You would have probably heard this before and it doesn’t need to be stressed enough that employees are a company’s most valuable asset. Today, human assets would have more value than any fixed or tangible assets, as they provide a higher competitive advantage in terms of value to the business.
Did you know that the skill of employees accounts for almost 85% of a company’s assets? It is the talent and performance of an employee that determines the profitability of a business.
It’s time that organizations realize that their main investment needs to be in your employees. According to a study by Gallup, disengaged employees cost companies a whopping $450-$550 billion, the reason being lost productivity each year as a result of low performance and increased absenteeism.
Providing a culture with efficient training and development opportunities is a necessity for every company or the employees would lose their direction and lack productivity as a result.
Due to the current pandemic, employers are faced with the challenge to meet the needs of their workforce and keep consistent checks on productivity levels.
HR teams that went on to adopt an integrated system including HRIS and payroll services noticed a huge amount of positive changes in the organization.
Top 3 Benefits of Incorporating a Workforce Management System
1. The Rise in Levels of Employee Engagement
How many times have you noticed your employees asking you to guide them through the schedule for their day or wanting to update their contact information?
Your HR department is often addressing these minor issues and mostly there will be a possibility of their core tasks being left unfinished. This can largely affect their performance and employee engagement levels.
Wouldn’t it be great for them if all the answers regarding payroll, schedule, time-off requests can be found in a single place? Implementing an HRIS system can be useful here as it will automate these time-consuming manual processes and enhance the human resource sector of your business.
When the work will be more organized, your employees will be motivated to perform better and it will yield higher productivity levels.
2. Reduction in Costs Due to Automated Processes
Using a robust HRIS integrated payroll system will help your organization minimize costs in several ways. Employee costs are likely to go down due to automation in processes and not having to carry out repetitive administrative functions which can also cause the HR managers to waste a lot of their precious time.
Also, the reduction in errors and data accuracy in processes from using the system will change your business positively and present higher expanding opportunities in front of your business due to increased time left for you to focus on core processes.
3. Reduce Non-Compliance Risks
One of the primary things HR does today is the collection and maintenance of records in order to provide national and local government bodies with statistical proof that your business is in compliance with its legal obligations. Unions, individuals with employment contracts, and company policies also need access to this type of data.
The inevitable function HR needs to perform is to maintain records to provide concrete proof to the government that the business is in compliance with its legal obligation.
Even the smallest error can cost a huge deal to your business resulting in high penalties for non-compliance to the regulations and the amount of damage to your business’ reputation will be miserable.
Similarly, payroll software like UZIO will reduce this uncertainty by helping you to maintain complete compliance with all federal and local rules.
With so many options for cloud-based computing technologies, it is imperative that you first understand the requirements for your business in terms of employee capabilities and then evaluate the options available.
This will ensure that the features of the software are suitable and will contribute effectively to your employees without burning a hole in your pocket.