In today’s on-demand, always-on business world, the value of efficiency has never been higher. Organizations are under great pressure to lower costs and increase productivity while maintaining a high level of service. For HR, this means establishing best practices, efficient processes and leveraging a reliable human capital management (HCM) / HR solution to streamline time-consuming administrative tasks.
“Reliable HCM software and related best practices elevate HR beyond the administrative.”
Trying to build a business case to implement HR software for the first time or to replace multiple disparate systems? Here are five business benefits that will resonate with your executive team.
1. Winning the war for talent
Unemployment is the lowest it’s been in the past decade, leading to a war for talent. Finding candidates who possess the right skill set, experience and characteristics to fit into your company’s culture will be extremely difficult and time-consuming if you have to weed through a pile of resumes. An HR solution that includes applicant tracking and onboarding functionality can streamline the recruiting and hiring processes, weeding out applicants so you can focus on the best talent to fit the job and your company. And by leveraging data captured in your HR system, you can determine where the best candidates are coming from so you can focus your marketing energy and dollars on those sources.
2. Improved problem-solving and decision-making
The ability to capture, track and report on key employment data elevates the value your HR department has within the organization. Your HR solution should include reporting functionality that enables you to analyze
- Recruiting and hiring metrics
- Performance and compensation data
- Attendance and scheduling patterns
- Benefits enrollment and utilization rates
Having this data at your fingertips provides deep insight into your company and enables you and your executive team to make smarter, more informed decisions.
3. More time to contribute to the company’s strategic plan
HR will always be responsible for managing business functions that are central to the employee lifecycle – payroll, personnel data, benefits administration and more. But HR is more than paychecks and performance reviews. HR is finally being recognized for the strategic role it can play and by automating essential administrative tasks that have to be done accurately and on time, you give yourself the flexibility to step into that role.
4. Engaged and empowered employees
For employees to feel engaged with their day-to-day responsibilities, it’s important for them to have access to tools that make their lives easier, whenever possible. An HCM platform that allows your team members to conveniently manage schedules, plan for time off, enroll in benefits, update personal information, and more provides a sense of empowerment while simplifying routine administrative tasks. This also frees up time for HR to focus on services like wellness or training programs that further promote employee engagement.
5. Clear bottom-line improvements
According to a report from Lighthouse Research & Advisory, 86 percent of companies that implemented up-to-date HR technology realized tangible benefits within 12 months of installation. These included:
- 47 percent greater chance of increased productivity than those with outdated HR and HCM solutions
- 50 percent more likely to see better employee engagement
- 73 percent greater likelihood of better reporting and insight
The research also found that high-performing firms were eight times less likely to have complaints about their HR technologies than those with problematic output. Last but not least, companies excelling in this fashion had a better chance of simultaneously saving more money and improving ROI.
To learn more about what PeopleStrategy’s eHCM platform can do, contact us or check out the video demo below!