5 Ways to Capitalize on HR Technology Trends
Today’s business environment is increasingly mobile and wireless, yet when managing HR and people matters, a surprising number of organizations are still bogged down in spreadsheets, paperwork and manual data entry.
A recent Paycor survey of more than 1,400 small to mid-sized businesses revealed:
* 51 percent of businesses still store employee data in multiple
* 69 percent manage job descriptions and applications manually
* 54 percent are manually tracking hours—if they’re tracking hours at all!—to stay compliant with the Affordable Care Act.
Companies that invest in technology for tasks such as payroll, time and attendance and benefits administration spend 18 percent less than organizations that rely on paper, according to PricewaterhouseCoopers.
Paycor Executive Vice President Stacey M. Browning offers five ways to take advantage of tech trends that make your organization more efficient, ensure tax and legislative compliance, improve employee engagement and promote big-picture thinking.
1. Timekeeping systems
Businesses nationwide are scrambling to track employee hours to determine health-benefit eligibility as required under the ACA. A Paycor survey found that 28 percent of organizations still aren’t sure how they’re going to report hours. That uncertainty opens the door to thousands of dollars in fines per employee per year. One solution is to *adopt a cloud-based time and attendance application that offers more control over labor expenses and powers decision-making with better insights into costs and schedules.
2. Employee self-service
HR professionals can create time to address talent challenges such as engagement and retention by letting employees initiate routine tasks. For example, self-service tools allow employees to update personal information, access their timecards, request leave and view schedules anywhere they have online access. This streamlines basic processes so HR associates can focus on organizational and operational contributions.
3. Automated open enrollment
A web-based HR information system, or HRIS, simplifies one of the most labor-intensive HR tasks: benefit enrollment and administration. No longer does an HR associate need to spend hours on data entry, inputting benefit selections—employees can do it directly. An HRIS also can connect to an organization’s payroll system to collect premiums.
4. Data and analytics
“Big data” is the business buzzphrase of the moment, but what truly matters is “good data.” Good data starts with good systems and custom reporting tools that enable you to make information truly actionable, such as identifying overtime or retention hot spots. The best tools allow you to view trends in historical data, create your own formulas for analysis and summarize information quickly without help from IT.
5. Mobile technology
By 2015, Generation Y will outnumber Baby Boomers in the workforce. That means mobile technology will be a basic expectation of employers. Top-level SaaS providers already offer mobile applications that let employees view pay details, make time-off requests and connect with colleagues via their smartphones, whenever and wherever they choose.
How many of your people processes are sapping resources from bigger opportunities? Is your organization still dependent upon paper? Consider these five HR technology trends as your starting point to fast-forwarding your business’ efficiency, security and strategy. Get in touch with Paycor to learn more about how our HR and payroll solutions can empower your organization to keep up with these trends.
**Stacey M. Browning* is Executive Vice President with Paycor, where she is Paycor’s voice on the importance of design and usability, overall product visionary and culture keeper. She is also a frequent speaker on the power of personal branding and on HR technology topics.*