It’s true that the workforce is any company’s most valuable asset, but it’s an asset that costs the company money too when it comes to not only salary, but overall employee and benefits management. In fact, the average cost of HR services is about $1900 per employee each year! Let’s put that into perspective- if you have 100 employees, you’re averaging $190,000 each year in HR services alone. But you can’t just get rid of employee benefits and cut down salaries if you want to recruit and maintain top talent on your team, so what can you do to reduce the inefficiencies and expense of HR management?
The key to success is balancing and containing these costs to keep overhead low, yet business growth and employee retention high. Your Human Resources Department can help you do this, but they need, as we all do, more time. A human resource management system (also know as HRMS software), can give them just that.
Related Reading: 5 Reasons HR Software Implementations Are On The Rise
HRMS software can solve a variety of problems for HR Managers; from general issues such as collaboration, knowledge sharing, and workflow to very specific challenges that are unique to industries or even issues unique to your company. Below are some of the major features that help businesses solve their largest HR inefficiencies and problems:
- Personnel administration
- Benefits administration
- Payroll
- Portal/employee self-service
- Service center
- Workforce planning
- Compliance management
- Employee reviews
- Paperless HR
- Applicant tracking
- Online enrollment
- Competency management
- Performance management
- Time sheets
- Training and development
- Reporting & analytics
- Employee self service
- Absence tracking
- Goal management
- Organizational charts
- Compensation planning and strategy
- Time and expense management
- Recruitment management
- Onboarding
- Contingent workforce management
- Organization visualization
- Reporting and analytics
- Alerts & workflow
If you’re ready to overcome some challenges and run your HR department more efficiently and cost effectively, HRMS software may be the answer. Choosing the right system is the tough part, but we’ve put together a guide to help you learn more about the various features available, understand system selection best practices, the implementation process, and how to succeed with human resource management automation. Click below to get your copy.
