How HR Technology Can Increase Your Company’s Bottom Line
No company could stay in business long if it doesn’t realize a profit. The higher your company’s profit margin, the larger you can grow and that is of course a given. However, have you thought about the role HR (human resources) can play in increasing your company’s profits through the simple addition of some advanced technology? HR solutions such as those available on xcdhr.com can give your company a much needed boost in profitability by reducing costs proportionately. Here are some of the key ways that one department can help:
1. Utilizing Technology to Reduce Paperwork
Much of what HR does is paperwork. They are tasked with payroll, employment applications, annual employee reviews and other similar functions that often require extensive paperwork and inordinate amounts of manual labor. HR software and cloud computing have joined forces to keep hard print copies to a minimum and even more cost effective is the fact that many of these tasks can be automated. This alone can significantly cut the cost of payroll, not only in HR, but in many departments throughout your organization.
2. Time Effective Automated Processes
Not only does paperwork eat manpower hours, but also many of the routine tasks required within administration. Some HR software solutions can run computer analyses so that the only time an HR team member would see a document or job application is if it meets key criteria that has been predefined. For example, many companies have begun the recruitment process by accepting online applications. The software solution could be programmed to only pass through applications accompanied by a CV. Any that don’t include the necessary information would get an automated email response via the system. You would be surprised just how much time this saves a busy HR team. They no longer need to manually sort through applications to find those with the necessary skills.
3. Instant Access To Data For Better Collaboration
HR often collaborates with recruitment firms and even with various departments within the company. HR may also be charged with the task of client communications and since the whole focus of HR can be so broad, there is an almost infinite number of ways in which HR would need to collaborate with other teams and companies. HR can also set up cloud based collaboration solutions for use by internal teams or between company employees and freelancers. With a streamlined process, time and money are saved, thereby increasing the company’s profits.
4. Realtime Metrics For Cost And Quality Control
When it comes to staffing your business, cost and quality control are important issues. Are departments meeting their goals, and if not, why? Technology provides immediate realtime metrics for analysis so that problems need not continue over a long period of time. If there is a problem, the realtime metrics and instant analysis will trigger a call for intervention by management or team leaders.
All of these duties have traditionally cost companies a great deal of money keeping HR staffed and often accruing overtime. Whether looking to bypass recruitment firms altogether, or seeking more effective communications when collaborating on a project, HR can use technology to speed up most of the processes within their department. Faster response times and reduced labor are key to higher profits, and this is where HR can offer just what you need.
