A business owner is often needed in multiple departments. In smaller businesses, the owner might be the only person heading up the work of an entire HR department. Other businesses ensure that employees are matched to the right companies. No matter what industry you are in, having HR automated can be a big money and time saver. Here are benefits for a business that implements HR software into their daily operations.
- Saves a Company Time: Having to perform HR administration duties by hand can take up a lot of time. There are reports that need to made, especially concerning payroll. In addition, you may have to perform endless calculations. The size of your business determines the amount of payroll work that will need to be done. Making matters worse, this is work that will have to be performed by hand for each pay period. Adding up all of those tasks will take a lot of time out of any business owner’s schedule.
- Reduces Liability Issues: Preparing HR paperwork by hand must always be free of errors. A great many of those errors are reduced by using HR administration software. Using software ensures that the information of your business is always protected. Also, software can quickly perform calculations which can mean that your numbers are always accurate for reporting. Using HR software will provide accurate numbers at tax time, another important situation to have correct numbers.
- Compliance with Laws: Having business figures accurate is important. However, it is also imperative that your company is aware of all current laws and regulations. HR compliance administration can be a costly area for a company to make an error in. The use of HR software helps to ensure that your business information meets state and federal requirements.
- Keeping Employees Happy: A well structured workplace can cut down on lost employees. A recent study showed that 46 percent of those in the HR field stated retention to be their top concern. This is an important concern because costs associated with employee turnover can really add up. Studies show that the cost of turnover for a business can range from 30-150 percent of an employee’s salary.
In closing, there are many benefits associated with using HR software. A company can notice more productivity with time saved from completed HR tasks by hand. The use of software will keep accurate records which are great when reports need to be made. Using HR software helps to keep your company in compliance with both state and federal laws. The implementation of HR software also lays out clearer business policies and procedures. A study found that new hires that went through a structured hiring program were 50 percent more likely to still be with that company after three years.