From recruitment to performance management, there are many ways that HR technology can improve the experience of working for and with your organization.
For example, recruiters can use technology to find and attract the right people.
Also, background checks, candidate assessments, and onboarding processes are easier when you automate them with tech.
HR tech can also improve performance management by making it easier to:
- monitor employee progress by using a time tracker,
- identify issues early on and
- provide feedback more effectively than ever before.
But, of course, HR tech can do more. This guide will show you how HR technology can help your business achieve more.
Let’s dive right in.
7 Ways HR Tech Can Help Improve Your Business
1. More Time for People
It’s no secret that people are one of the most important assets of your company. To win in today’s competitive marketplace, you must invest in your employees’ well-being. You should also create an environment where they can do their best work.
HR tech offers several ways to help reduce time spent on HR processes. That can help free up more time for employees to do productive work and engage with each other.
2. HR Tech Can Maximize Time
The time employees spend on menial tasks is a waste of time and energy. They should spend as little time as possible on these activities because they don’t advance the company’s ultimate goal.
G&A Partners estimates that 73% of a human resources manager’s time is spent on tedious administrative tasks. HR tech can reduce this time commitment by eliminating or significantly reducing paper-based processes.
As a result of streamlined administrative processes, your HR department will have more time to focus on projects. And that will bring the business closer to its mission.
The HR team will have time to focus on the following:
- fostering positive company culture,
- boosting employee engagement, and
- attending to the needs and requirements of employees.
3. Improved Employee Engagement
Employee engagement is a term you’ve probably heard before. It’s crucial to employee retention, and it can be improved through the use of HR technology.
You can use HR tech to measure engagement levels across your organization and compare them against industry standards. You’ll also see how changes in these metrics affect business results over time.
That can help you make informed decisions about where best to put resources toward improving team engagement.
4. You Can Save Money
An excellent employee experience is vital beyond just the offer letter. Savings on HR costs can be massive if new hires have a positive onboarding experience.
Gallup found that 88% of employees were dissatisfied with their onboarding process.
Employee turnover is a costly problem. The cost of replacing an employee can be about 20% of their annual salary.
Some even estimate that replacing a highly qualified employee costs more than two times their annual salary.
It’s costly in terms of both time and knowledge when skilled workers leave. Spending on hiring and training new employees is also necessary. So it’s usually better to keep your current staff.
With efficient onboarding, you may save money that would have been spent on hiring and training new staff members.
That allows you to spend extra money on other initiatives to increase revenue.
5. Transparency of Processes
Transparency of processes is a key benefit of using HR tech. It helps employees understand how the business works and what they need to do to be successful.
For example, let’s say you have a new hire onboarding process that used to take three days and now takes two. It should be transparent as part of your standard operating procedures (SOPs).
Otherwise, people will just assume that things are slowing down or getting more complicated when they aren’t. And that can make them feel disengaged and frustrated with their jobs because they don’t know why things are happening like that.
6. Retention Analytics
Retention analytics can help you understand what is driving employees to leave.
It’s a good idea to start your analysis by looking at the factors that drive people away from your company. For example, maybe your employees don’t see how their work contributes to your business or a lack of clear career paths.
Once you know what causes people to leave, you can focus on improving those areas and hopefully retain more talent for longer.
Retention analytics can also show you which employees are at risk of leaving. If you notice an employee who isn’t happy with their job or colleagues, you can talk to them before they leave.
It’s better to intervene earlier before they draw the final straw.
7. HR Tech Can Help with Your Company’s Hard And Soft Skills
HR tech is much more than just software for payroll. It can be a tool that helps you manage your employee database, track performance metrics, and conduct exit interviews.
Regardless of your HR technology, it’ll create efficiencies in your business. It can do this by taking care of many administrative tasks associated with managing employees.
The biggest challenge facing businesses today is finding and retaining talent. This means focusing on training programs that will improve productivity and increase retention rates within your workforce.
HR technology can help organizations in a lot of ways. For example, you can streamline the hiring process and make it easier for candidates to apply. HR tech can also help you give employees access to the right tools.
That will give your employees what they need to do their jobs well and thrive in their careers. HR tech can even help companies improve employee engagement by giving employees more feedback on what’s happening around them.
So by finding the right HR tech for your business, you can improve your greatest assets – money, time, and people. And that can surely boost your business growth.