HR Cost saving opportunities

Whether you’re a small cog in a huge corporation or running your own SME, ensuring that your Human Resources (HR) costs are kept on a level can be of huge benefit to your business’s cash-flow. Essentially, it means the difference between an efficient HR department and costly one. However, you can’t just make cuts arbitrarily or you run the risk of having to sacrifice some of the employees that make your business what it is. Technology has made a massive impact on how HR departments function and choosing the right software can help you streamline, without actually having to streamline. Cost savings

Time and money

The right HR technology can help you save the two commodities that are of the most importance to any business: time and money. Products, such as cloud accounting software, can help to eliminate costly mistakes and turn tasks that usually require manpower and man-hours into automated processes that practically take care of themselves. The auditing company, Deliotte Consulting, recently released a report in which it stated that: “Companies that spend the least on human resource functions allocate more of their budgets to technology and deliver HR processes with almost one-third less staff, per 1,000 employees.” In short, HR is one of the areas of a company that will benefit most from technology and, in turn, deliver its processes more efficiently, whilst saving the business money overall.

Working under a cloud

To be effective, HR software needs to be capable of being shared between various platforms. The days of sitting at one computer in one location are no longer representative of office work. Now, employees can find themselves in various locations and are expected to be able to continue their work wherever they are. Cloud accounting software enables a workforce to do just that: data can be shared between colleagues and platforms, downloaded, edited and emailed on, expanding the channels of communication. It can transform laptops and mobiles into fully functioning, on-the-go office suites, giving greater capacity for interdepartmental communication and sharing the appropriate information with clients.

In addition, as cloud accounting software stores data remotely then you’re already bypassing the expenses incurred for traditional storage, as well as the costs of renting servers. Cloud accounting software can help your HR department run more efficiently and more cost effectively, without the need for key staff cutbacks.

Other benefits

HR software programs can also be used to improve the productivity of your workforce as a whole. You can make staff training packages available to the relevant staff through central portals that are housed under the cloud. Many programs allow employees to read staff handbooks, review their healthcare plans and even manage their own time off – all stored in hard and fast data to be analysed at your convenience. In addition to reducing the time your employees need to spend calling the HR desk to negotiate factors such as these, software of this sort can be used to send employees important reminders about important business dates or upcoming events.

When people hear the word ‘streamline’, they tend to assume that it means there will be redundancies. HR software is the best way to make your company’s infrastructure more aerodynamic and save money, without having to break out the P45s.