Perhaps it goes without saying that business owners face near endless challenges and opportunities today. As a result, inevitably, there’s an endless range of solutions and technologies employers may choose from to address these issues. For your business, where do you rank the challenge of minimizing the cost of labor and workforce administration while maximizing workforce productivity?
Historically, this challenge has been difficult to manage and therefore is often overlooked. Today, however, we’re seeing tremendous technology breakthroughs in our ability to gain control of one of our greatest assets.
Are You Controlling Your Greatest Cost?
If you’re like many organizations, your workforce is your greatest cost and asset. Your workforce’s productivity is perhaps more vital to your company’s success than nearly any other factor, not to minimize the realities of social, legal, economic and other external forces.
When speaking of endless technology solutions for business owners to consider, while some may address a unique or small challenge that is important, it is easy to overlook others that have the potential to solve enormous challenges and have tremendous impact on the bottom line specific to your workforce. For this genre of challenge, we’re referring to “workforce management” or “Human Capital Management” (HCM) technology.
This newer distinction of technology is not simply outsourcing payroll and implementing a biometric time clock. The possibilities to save and do more with your workforce with less go far beyond.
Why Invest in Human Capital Management Technology?
When you invest in technology, you want to get the best bang for your investment, like any of us. Hopefully, the solution you choose in the time available to make the choice addresses a myriad of problems very quickly and cost-effectively.
In the scope of technology decisions to make for your organization, here’s an important point to remember. For one of your greatest assets and expenses (your workforce), there is likely no better tool to minimize the cost and maximize the output than a Human Capital Management software suite. At Payroll Link, we specialize in this genre of technology.
So… to answer the question of “why invest in a Human Capital Management suite,” the brief answer is as follows:
- Minimize the cost of labor.
- Minimize the cost and time related to workforce administration.
- Maximize workforce productivity.
- Minimize workforce and HR-related compliance risk.
- Maximize employee retention.
How Does Human Capital Management (HCM) Make a Difference?
Not too long ago, HR and payroll processes were perhaps more simplistic. Many of these tasks were manageable in-house through spreadsheets, filing cabinets and a series of stand-alone software applications. Today, due changing workforce dynamics, compliance requirements (i.e., federal, state, local, union, etc.) and many other factors, workforce administration for small, medium and large organizations alike is far more demanding. Fortunately, technology has exponentially disrupted and/or accelerated just about every facet of the HR function for the better.
One of the most critical advances in recent years is the ability to access virtually all aspects of Human Capital Management and HR through a single platform experience. This way, data is shared freely between applications, increasing results while further decreasing administrative costs.
Some of the biggest improvements we’ve seen in HR processes relate to the following areas:
- Recruiting and applicant tracking
- New hire onboarding
- Benefit enrollment and administration
- Performance and compensation management
- Time and labor tracking
- Employee scheduling
- Employee Leave Management Tracking
- Payroll processing and tax compliance
Simply stated, all of these critical functions can now work together seamlessly through a single, unified platform to quite literally cut countless hours of administration out of many processes across the organization while improving results.
Extending Your Workforce Solutions - Integrations and the Marketplace
Investing in workforce optimization through a Human Capital Management suite is an enormous boost for HR departments and business owners. Yes, this decision will greatly improve the “quality of life” for these individuals while also enhancing the organizational culture and profitability.
However, beyond these core solutions, employers can also connect a long list of additional technology solutions to further simplify, streamline and expand workforce results. Many solutions can be immediately added to an HCM suite through an integration, including but not limited to:
- Workers’ Compensation insurance
- HR compliance support
- 401(k) Retirement solutions
- Travel and Expense Management
- Benefit Carrier Connect
- Background Screening
- Poster compliance
- Compensation analysis
If you will be making a technology decision related to HR and Human Capital Management, be sure you choose a solution that not only offers a unified solution across HR modules, but also one that can comfortably expand its capabilities through other market-leading integrated third-party technologies.
The Importance of a Service Partnership
Although your choice of technology is critically important, your choice in a partner is often even more crucial. At Payroll Link, we love serving our clients and go above and beyond to provide good ol’ fashioned service in addition to market-leading technology. We'd love the opportunity to show you the difference.
If you need help discovering the many benefits of adopting a Human Capital Management software solution, please don't hesitate to call us.