tasks at home?
Today’s technology allows you to have a conference online and when your HR software is cloud based your staff can access the necessary files & programs from anywhere. In the long run you affect company profits:
- You pay less for office space since you don’t need a desk and floor area for each employee
- Employees often experience more job satisfaction when they don’t sit in traffic. This will lead to more productivity
Remote working is also fast becoming a sought after feature for many workers. If your company’s technology supports this approach, you’ll draw the best candidates who can have a positive impact on your business.
HR Tech Affects Your ETR
We already mentioned employees and their job satisfaction more than once. Can technology really keep your workers happy? Yes!
In every aspect we mentioned so far the tech driven approach results in employees doing more of what they love and becoming more productive. Productivity also helps them feel important about their role in the company. This is an essential feature if you want to retain your current employees.
Why go to so much trouble? Because you know each time you lose an employee and increase your ETR (Employee Turnover Rate) you’ll spend money on:
- Advertising the position
- Doing background checks
- Onboarding a new employee such as payment for training
- The new arrival’s IT logistics such as getting a computer, passwords and more
Simply be implementing modern technology you avoid many of these unnecessary expenses.
The Best Employees are Waiting to be Found
Of course, there will be times when you do need to employ someone new. Wise HR managers know that decisions on new additions to the team shouldn’t be taken lightly. When you pick the right candidate your profits benefit because:
- Effective employees keep productivity high
- Committed employees won’t waste time and resources
- Skilled employees help you reach your vision faster
To draw these candidates in today’s world you need to seem like the preferred employer to the younger generation. That means you can’t use outdated recruitment methods. Advertising on social media and using AI to scour the web & discover individuals who will fit the job description are two ways you can reach dynamic potential employees. The proof is seemingly compelling: you need to harness the power of HR technology. This isn’t only about running an effective HR department. This is how one department affects your bottom line. Where will you start?