In this, our third post, we consider how to quantify the benefits of implementing an HR product.
Impact of an HRMS to the bottom line. The cost savings associated with an HRMS extend into many areas of a business. It is possible to define, and measure, returns on your HRMS investment, often in as little as 15 months along dimensions such as process standardization, increased productivity, and improved compliance.
With an HRMS, you will spend far less time on data entry, routine administration, and reporting. You will eliminate duplicate data entry, as information flows seamlessly across the system. These efficiency gains help you deliver a higher level of service to employees and insight to the business.
HRMS helps your company achieve compliance and avoid lawsuits. Regular legislative updates, automated record keeping, and specialized reporting help your company stay compliant with government regulations. By ensuring organized, centralized data and thorough record keeping, an HRMS helps avoid fines, penalties, and threats of lawsuits.
The adaptability of HRMS to meet your needs. As your company grows, your human resources automation needs are likely to change. An HRMS that is easy to expand, and to which you can add capabilities, will save money in the long term. It means you can start with the functionality you need today and then add what you need when you need it. For example, you may want to enable your employees to have more control over their own personnel and benefits information, which could lead on to:
Employee self-service allows employees and their managers to view, create, and maintain their information anywhere, anytime. Employees can find answers to questions about time off and personal HR information, as well as pay history and pay stub details. And self-service reduces the paperwork burden while retaining the ability to control and approve processes.
Benefits enrolment automation enables employees to self-enrol in benefit programs, review their data, and report life event changes anywhere, anytime. Employees can be prompted to choose plans based on eligibility and compare costs and coverage. When open enrolment is over, the HRMS produces detailed cost projections and other reports. Overall, enrolment automation reduces paperwork and manual data entry, and shortens and reduces the cost of open enrolment.
In conclusion An effective HRMS solution will have a huge impact on individual and organizational effectiveness, streamlining processes and freeing up HR personnel from routine employee requests and paperwork. This will allow them to focus on more business-critical core issues.
To learn more about Sage HRMS, take a look at a range of Quick Feature Demonstrations on the Sage Customer Support and Training YouTube channel as well as all the other resources available on the Sage City Community.