What would you answer if we were to ask your organisation’s most valuable resource? Depending upon the nature of your company’s business, your answer would most likely be one of these – employees, patents or infrastructure. However, if there is one thing that all businesses value equally, it is money. Without adequate funds, companies may not have any standing; and with blocked cash flow, they can’t do much anyway.
Of course, money may not be the primary motivator for all businesses but all of them like money-saving strategies. More so, if it’s an enterprise that is growing and has huge plans for the future.
One of the easiest ways to save money is by streamlining processes to achieve higher efficiency and productivity. For instance, HR processes can take up significant time and efforts of the workforce. Automating them can help save money in more ways than one. Let’s see how.
Hiring is one of the functions that require a lot of manual activity. Right from screening and shortlisting resumes, contacting the candidates, scheduling interviews, negotiating and rolling out offer letters; every task can take up innumerable hours.
Automating the recruitment process with the right software can allow your recruitment staff to focus more on other critical aspects of their jobs. With ample time on their hands, they can engage passive candidates, enhance the candidate experience and build lasting relationships with hiring managers.
Technology also helps in enhancing the candidate experience and building your employer brand. With such effective engagement practices, you will notice a higher acceptance of offers and better retention; thereby reducing your overall recruitment costs.
Enhance Engagement and Improve Retention:
You may argue that employees leave organisations for better job prospects. However, positive employee experience also plays a significant role in this. Employees appreciate workplace ethos that is based on effective communication, regular feedback and a culture of trust and openness. While the leadership has a crucial role to play while formulating these strategies, HRMS can provide the supporting platform for it.
Better Business Decisions:
Gone are the days when HR and executives would take people-related decisions based on gut-feeling. In today’s data-driven world, unless a decision is based on data and findings, we don’t know how effective it will be. However, we do know the cost of making the wrong decisions – both tangible as well as intangible.
The fact that HR function works with a mountain of data makes efficient organising and storing this data all the more significant. Analytical tools that maintain the sanctity of data and offer easy reports and dashboards are the need of the hour. With data being the basis for your decisions and new initiatives, your organisation can rest assured that you are making the right ones and saving money in the long run.
Self-Service and Easy Access to Information:
All too often, the HR staff gets overwhelmed due to employee queries. Not only does it reduces their productivity, but also causes frustration amongst the workforce equally.
This issue can be tackled by automating routine tasks. You can also use HRMS to offer free access to information. Give your employees access to all the policies and processes, and you will notice a significant reduction in the manual work of your HR staff. To achieve a greater rate of First Contact Resolution, keep visiting the number of queries to analyze if the employees need more information on the self-service portal.
Inducting a new employee is a long process. Right from allocation of a work station to setting up accesses and systems, the HR staff needs to co-ordinate with multiple cross-functional teams. Without a central repository of information, the HR staff would need to handhold the new employee at every step. Not to mention, the experience of the employee would go for a toss.
An onboarding system can automate all these processes and provide all the necessary information. Apart from reducing costs right off the bat, the employee will be engaged right from day one.
Save on Paper:
Moving to a paperless system and avoiding printing, mailing and storing can certainly reduce your expenses. Moreover, it goes beyond to convey that your organisation is environmentally conscious and is doing its part in protecting the planet.