As technology continues to change, it’s essential for business owners to stay ahead of the curve. While reviewing your business operations, you likely think about paying your employees, hiring and recruiting, and how to grow your business. What you (likely) haven’t considered is how the right HR technology can check all the boxes of your business’ needs – and then some.
HR technology is a broad term referring to the software and tools used to automate essential HR functions. It ultimately helps HR professionals, office managers, and business owners streamline time-consuming tasks, which may include the following:
- Filing
- Talent acquisition
- Talent management
- Compensation management
- Performance management
- Data storage, organization, and analysis
However, that’s just the beginning. We’ll dive into the benefits of HR technology that you may not have considered.
Streamlined Onboarding
Onboarding employees is one of the most critical steps in the hiring process. This is when your new hires get acquainted with your business culture, their new role, the team they’re working with, and so much more. You must set the foundation for the relationship between the company and the employee. Did you know, 20% of turnover happens within the first 45 days of a new hire’s employment? HR technology is essential to your onboarding process to limit this turnover rate.
Technology can help you cultivate a seamless, orderly, and positive employee experience from the very beginning. You’ll be able to complete administrative tasks in the pre-boarding stage, such as background checks and employee verification. According to HR experts, new employees typically complete an average of 54 activities for onboarding purposes, 41 administrative tasks, and three documents to complete. That’s a lot to keep track of and quite overwhelming for new employees if you don’t have the right technology to simplify the process.
In addition, any training the new hire should complete can be done through a learning management system (LMS) in the comfort of their home. HR technology makes your job easier as a business owner but simplifies onboarding for the new hire. Perhaps best of all, utilizing HR technology reduces the need for physical paperwork, which can also minimize your responsibilities in ensuring those documents are properly and safely stored.
Recruiting Efforts Can Be Simplified
In a time where the Great Resignation has impacted businesses across the country, are you scrambling to fill a position? Fortunately, HR technology can also help you with this aspect of your business. HR technology will help you find and attract valuable employees that will help you grow your business. Alongside using social media platforms such as LinkedIn and Indeed, an applicant tracking system (ATS) is an essential tool you should consider utilizing. An ATS assists companies by organizing and tracking candidates for hiring and recruiting purposes. It simplifies the recruiting process by using automated intelligence to screen for the best, most qualified candidates.
In many cases, open job positions can attract hundreds or even thousands of candidates without the necessary qualifications you’re looking for. ATS saves companies and recruiters time that would otherwise be spent manually screening out these candidates.
The following are the benefits of ATS:
- Automatically upload job postings to various job boards in one click
- Collection and storage of candidate information are automated
- Easily schedule interviews with candidates
- Secure new hires with e-signatures
- Seamless communication from application to offer
- Quicker screening and better clarity of where they stand
- Shorter time-to-hire
- Improved cost-per-hire
Payroll Made Easier
Automating functions of one’s business has become increasingly critical as technology continues to advance. One of the most essential functions of your business to consider automating is payroll. An automated payroll system simplifies the most complex tasks of tax calculations. Payroll automation software helps with the following:
- Protects data
- Minimizes error
- Reduces risks of information theft
- Tracks working hours more easily
- Make necessary changes to the salary structure
- Proper tax management
In addition, keeping up with ever-changing employment and payroll processing laws is one of the most challenging tasks for business owners. Should you fail to do so can result in hefty fines. Utilizing payroll automation software alleviates the daily compliance burdens you may face.
More Efficient Benefits Enrollment
If you dread the open enrollment period every year, you’ve come to the right place. Open enrollment is the annual period when your employees have the opportunity to make changes to their benefits plan. It can be a nightmare for many business owners who handle this function. The good news is that you can utilize technology to remove the migraine you experience each year.
A human resource information system (HRIS) is software designed to help businesses meet core HR needs and improve the productivity of both managers and employees. More specifically, it is beneficial during the open enrollment period and benefits administration. This internet-based software offers an employee self-service model for employee benefits. Employees can compare plans in the system and select the benefits they are looking for wherever they are.
Outsource Your Administrative Functions To GMS
Maintaining the many processes of your business, such as payroll, open enrollment, and hiring and recruiting employees leaves you no time to grow your business. However, technology can benefit organizations in a variety of ways. Since the COVID-19 pandemic, technology has severely impacted the way we work and live. COVID-19 forced businesses to shut down, demonstrating our reliance on technology to keep society and businesses running as usual.
When you partner with GMS, you gain access to HR technology to make your business simpler, safer, and stronger. We work diligently with small businesses to make their operations more efficient by blending proprietary technology with dedicated service and support. Contact us today to learn more.