Recent stats released by the United States Department of Labor show us that private industry employers recently spent, on average, $30.11 per hour worked on employee compensation ($21.02 for salaried employees and $9.09 for their benefits). This amount accounts for more than 30% of a typical business’s operating expenses.
With so much of your company’s resources dedicated to retaining and paying your workforce, it is simply imperative for you to identify ways to improve your results, increase efficiency, and lower business costs.
Human Resource Management Systems (HRMS), like Sage HRMS, can help you find these kinds of opportunities so you can easily take advantage of them.
Enhancing Workforce Management
HR Software like Sage HRMS can help with your workforce management from applicant tracking all the way through onboarding, and performance management.
Financial resources are always at a premium, so finding ways to save money on the most time intensive tasks, like workforce management, will always be worth the effort.
Sage standardizes many HR administrative processes, including promotions, employee discipline, transferring, or terminating an employee, tracking family and/or medical leave as well as leave of absence, assigning or changing benefits, changing salary or grade of an employee, safety reporting, and a lot more.
Improving Performance Management
Tracking how well an employee performs is just another part of business management, to be sure you’re hiring the right people that are completing the work correctly, efficiently, and improving along the way.
A lot of HR work is keeping track of these items using paperwork and many times, duplicates of the same paperwork to be sure all the proper management has a copy of the pertinent details related to the employee in question.
Using an HRMS helps eliminate the need for all of that paperwork by keeping everything in one space and available to management without the need for duplication or hard copies stuffed away in a filing cabinet somewhere in the office.
Sage HRMS can assist you in managing ongoing performance and compensation information such as job descriptions, reviews (with documentation), employee ratings, salary ranges, pay grades, compa-ratios, and incentives such as bonuses or stock plans.
Customizable reporting as well as some standard reports allow you to quickly and easily send information to those that need to see it, while also being able to prevent access by others.
This makes management of your talents’ performance throughout their time with the company easier, saving you time and all that paper!
Revamp Your Benefits Management
Insurance benefits, stock options, PTO, or other benefits can be easily managed inside of an HRMS as well. This helps bring more of your HR duties as a professional into one space rather than spread out over a few.
Imagine only having to use one software program to manage your people rather than two or three. Keeping everything in one place is not only helpful for HR, but also helps with security management of personal information.
One software to manage versus a few can keep access monitored at all times, preventing access to certain information by people that don't really need to have it, while allowing others that do, to get into it easily.
Consolidate Your Payroll, Time Management, and More
When business finances are tight, it’s important to make the right decisions regarding how you spend them. Rather than spreading your human resources department thin by utilizing various tactics and strategies to manage timesheets, payroll, and more, consolidating all of it into one space where the appropriate team members can access it saves time and money.
It saves office space by ridding your team of cluttered filing cabinets. It saves physical resources such as paper and ink.
Over the long term, roughly about 15 months, you’ll see a return on your investment for the software, giving you a direct cost savings that your business needs.
Don’t spend money on 3 or 4 softwares that can only manage one or two of your business items.
Download the PDF below for the latest Sage HRMS literature, then contact our team to discuss it in more detail. Let’s find out what we can do to help simplify your business processes!