How a Digital HR System Can Save You Money
The HR function in many businesses is often labelled as a cost center. However, more and more leaders are recognizing the importance of managing people for business success.
As people form the core of an organization, businesses are beginning to realize that employee wellbeing is crucial to maintaining productivity. By fully harnessing the talent and experience of their people, businesses can also develop better strategies to tackle an uncertain future.
What’s more, business expansion is often accompanied by increased recruitment and onboarding of new talent. Infusing new blood into the organization is important for getting new ideas and rejuvenating the vitality of the business.
With the increasing use of digital HR systems, HR teams are now more empowered than ever to lead the charge in saving costs. Here’s five ways that can happen.
Lower Payroll Errors
Managing payroll manually is a tedious process. By continuing this practice, you are already wasting time that could be put to better use.
But doing payroll manually also puts your business at the risk of losing money through errors in payroll, e.g. overpayment or underpayment of wages. Such errors are costly to rectify, and not to mention damaging to morale of the affected employees.
By automating payroll with digital HR systems, you can eliminate these errors while saving time. Using software to manage your payroll is also cheaper than outsourcing to a payroll specialist, especially while factoring in all of its other functions.
Streamlined Expense Claims
Expense claims are a necessary tool for employee satisfaction. However, with digital HR systems, you can reduce costs in this area as well.
For example, expense claim fraud is widespread even in large multinational companies. By using a digital expense claims system, you can reduce this problem by requiring proof to be uploaded alongside the claim (e.g. with photos of receipts).
The expense claims system can also streamline HR costs by going paperless. Employees no longer need to submit physical receipts and an expense claim form which can result in a mountain of paper. By using a digital system, everything can be stored securely. Expense claim data can also be retrieved and analyzed.
Lower Recruitment Costs
Hiring the right people is often a time-consuming process that also costs money. Advertising for the position, time spent interviewing, post-interview administrative work, all these indirect costs can add up. And that’s not even factoring in onboarding and training costs.
Digital HR systems like the applicant tracking system (ATS) can reduce these costs by making the recruitment process smoother. As its name suggests, an ATS helps HR track applicants throughout the hiring process. It also facilitates resume screening by filtering out unsuitable candidates, saving HR valuable time. The interview process is also streamlined using automated reminders sent to both candidates and interviewers.
All this means that an ATS greatly speeds up the time needed to hire a candidate. Companies can fill vacant positions more quickly with more qualified personnel, ultimately saving time and money.
A Better Onboarding Experience
When your vacant position is finally filled, it is vital to give your new hire a great onboarding experience. Research shows that a poor onboarding process leads to decreased job satisfaction and greater turnover within the first year on the job. And of course, increased turnover leads to increased costs.
Plus, a better onboarding experience leads to the new hire becoming more productive in a shorter period of time. A digital onboarding process involves automated support tools, such as the digital employee handbook, introductory videos, and even gamification elements like quizzes and games. This frees up their manager to go through the job and engage the new employee, instead of dwelling on inefficient administrative tasks.
Self-Service For Lower Costs
Employee self service is one area where a digital HR system has the potential to relieve your people teams. Many HR professionals find themselves constantly fielding requests from employees for things like payslips, expense claims, leave allowance and more.
Offering a level of employee self-service – giving each employee unique access to a module that displays all of their information, e.g. payslips, leave allowances etc – allows your people to take ownership of certain HR elements while freeing your HR teams to focus on more substantial matters. It also saves employees’ time by not having to go to HR for minor issues.
Save Money, Increase Productivity With BrioHR
If you’re looking for a digital HR system for your business, BrioHR has all the features listed above and more. BrioHR’s all-in-one, cloud-based solution automates repetitive tasks and empowers HR in a user-friendly interface. This enables business owners and HR teams to truly focus on what matters most – people.
Visit briohr.com and get a free demo now.
The HR system in many businesses is often labelled as a cost center. However, more and more leaders are recognizing the importance of managing people for business success.
As people form the core of an organization, businesses are beginning to realize that employee wellbeing is crucial to maintaining productivity. By fully harnessing the talent and experience of their people, businesses can also develop better strategies to tackle an uncertain future.
What’s more, business expansion is often accompanied by increased recruitment and onboarding of new talent. Infusing new blood into the organization is important for getting new ideas and rejuvenating the vitality of the business.
With the increasing use of digital HR systems, HR teams are now more empowered than ever to lead the charge in saving costs. Here’s five ways that can happen.
Lower Payroll Errors
Managing payroll manually is a tedious process. By continuing this practice, you are already wasting time that could be put to better use.
But doing payroll manually also puts your business at the risk of losing money through errors in payroll, e.g. overpayment or underpayment of wages. Such errors are costly to rectify, and not to mention damaging to morale of the affected employees.
By automating payroll with digital HR systems, you can eliminate these errors while saving time. Using software to manage your payroll is also cheaper than outsourcing to a payroll specialist, especially while factoring in all of its other functions.
Streamlined Expense Claims
Expense claims are a necessary tool for employee satisfaction. However, with digital HR systems, you can reduce costs in this area as well.
For example, expense claim fraud is widespread even in large multinational companies. By using a digital expense claims system, you can reduce this problem by requiring proof to be uploaded alongside the claim (e.g. with photos of receipts).
The expense claims system can also streamline HR costs by going paperless. Employees no longer need to submit physical receipts and an expense claim form which can result in a mountain of paper. By using a digital system, everything can be stored securely. Expense claim data can also be retrieved and analyzed.
Lower Recruitment Costs
Hiring the right people is often a time-consuming process that also costs money. Advertising for the position, time spent interviewing, post-interview administrative work, all these indirect costs can add up. And that’s not even factoring in onboarding and training costs.
Digital HR systems like the applicant tracking system (ATS) can reduce these costs by making the recruitment process smoother. As its name suggests, an ATS helps HR track applicants throughout the hiring process. It also facilitates resume screening by filtering out unsuitable candidates, saving HR valuable time. The interview process is also streamlined using automated reminders sent to both candidates and interviewers.
All this means that an ATS greatly speeds up the time needed to hire a candidate. Companies can fill vacant positions more quickly with more qualified personnel, ultimately saving time and money.
A Better Onboarding Experience
When your vacant position is finally filled, it is vital to give your new hire a great onboarding experience. Research shows that a poor onboarding process leads to decreased job satisfaction and greater turnover within the first year on the job. And of course, increased turnover leads to increased costs.
Plus, a better onboarding experience leads to the new hire becoming more productive in a shorter period of time. A digital onboarding process involves automated support tools, such as the digital employee handbook, introductory videos, and even gamification elements like quizzes and games. This frees up their manager to go through the job and engage the new employee, instead of dwelling on inefficient administrative tasks.
Self-service For Lower Costs
Employee self service is one area where a digital HR system has the potential to relieve your people teams. Many HR professionals find themselves constantly fielding requests from employees for things like payslips, expense claims, leave allowance and more.
Offering a level of employee self-service – giving each employee unique access to a module that displays all of their information, e.g. payslips, leave allowances etc – allows your people to take ownership of certain HR elements while freeing your HR teams to focus on more substantial matters. It also saves employees’ time by not having to go to HR for minor issues.
Save Money, Increase Productivity With BrioHR
If you’re looking for a digital HR system for your business, BrioHR has all the features listed above and more. BrioHR’s all-in-one, cloud-based solution automates repetitive tasks and empowers HR in a user-friendly interface. This enables business owners and HR teams to truly focus on what matters most – people.
Visit briohr.com and get a free demo now.
