Are you trying to cut down on your business expenses this year? Your human resource department may be a great place to do so by using human resource technology.
Keep reading to learn more about how human resource technology can save companies money in Boston Rouge and Lafayette. Make sure your company is running as efficiently as possible while also saving you tons of money by reaping these benefits.
Time Is Money
As you know as a business owner, time is money. You can improve efficiencies with human resource technology that can help you make the most of your staff’s time, one of the most expensive business expenses. The faster you can find qualified applicants to fill roles and turn them into productive employees, the less staff time is wasted within your company.
Human resource technology makes all of your company’s HR duties more efficient with automation and digital organization. This allows you to cut down on the time you spend manually entering data or onboarding new hires. This allows recruitment, testing, applications, and hiring to all be much more seamless while cutting down on time and stress.
No matter how streamlined your onboarding process is, hiring new employees costs money. For this reason, retention of your talented employees is a great way to cut down on the cost of hiring and training new hires. It costs much less to retain your talented employees than it does to look for new ones.
Human resource technology can help you with retention by making sure your employees feel that their job is up to their expectations. This allows them to feel that they have an outlet that they can turn to for feedback which will boost employee morale. Additionally, you can allow your employees to feel that they are in a company where they have the potential to grow professionally, or possibly continue their education.
By offering your employees access to human resource technology, they will feel that they are supported from their first day and every day after. This also helps your HR department feel that they have the tools to best assist their coworkers. Once you’ve given the HR department this tool, they will be able to integrate it into their onboarding process by engaging new hires and allowing them to know all they need to about the company and their role within it.
This is a great way to keep your company on the same page, as your employees will know what is expected of them from day one. This is also a great tool for tracking employee performance along the way which can keep your employees productive while being able to determine areas that are in need of improvement.
Cut Down on Supplies
Human resourcing management can come with costs such as mailing, printing, and storage, which can really add up. With human resource technology, you can cut down on these costs in this department due to digitalization. This is also a great way to streamline your data and information, as it will be much easier to organize digitally than trying to store and sort through papers.
Human resource technology allows you access to modern software that will store your information safely while cutting down on the physical resources you may have allotted to data management. This allows you to cut down on supply purchasing as well as physical storage space in the office.
Save Your Marketing Dollars
Finding talented individuals to help you make your organization as successful as possible is incredibly important, but it can be difficult to do so without spending a good chunk of your marketing budget. Advertising your job openings on dozens of job listing sites can be expensive and time-consuming but human resource technology can help you make recruitment easier.
With this technology, you can automatically post to hundreds of different job sites with the click of a button. This helps you attract better candidates while also cutting down on the time it takes to fill positions. This not only saves you money, but it keeps your company productive and successful so that you can keep reeling in profits.
Reduce Risks of Litigation
One of the best perks that come with integrating human resource technology into your company is that you can store tons of information that can help you reduce the risks of litigation. HR lawsuits are expensive, so it’s best to avoid them at all costs by keeping information stored, organized, and secure. This can help you prevent lawsuits or end them very quickly.
This helps to reduce the risk of employee-initiated litigation by making sure you are proactively preventing any behavior that could require litigation. First off, HR technology can help you with onboarding and training, and you can make sure each new hire is clear on what the workplace expectations are as well as what the results of certain behavior are. Additionally, by being able to track your employee’s performance, you can stop negative behavior before it results in litigation.
The ability to store and manage employee data allows you access to a record of all the employee’s information from the hiring process onward which can assist you in the case of litigation.
Cut Costs With Human Resource Technology
As you can see, using human resource technology helps you cut down on time, stress, and expenses by automating processes and storing important data.
Are you ready to improve your HR processes in Baton Rouge with the use of human resource technology? If so, contact us today to get started.
Whether you have a small office or a set of retail stores, you have a lot of expenses to consider. And if you hire hourly employees, you need to track their time and attendance to pay them accurately.
But tracking hours can be hard and time-consuming. Luckily, payroll technology can help.
Read more to learn why you should use time and attendance tracking.
1. Keep Track
Unless all of your employees work for a salary or commission, you need to track your hourly employees. That way, you can know what to pay them based on their hourly rate.
If you have a lot of employees, tracking their hours manually can be difficult. You have to know what shifts everyone works and for how long.
Using a time and attendance system can simplify this process for you. Payroll software can keep track of hours as they occur, making it easier to record them and pay employees each pay period.
Even if you don’t have hourly employees, you can use the system to keep track of attendance. Then, you can make sure everyone is working the hours they should.
2. Run Reports
At the end of a pay period or month, you may want to see how much you will pay all of your employees. You can see if that cost is within your budget or if you can’t afford it.
Your time and attendance reports can show you if you have any patterns. If you do need to cut costs, you can use these reports to decide where.
Perhaps you aren’t very busy and don’t need a full staff on Tuesday mornings. If you have high payroll costs during that time, that’s an easy way to lower your expenses.
You can find trends with your payroll reports, and they can tell you a lot. Then, you can use the information to adjust how you run your business.
3. Comply With the Law
You have to make sure you comply with the Fair Labor Standards Act (FLSA). The act sets standards for hourly pay and overtime compensation.
If you have hourly employees, you’ll need to pay them one and a half times their regular pay for any hours they work after the initial 40. The law also limits how much employees under 18 can work and what jobs they can do.
You also need to follow the Occupational Safety and Health (OSH) Act to make sure you have a safe place for employees to work. Various other laws regulate workers’ compensation and employee protection.
Using time and attendance software can ensure you follow all of these guidelines. That way, you don’t break any rules that could shut down your company.
4. Save Money
Payroll technology can also help your company save money. As you review your time and attendance reports, you can see how much you’re spending on labor versus the revenue you’re earning.
If you aren’t making money at a certain office or location, you can adjust the employee schedule. And even if you are making money, you can see how you can increase profits by changing when employees work.
While you may need a full staff on the weekends or other busy times, you don’t always need a ton of people to work. If you know how much people work, you can edit your schedules to save money.
Then, you can still run your office or stores efficiently. But you won’t have to pay more for labor than necessary.
5. Save Time
Consider how much time you or someone in your company spends verifying employee hours. And think about how much time individual employees spend tracking the hours they work.
All of that time can add up, and it can keep you from focusing on more important tasks and projects. If you don’t use time and attendance software, you may need to spend a long time verifying records each pay period.
You’ll need to verify each shift for every employee that worked. That may not seem that bad if you have 20 employees, but if they all worked 10 days in one pay period, that’s 200 records that you have to check.
Using a program to track time will give you more freedom and control over your business and how you run it.
6. Avoid Employee Time Theft
Another benefit of using payroll software is that you can avoid employee time theft or at least limit it. When you rely on employees to report their time, you have to believe them.
Someone may lie and say they stayed just long enough to get some overtime. Now, this isn’t a huge problem with exempt status employees.
However, if someone steals a bit of time each day, that can add up over a month or year. When multiple people start to do it, you could lose a lot of money to unnecessary labor.
With time and attendance software, you can see when people clock in and out. You can even edit their time clocks if they have errors.
7. Accurate and Timely Pay
If you have employees who don’t want to use your time and attendance system, consider that it can benefit them, too. When you have to track and verify time manually, that can delay when you’re able to send out direct deposits or paychecks.
After switching to a time and attendance system, all you have to do is check for errors. If your payday doesn’t occur for weeks after the pay period ends, you can move it up.
Then, employees can get paid sooner after the pay period. You can send accurate payments to all of your employees, so you can maintain accurate books for all expenses.
You can access your time and attendance information from anywhere. So if you want to check it as soon as the pay period ends, you can log on from your laptop or mobile device.
Tracking Time and Attendance
If you have any hourly employees, tracking their time and attendance is crucial. You can review your payroll expenses and decide how to schedule shifts in the future.
Tracking time and attendance can also help you ensure you pay employees and follow legal regulations. That way, you can keep your business up and running.
Are you ready to use time tracking software? Schedule a free demo today.