In 2021, the human capital landscape is rapidly changing. HR Tech Revolution lets you explore the trend of empowering employees and its effect on the Human Resources function.
This is a compelling story of how this new generation of tooling may lead to success. Usually, it is being implemented with ambition and enthusiasm. Simply put, this covers a wide range of tools affecting the employee. This encapsulates the full employee lifecycle and includes:
- Workforce planning
- Recruiting and selection
- Performance management
- Organizational development
- Conflict management
- Off-boarding, and, of course…
7 Ways the HR Tech Revolution Benefits Your Business
Good management combined with good tooling go hand in hand:
1. You will retain your most valuable people
Satisfying the basics enables each employee’s payroll to be correct every time, so the employees learn to trust their employer. There is a high chance that without a good payroll tool, you will introduce errors into the process. In complex marketplaces like the Philippines, this is a good example.
So, here are some reasons once the basics are satisfied. First, your organization planning processes will match organizational needs with a worker’s aspirations. For this reason, “more responsibility” or even “working fewer hours”. And then, providing a forum and process to continually assess this is key.
2. You will be able to think and act more like a larger company
Before small companies could not afford tooling to structure the dialog between employee and employer. Even smaller companies collect huge amounts of data related to employee performance. So in most cases, this is wasted and does not contribute to enriching the employee-employer relationship. Imagine, if the expensive flexible benefits programs could be offered in a cost-effective. Then, targeted manner to companies of as little as 5 employees!
3. You will save money
Certainly, there is an opportunity to reduce administrative burden and costs by automating the linkage between payroll and HR.
Let’s have an example:
How many times has your organization overpaid on overtime or had an irate employee complain about their payslip? A few of our clients are amazed that we can make small changes to their compensation structure. We also provide both the business and the employee with additional value for every payslip. This includes the more effective use of tax-free allowances).
4. You can prove compliant employees to customers and partners more easily
In many sectors, companies need to prove to partners, suppliers, or the government. Then, they are controlling the working hours, salary, and work parameters of their employees. So tooling can help you respond quickly to issues and provide data to prove compliance.
5. You will have a better plan for your workforce
Do you know how much your workforce costs? Do you know why there is high attrition in a department? Thus, high overtime and attrition mean you need more employees or an intervention? Therefore, tooling used in larger enterprises will mean you can effectively plan the future of your company from a people perspective.
6. You will be able to introduce the right talent into your teams
In the near future, you will have a better idea. Perhaps even in “real-time”, of what competencies are missing in your teams. You will be able to get an exact match or as close to one as possible. This is in terms of potential candidates possessing those skills. You can go through a hiring platform and networking tools such as LinkedIn. This means that you can find personnel that is better suited to your needs, regardless of your company’s size. Talent planning means developing an individual career plan for every employee, with regards to their level in the organization.
7. You will be able to provide more meaningful rewards to employees
In the future, your company will become just financial incentives that will motivate employees. With flexible benefits, you can reward exceptional performance with time off, family breaks, and even shopping vouchers.
Are you looking to take advantage of an HR and payroll technology tool? EversunHR provides innovative end-to-end payroll solutions. The right HR Tech revolution system could streamline your processes. It helps maintain a happy workforce, and avoid pesky violations of the law.
EversunHR gives you the means to catch up and surpass your competitors. From digitized employee records, timekeeping data to payroll processing up to online payslip distribution. We are always open for full-system demos.