Doing More For Less- Reduce cost by 30% by using HRMS Software Solutions
For any start-up, reducing the cost remains a main agenda. On the surface, spending huge money in getting in-house HR department is not only expensive but it will take most of the time in streamlining the entire HR department. Rather implementing HRMS software could be a wiser option.
The goal of any company is to make profit and reduce costs, start-up entrepreneurs implements various steps to make a profitable business and implementing HRMS software is one that not only helps reduce HR costs but overall improves the HR functions. It will be a wise investment that every start-up entrepreneur should put to practice.
One of the esteemed company “Aviva” came up with a new, ” Aviva reduces costs by 30% by implementing HRMS Software Solution System”.
“Before we installed the system, the CEO of Aviva Europe asked me how many staff we had in Europe. I could not tell him. It took weeks to find out. Now I can do that in 30 minutes,” Moffat said. “We are under continued pressure to manage costs. Our total costs in the European region in HR have come down by close to 30% and Workday has been a big component in that,” he (European director of HR at Aviva) added.
Engage Your Workforce To Drive Growth With HRMS Software Solutions
Empower your people to take charge of their performance and their careers – by relying on HRMS Software solutions for human resources. Companies of any size can optimize your HR operations across geographies, organizations, and employee types – and drive workforce strategies with true insight and confidence.
What other benefits you can avail?
- Finding the right people and optimize the performance
- Reduce training time with software that is easy to use
- Align your employees with your strategy, organization wide
- Secure your employee data with robust security tools
- Pay as you go- with reduced, and more predictable costs
You Get What You Put In- Implement HRMS Software Solution System
The implementation of HRMS software solutions, can save a small business a great deal of money and time. For example, an HRMS helps a small business by reducing errors, automating payroll entry and a host of other items. HRMS Software Solution System allows a small company to manage all of their human resources tasks in one system, allowing a much more efficient and cost-effective HR workflow.
HR department is very crucial but some companies don’t make the necessary investments on automaton of their department to make them efficient and productive. Many companies avoid automation of their HR departments since they believe that these are cost centers and keep the costs for this department as low as possible.
This results in error prone and multiple paper-based processes and transactions. The manual and paper based transactions takes 75% of an HR professional time that can easily be saved and channelized in other strategic initiatives of HR.
According to a study done by Coopers & Lybrand in 2004, “Companies in the United States spend $20 in labor cost for every document filed, spend $120 of labor cost to find a misfiled document, spend $220 to reproduce a lost document – and statistics show that 7.5% of all documents are lost.” Furthermore, the U.S. Department of Labor requires employers to retain payroll records for at least three years. (Source:blog.empxtrack.com)
HRMS Software Solutions help you in effectively managing your workforce in low cost. It can cut your HR department cost without compromising on efficiency. Let us explore how HRMS Software Solutions can help reduce the cost of your HR department:
HRMS Software Solutions Reduces Cost in Payroll Management
If you manage monthly payroll manually for a small organization of 100-300 employees, you need at least 1 employee to manage and update employees HR file that contains the salary breakup of employees, their personal details such as address, dependents and benefits.
In addition you may need at least one manager working part-time who would verify any changes and an employee from the finance department to calculate and finalize payroll as also file the statutory reports.
This means that you need at least 2 full time employees to calculate payroll in your company.
There are some latest HRMS Software solution system available featuring with payroll modules costs you approximately $1 to $3 per employee per month. So for 150 employees, you have a cost of 150-450 per month. Given the high salaries of HR and finance employees, this could be a major cost saving for your organization.
HRMS Software Solution Reduce Cost in Attendance Management
Just like payroll calculation, you will need at least one professional to manage employee attendance and leave processes – especially if your organization is multi-locational. Not only could you save substantially in processing costs but the associated analytic will increase compliance and give you up-to-the-minute feedback. Since attendance reconciliation is a big challenge in a manual system and consumes significant man-hours, you may end up over paying and under paying employees with a manual system. A manual system leads to increased queries, errors and rework. Attendance regularization is just a few clicks activity with HRMS Software Solutions which can be managed between employees and managers.
HRMS Software Solutions Reduce Cost Associated with Recruitment and Performance Management
Unclear goals leads to low employee performance which leads to inaccurate appraisals, retention of non-performers and a lower morale amongst the high performers. While it is difficult to identify the cost of a lost employee but the replacement cost, associated on-boarding and training costs can lead to significant cost impacts. In addition, a manual appraisal means a lot of paperwork, followups, errors and delays and lack of immediate reports.
With HRMS Software Solutions you can help set organizational, company, and individual goals for employees and involve them in the process as well. The goal sheets and achievements of employees can automatically move to the appraisal leading to fairer and transparent ratings.
HRMS Software Solutions from experts……….
RH Factor is one of the most reputed business name that offers wide range of HRMS software solutions to the clients of India. In pursuit of this mission at their various customer places, RH Factor not only position their products as a solution but also supplements their product solution with a host of service offerings that helps their customers to realize the return on investment quickly.
Like RH Factor, there are other leading names like Grey Tip, Seed Management, Zing HR offering wide range of HRMS software solutions that empowers HR to manage Talent and its retention processes more effectively, thereby enabling HR to focus on increasing the talent pool. HRMS software solutions is secure, easy to configure and user friendly application, easily deployable, customizable, and can be easily integrated with other existing systems within the organization or the extended enterprise software.
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