HRMS Software & Your Competitive Advantage
While the economy is turbulent and budgets are challenged, finding a competitive advantage can require creativity, a clever mind and hard work. Fortunately, if you have implemented HRMS software, you have precisely the avenue needed to get your HR department, and the business as a whole, ahead of the competition.
Employee Costs and Productivity Insights
According to the Bureau for Labor Statistics, the average total cost per hour for a private worker is currently $29.23. Employee costs are a major part of any operating budget, so it is crucial to be able to understand the total picture and to ensure the best value. An HRMS can help by giving you an understanding of your spending and, in turn, conferring a competitive advantage. Are you rewarding your top performers sufficiently? Are you using your training budget wisely? Without HRMS software, this can be a patchwork of Excels spreadsheets and static analysis. If you are not using your HRMS to fuel HR analytics, you’ll always be a day late and a dollar short in comparison to other organizations.
Many companies look to technology in HRMS software, such as self-service, to provide cost savings due to reduced headcount on administrative tasks. The true advantage of smart technology use however, is to support your HR resources to be able to work smarter. A skilled HR Professional who has experience both in the industry and in your organization can bring wisdom and astute decision making. This is often based on gut feeling such as noticing turnover is higher with a certain manager or within a department. Often, it takes a few poor employee surveys before anything can be done however.
By giving your HR Professionals the tools and data, via HRMS software, you can use their insight but accelerate positive changes by providing data that confirms their gut feelings and can spot trends in advance. If you have great HR minds, giving them access to employee data is a simple step to competitive advantages.
Furthermore, HRMS data can support HR in a quest to become a strategic partner to the business. Many functions, such as finance and manufacturing, base decisions on black and white numbers. Managers will move quickly and an HRMS will provide the insight needed to enable turbo-charged decision making.
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