07 Feb Is your greatest competitive advantage underperforming?
Most businesses benefit from a number of critical resources to create their competitive market advantages. Although various technologies, products and resources contribute tremendous value to the business, most often it’s the talented people employers attract, hire and develop (from the CEO on down) that have the greatest influence on a company’s continued position in the market over time.
As markets and technologies evolve, it’s your people that navigate these market forces. Behind every product or differentiator are the people that plan, execute and deliver value to the market each day. But is your workforce performing at peak levels? And is your cost of labor and workforce administration higher than necessary? HR technology can help!
Leverage HR to Make the Most of Your Greatest Asset
Needless to say, your people are vital to the business, and your people are often also the largest expense. Not only do employees receive salaries and benefits in exchange for employment, but the associated cost of HR administration, liability and wage/hour compliance can be steep. Today, HR can be a catalyst in solving this. Since the dawn of time, employers have been in search of ways to maximize workforce efficiency while controlling costs, but until recent years, HR technology has been ineffective in doing so.
From an HR perspective, below are a number of key questions to ask related to maximizing your own workforce efficiency:
- Is your workforce performing at optimal levels?
- Is the time and cost of workforce administration higher than necessary?
- Are you leveraging modern HR technology tools to optimize HR and workforce productivity?
- Are you attracting the right talent using employee-centric HR tools?
Is your workforce performing at optimal levels?
Within the scope of HR technology, a number of key applications are available to accelerate workforce performance while improving results. For HR, the list of efficiency tools is long, exceptional, and not suitable for this post. But for your broader workforce, key modules include Performance Management software, Employee Scheduling, and Time & Labor tracking. Each of these applications have a tremendous impact on workforce efficiency. And more importantly, when combined into a single, mobile-friendly platform that is unified with HR, payroll and other aspects of the business, the ROI is a game-changer for employers.
To provide simple examples, with Performance Management, employers are able to streamline performance appraisal definitions, measure competencies and goal management, all while enabling both employees and managers to access performance information through a self-service portal (ESS & MSS).
Secondarily, as time management is essential to workforce efficiency, few applications can optimize workforce efficiency better than Employee Scheduling, Leave Management, and Time & Labor applications. From saving countless hours each month in planning and adjusting employee schedules to accessing on-demand job cost reporting, a Human Capital Management platform with these modules combined can cut thousands of hours of administration and wasted labor dollars each month or year, improving the accuracy of pay, overtime, and job costing.
Is the time and cost of workforce administration higher than necessary?
HR activities generally seem to involve endless administrative tasks and inefficiencies. For years, employers have patched together multiple systems to handle the full HR spectrum, from applicant tracking and new-hire onboarding, to benefits enrollment, administration, employee tracking, payroll, and timekeeping. This outdated approach to HR management comes at a cost. Are you still managing multiple systems for HR and payroll?
Today, these applications are finally unified as a single platform. Although many HR vendors and platforms are attempting to “integrate” several third-party applications to help productivity, only the leading HR and HCM technologies offer a true, single-database platform that allow organizations to manage HR-related tasks from a single platform. If you’re not already leveraging modern HCM technology to maximize productivity for HR and your workforce, productivity and workforce cost will be impacted.
Are you attracting the right talent using employee-centric HR tools?
It is often said that you’re only as effective as the tools you use. On that note, HR tools also can have a tremendous impact on your ability to attract, retain and keep your workforce engaged. For example, is your HR suite mobile-friendly? Also, how your organization allows for time off, employee schedule flexibility, benefit administration, performance appraisals, and HR activities can all impact employee satisfaction and retention. If you’re able to offer employees greater flexibility and transparency while simplifying the manager’s job, your ability to attract and retain talent improves. To provide HR, your managers and employees the best overall “employee experience,” we recommend adopting a modern HCM workforce platform.
Are you interested in increasing efficiency for your workforce and HR? Contact a Payroll Link HCM specialist today to learn more.