In a healthy economic environment, how efficiently a business runs affects revenue and waste. But when the economy is down, efficiency will make or break your business. Now is the time when thinking fast on your feet and adapting quickly matters the most. It’s also the time when your people need you the most.
Ask yourself, “What’s not working?”
It’s good to know what’s working in your organization, but even more important to know what’s not. Start by taking a thorough look at your processes and resources. Are they up to date and efficient? What tasks are your teams simply spending too much time on? What’s dragging them down?
If your HR team is still entering and managing employee information with old software, something is wrong. They should be spending their time instead on tasks that require their expertise — important tasks that move your business ahead.
Evaluate your technology providers
Think about your relationship with your current HR tech provider: Are they providing technology that improves your team’s efficiency at every step?
According to Harvard Business Review, “Technology can make your business more transparent, more flexible, and more efficient. IT investments make companies more agile and therefore better able to handle the uncertainty and rapid change.”
If your HR tech provider is not increasing efficiency, chances are good they’re the wrong partner for both you and your employees.
Look into the benefits offered by employee self-service technology. Instead of having your HR team sort through piles of data just to answer an employee’s question, your employee simply logs into your organization’s HR software and gets the answer he or she needs — no time wasted waiting for a response from HR.
Look for an end-to-end solution
The provider you choose should serve your organization at every step along the way. That starts with recruitment and onboarding of new employees, and a seamless means to support them throughout their employment. Key features like payroll, performance management and daily data-driven tasks are most important. If just one component of your HR tech lacks efficiency, it drags everything else down.
Empowering your employees to use the technology is just as important as having the right provider. Make sure the technology is easy to use and allows every employee to access it through an app on their phone or computer.
The keyword here is “efficiency.” According to Entrepreneur, poor efficiency and silly repetitive tasks can cost you up to 30% of your annual revenue.
Measure results
Once you’ve switched to the right provider, make sure they’re making a tangible difference in your company and to the bottom line. Paycom’s industry-first Direct Data Exchange® is a simple tool that lets you track how employees use the new self-service technology. It tells you the costs associated with each HR task done by the employee, all based on leading-edge research from Ernst & Young.
As a business owner myself, it’s key to know you’ve made the right investment. You’ll have a crystal-clear picture of employee engagement and also identify the wasted efforts that are pulling your organization down.
Direct Data Exchange can help you lead more efficiently and improve your bottom line. Paycom is worth your attention.
