In a December 2023 updated report, Ernst & Young (EY) found the average cost per manual data entry made by an HR professional increased to $4.78. Read about EY’s latest findings for more information.
In its recent survey of HR professionals nationwide, HR.com found one worry outweighs all others in allowing employees to use self-service technology: accuracy of the data entered. At 41%, it heavily topped the reluctant pros’ list of concerns.
And yet, an overwhelming majority (82%) agreed that employee-entered data holds those workers accountable for the accuracy of that information. In turn, that reduces compliance risk, agreed 51% of respondents.
My name is _____
The accountability-for-accuracy statement makes sense, for who better to spell a name correctly than the person who owns it?
Think about it: Who would you trust more to correctly type a uniquely spelled name like Allisyn? You have two choices:
- Allisyn herself, who has spelled it on a daily basis throughout her life
- a stranger who’s only used to seeing the name spelled as “Allison” (or is that “Alison”?)
Most people would place all their chips on 1.
Bank on it
Employees wanting a paycheck for their work — in other words, all of them — are likely to be more diligent than anyone else in entering direct-deposit information.
That’s because only they (and their associated bank account) stand to gain from it being correct: the timely arrival of that paycheck.
By that same token, they also have the most to lose from getting it wrong: the timely arrival of that paycheck.
To err is human … and costly
Since we’re talking numbers, here’s another one: 12%.
According to Ernst & Young, that is the average rate of error when HR enters contact information on employees’ behalf. Furthermore, the firm estimates an average of 16 minutes to correct such an error — with a labor cost of $7.46 for each update.
The right HR technology can eradicate that risk. In a true single-database application, once an employee – or even a job candidate – enters his or her personal information, it autopopulates systemwide, therefore never requiring re-entry.
Tools like Paycom’s Direct Data Exchange® monitor the efficiencies achieved by such workforce usage, which gets assigned a dollar value based on Ernst & Young’s research.
And that’s accurate.