Cost Benefits of Investing in Online HR Software
If you have made the decision to invest in an HR Software platform as a small business owner, you have undoubtedly made a very big decision for your business. If you own a small business and you are ready to integrate and streamline all your HR related processes and workflows you may already be feeling as if you have had a weight lifted off your shoulders. You may still however, be grappling with the price tag that comes along with all of this. Whatever software platform you choose there are going to be costs for your business. There will be monetary and time based costs, but having said this, the cost benefits of installing the software and utilizing it over time for outweigh the costs of doing it all alone.
There are several program and integration options that you can choose from when investing in an online HR software platform. Let’s say you only want to get your feet wet and try out the bare bones level to start. You can find programs for as low as $8 per employee per month. If you think about how much you may be spending in extra payroll per week for one of your team members to manage HR administrative tasks that can be fully managed by the software, you can easily see the cost benefits here. You just must look at the big picture and what your cost savings will be over time.
Time savings as a result of investing in a cloud based software platform go hand in hand with the cost savings. If you have a software program managing your HR workflows and data, you can give precious time back to your employees and HR professionals to focus on more important tasks that software programs can’t manage-managing your people. Let your HR experts focus on what they do best, people managing and development. This could have even more cost savings benefits for you and your company through positives like increased employee productivity, increases satisfaction rates of your staff and a decrease in employee turnover. Decreasing employee turnover saves you time and money in the long run.
You cannot put a price tag on ensuring that your company is compliant from a legal standpoint when it comes to HR rules, regulations and processes. Companies that are not compliant and who are randomly audited by either an independent auditing firm could face huge fines and legal issues if they are found to be non-compliant. Employees who are disgruntled for whatever reasons could present legal issues to their employers if the company is blatantly not following the proper procedures surrounding any HR related processes. For example, if the employee review and pay raise process, or fair treatment of team members procedure isn’t followed correctly your company could get into trouble if something goes wrong. An online HR software solution can ensure that all systems are managed to standard and will keep both employees and employer protected.