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Are you trying to cut down on your business expenses this year? Whether it’s an unexpected dip in sales or a significant recession brought on by the global pandemic, businesses are rarely short on incentives to lower their human resources (HR) costs. There’s usually a cost to cost-cutting though. Reducing perks and benefits can hamper recruiting efforts, for example, and the aftermath of layoffs in terms of workforce morale and engagement can be devastating.
If you’re looking for a way to cut human resources costs and actually improve your organization simultaneously, implementing HR technology may be your answer. By enabling better decision-making and improving operational efficiency, HR technology can result in significant savings and benefits that more than make up for the system’s price tag.
In this article, we’ll look at several areas where Highflyer Payroll and HR technology and services has helped reduce human resources costs.
Keep reading to learn more about how Highflyer’s human resource technology saved companies money in Baton Rouge and nationwide. Make sure your company is running as efficiently as possible while also saving you tons of money by reaping these benefits.
Talent management: Hire—then keep—the best employees
No one sets out to hire the wrong person, but it often happens anyway. According to a 2017 CareerBuilder survey, 74% of employers admit they’ve hired the wrong person for a position in the past. And the cost of that mistake for HR departments is significant: $14,900 per bad hire, on average.
Whether you didn’t have the time to weigh your options carefully or the candidate who was great in theory ended up not working out in practice, an applicant tracking system (ATS) can improve your odds of making the right hiring decision through a handful of features:
- Applicant sourcing and online job posting capabilities help you cast a wider net for talent, increasing the number of applicants for each opening.
- Customized candidate assessments test job seekers on their skill sets and reveal details about their work personality to determine their fit for the role and company.
- Benchmarking capabilities compare applicant traits and skills with those of current top performers in the company to find the best candidates of the bunch.
Highflyer continues to lead City Group Hospitality with incredible guidance on Covid-19 compliance. During the toughest time ever in the restaurant industry, Highflyer’s selfless and tireless leadership and daily informative reports through their HR software was unsurpassed. When we called with any question, Highflyer was always there. City Group Hospitality is honored to have them as our payroll and HR partner, and the reliable information during this pandemic has allowed us to get the best possible outcomes for all of our employees.
Stephen Hightower
Managing Partner
City Group Hospitality
Time Is Money
As you know as a business owner or leader in HR, 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 to allowing employees to become more engaged in your HR administrative processes. By having a single source technology, we have helped hundreds of clients secure millions of dollars in PPP money , ERTC and WOTC (Tax credits), and continued ACA compliance.
Increase retention
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. Empower employees to learn and grow by offering a full performance and learning management system, complete with dozens of courses that offer learners an on-demand and contextually relevant experience
Learning Management Systems can help you with retention by making sure your employees feel that their job is up to their expectations. Especially in today’s remote/hybrid/distanced work environment a cloud solution is essential to your success. This allows employees 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 learning management systems, 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 cloud based 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 a cloud based 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. Modern, intuitive, automated HR workflows are essential in todays environment.
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? We are happy to share how we have helped hundreds of businesses survive during these difficult times. If so, contact us today to get started.
