Industry Thoughts with EmployeeConnects National Sales Manager Alexi Gavrielatos: How HR Can Save You Money.
Everyone delights in one thing above all else: saving money. To illustrate this, picture yourself walking into your favourite store, only to discover that the item you desire bears a “clearance” or “reduced” label. In that moment, your eyebrows arch, a subtle smile graces your face, and your countenance radiates with excitement, enough to light up a room. Amid this joy, you might even exclaim, “Fantastic! What a great deal!”
In fact, there are individuals who prioritise savings even before they set foot in a store. Savings are a fundamental pursuit for all businesses. They are woven into every annual goal and corporate objective. You can recognise this when senior management insists on the company collectively “trimming expenses and reducing costs.”
Building on our prior conversation regarding how Human Resources can adapt to emerging technology, we’ve observed that times have evolved, along with technological advancements. This technological transformation has paved the way for cost reduction and savings. With a mere glimpse into the subject, I’m eager to explore the specific ways HR can currently save.
Why focus on HR? Because it stands at the forefront of this technological revolution, at least in the realm of the business world. (And, frankly, this is an HR-focused blog).
How can HR Software yield savings?
- Streamlined Employee Management
Acknowledging the significance of incentives and rewards in fostering employee engagement, we understand that reimbursements for travel and education serve as vital incentives. Dealing with each employee’s daily travel reports or educational material needs used to be a complex, time-consuming, and confusing task. With the advent of technology, specialised HR systems and programs now allow employees to manage these aspects effortlessly. This personal empowerment is complemented by technology’s ability to eliminate unnecessary steps, making processes smoother and more efficient.
- Enhancing Resource Alignment and Productivity
This is self-evident. Despite the strategic importance of HR, the field still involves a considerable amount of routine work. HR software steps in by automating these repetitive tasks. This doesn’t mean that employees responsible for these tasks should be let go; rather, it frees them to focus on more strategic and human-oriented functions, ultimately enhancing the organisations performance. It also enables easy access to information anytime and from anywhere in our globally interconnected society.
- Reducing Other Inefficiencies
Once we identify and mitigate the financial drains on the organisation, we can turn our attention to other areas that require improvement. Recruitment is a prime example. In the past, this process was manual, with job seekers physically submitting resumes. With HR software, this can be pre-filled and efficiently organised. It even streamlines candidate screening through automated emails and quick reference checks. Identifying and addressing such inefficiencies adds to the list of potential savings.
- Enhancing Organisational Structure
HR, as the core of any organisation, plays a pivotal role in keeping the company functioning and providing support. When this department is managed cost-effectively with the aid of technology, it sets off a chain reaction that fortifies the entire organisation. Consider this: effective technology-driven recruitment leads to the right skill set, which, in turn, generates the right work and strengthens the organisation, appealing to shareholders’ interests. It’s a win-win scenario.
In summary, our discussion centers on the theme of savings. These savings serve as a foundation for an organisations growth and development. If not for technology facilitating productivity gains, it’s uncertain how companies could differentiate themselves and gain a competitive edge.
The HR tech toolbox has evolved significantly, from basic technologies like computers, printers, and scanners to today’s smart HR systems. Each of these technologies, often underestimated in their value to contemporary organisations, has contributed to improving human productivity over time. Consider this: without the invention of the first computer, where would we be working today? So, ponder carefully – without SaaS HR, how can your organisation cut costs, boost efficiency, and save?