Optimize Your Business Finances with Employee Management Software

Technology and computers have permeated every area of our personal and professional lives from our cars, to our coffee makers. It’s imperative for businesses to make the most of every advantage, especially when it comes to technology.

Business software can be a tremendous benefit. It can help manage inventory, accounting, finances, customer databases, projects, and more. Human resource (HR) and employee management software can add significant value to a business.. Its capabilities go far beyond merely acting as a database for employees and storing their contact information.

Here are a few ways that the right software can optimize a business’s finances.

Reduce Hiring Time
As many business owners and managers know, the true cost of hiring a new employee can be extremely high. Based on the size of the organization and the number of employees needed, businesses must cover the cost of posting on job boards, holding or participating in job fairs, allocating resources needed to pre-screen potential applicants, and providing qualified personnel to hold interviews.

A good HR software will offer an affordable applicant tracking system (ATS) which can reduce hiring time by streamlining the entire process from posting the position openings, to screening the applicants, setting up interviews, and handling new hire onboarding.

Improve Efficiency via Reporting
Human resource management in small businesses is often handled by a single employee performing multiple administrative duties and tasks.

A company must constantly monitor and seek to improve all aspects of their business, from employee productivity, to operating procedures. Tracking all of this information can take away valuable time from already overloaded HR staff. A successful HR software will have a system in place that allows employees to enter or submit their own data independently. This frees up time to focus on other, more pressing matters. After employees submit their data, the soft

Manage Workforce Performance
Effectively managing your workforce involves more than just an annual review; it involves “performance management.” Performance management allows managers and business owners to see each employee’s individual performance as a whole, rather than as a quick yearly review. However, this requires a significant amount of data and information that relies on hard copies of documents, individual conversations, informal feedback, and data gathered from time management software.

Any HR software worth its value will allow management to quickly and easily access the necessary information to gain an overall performance review for each employee. This allows management to solve current workforce issues, and even prevent some from happening in the first place, saving themselves time and money.

A digital or cloud-based, automated time clock can also be vital to managing workforce performance. The following are a few ways automated time clocks can save a business money:
-Improving payroll accuracy and eliminating the human error aspect
-Ensuring time is kept impartially
-Reducing time spent by HR staff with recordkeeping
-Monitoring employee attendance and absenteeism
-Boosting employee morale by ensuring staff is paid for the time they worked

Integrate All Business Systems
While technology can be a great resource, if it can’t be applied and integrated easily into a business’s systems, it may become extremely ineffective. The right employee management software will integrate information from several resources and store it in a unified (i.e., automated time clocks, HR software, payroll software, etc.). In a perfect world, the best management software would include all necessary aspects in one system– from payroll, to calendar management.

Stop and think about all of the HR processes that have been discussed. How payroll hours does it truly cost a business to cover these tasks? While you can’t do away with administrative HR tasks altogether, you can significantly reduce associated costs by implementing a high-quality employee management software system. Doing so can then allow you to free up funds that can be used to invest further in your company.

Author Bio

Eric Czerwonka is the co-founder of Buddy Punch, a cloud-based time and attendance system that keeps track of hours onsite or in a remote location via their smartphones, tablets, or computers. They offer features such as geofencing, webcam photos on punches, payroll integrations, flexible pay periods, scheduling and exportable reports for easily payroll processing.

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