Human capital solutions make every day easier for the HR employees at your company. Additionally, utilizing human capital solutions can also help a business reach its objectives as an organization and achieve growth. With the right human capital solutions partner (software, services, or a combination) your company will see true ROI across the whole organization. Here are 8 proven ways that human capital solutions will boost your businesses’ bottom line and improve employees’ ability to reach larger business goals.
1. Improve Human Resources Employee Productivity by Streamlining the HR Tasks
When your business invests in human capital management software, HR tasks that may occupy human resources employees for hours, if not days each week, are fully automated. When human resources employees are freed up from administrative tasks like onboarding and record-keeping, they can focus on strategies to improve the business. These HR initiatives might include building a better employee experience and culture (which helps attract the best employees for your company), the development of a hiring and succession plan, updating the employee handbook, finding new ways to support and to enhance training content for employees, working on initiatives for embracing and hiring for diversity (key for winning the war for talent), and more.
2. Streamline Payroll Tasks
One of the most valuable assets a business has is its employees’ time. A human capital management solution will help your company gain back hours, if not days or weeks in the year on payroll tasks. This doesn’t just include the time it takes to run payroll every week or two. Human resources and other employees spend a substantial amount of time every year on ACA reporting, EEO1 filing, year-end reporting, and similar tasks, especially without the support of human capital management software. When management invests in human capital management software, these tasks can be automated for the HR or payroll department. Companies like MP offer specialized reporting functions to support human resources departments with ACA filing, year-end reports, and more.
3. Reach Compliance with the HR Regulations for Your Business
A business can save hundreds, if not thousands of dollars, in fees and fines by maintaining HR compliance. Human capital management solutions like HR services can help with this goal. Even if a company has an HR department, staying on top of all new industry, state, federal, and local regulations can be complicated. These human capital management tasks get especially complicated when a business has employees working in multiple states—whether remote or in-person. Having HR services (such as MP’s) reduces risk and exposure for a business around compliance.
4. Use Human Capital Management Tools to Develop, Share and Store the Handbook for Employees
A business with an updated handbook for its employees can better protect itself from fees and fines for compliance as well as lawsuits and complaints. It can also ensure that its employees understand and meet standards: from basic policies around working hours, to bigger performance related goals. With an updated handbook for employees, a business can protect itself from lawsuits and complaints. Employee handbooks with clear and up to date human capital policies also help avoid concerns about discrimination by including details around how management must treat all employees at the office. For a company handbook to be effective, it must be shared with employees, as well as frequently updated by management. Human capital management software can make it simple for management to create, update, store, and share their handbook with employees. It can even simplify the process for gathering and keeping acknowledgements of the handbook from each employee (no more inefficient email systems).
5. Use a Human Capital Management Software to Train Employees– Even Remotely
To enhance their employees’ performance, an employer will frequently turn to training. A human capital management system (Like MP’s Learn & Grow) can assist with this task, even when people are working remotely. The system allows management to add custom content for training or to choose from hundreds of pre-recorded training content options. The system allows management or the HR department to send training assignments to its people via email. The system will then track whether or when people complete their training with the specified content. It can even be programmed to send reminders (so management or HR don’t have to) if people haven’t completed their training by a certain date. These tools make the training experience much easier and even less emotionally fraught, as the human capital management system follows up with employees that aren’t completing training, not the management or HR.
6. Facilitate Better Employee Collaboration with Human Capital Solutions
A business can achieve its goals and offer a better employee experience when they foster collaboration—across teams, departments, and the whole organization. Their team can reach higher goals and the organization will be more likely to attract and retain talent with a more collaborative employee experience. With a human capital management solution, an organization can facilitate more and better collaboration amongst its people. Human capital management software can make it easy for people to share content, make edits, message each other, have conversations or presentations with multiple people, and generally improve the experience of working together with reliable technology.
7. Improve the Performance Review Process All Year with Human Capital Management Software
When an employer can improve employee performance, it directly impacts the company’s bottom line. With the right human capital management software, a company’s management can turn the performance review experience into a more robust, effective, and year-round experience. Management can seek out feedback for employees from internal and external sources. Human capital management software also makes the performance review experience more transparent and easier to access anywhere, anytime for the employee, management, and HR. Employees can take feedback and continue to improve all year, not just at a single event with HR and management that might feel rushed.
8. Use Human Capital Tools to Reach and Maintain Compliance with Payroll Regulations
A human capital management system helps employers avoid steep fines and other consequences that can result from being out compliance with payroll. When an employer’s payroll department, HR department, or management uses a human capital management system, payroll data is securely recorded and automated processes help correct and avoid mistakes. Some human capital management systems, like MP’s also have built-in capabilities to create special reports for requirements like ACA reporting or tax filing. Human capital management software for payroll can also be updated with special features and content that reflect new legal requirements for payroll depending on the location, company size, industry, etc. When an HR or payroll department has assistance staying in compliance, the company can be sure they’ll be saving significant time, money and damage to their reputation.
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