Now more than ever, it is crucial to work with a best-in-class Human Capital Management (HCM) solutions provider.
In a 2019 HCM survey, 74% of respondents rated the topic of HR technology as important or very important, and 21% called it 1 of the 3 most urgent topics. Given the changes in our world, including remote working and employee safety, Payroll Ready understands the increased importance of HR tech.
Growth in the HCM industry is fueled by today’s employers demanding more functionality as they struggle to manage the engagement, culture and expectations of a workforce that can be dispersed, diversified and tech dependent.
Tip 1: Your People Are Your Customers
Leverage technology and best practices to manage your business’ most critical asset – your people.
We have all become accustomed to ever-improving digital customer user experiences with online banking, streaming entertainment, ordering take-out food and more.
Business owners and employees at every level expect intuitive and streamlined user experiences with self-serve tools across all internal HR systems.
Tip 2: HCM Supports your Brand and Hiring Strategy
Recruiting has 5x more impact on your company revenue and profit than all other HR functions.
Employers are now differentiating themselves with clearly branded online application processes. A positive application experience attracts the best people in the competitive talent market.
HCM tools provide a framework so that applicants are not lost. From setting interview schedules to considering applicants across currently open jobs and potential future positions, you can shorten interview periods and fill vacancies more quickly.
Tip 3: Onboarding Improves Efficiency and Lower Costs of Recruiting
We guide our clients to prioritize onboarding functionality that engages new hires. Doing so reduces no-show rates which improves the overall efficiency and lowers the cost of recruiting.
One mistake that some employers may make is not minding the time between an accepted offer and start date. Your new hire is left vulnerable to receiving other offers from your competition. Regular communication from the start helps to increase new hire excitement and engagement, ensuring they come onboard as planned.
Best-in-class companies are 35% more likely to begin onboarding prior to the new hire’s first day on the job. This gives the new hire a glimpse into your organization and facilitates the relationship with management.
In addition, productivity increases by 54% among new hires in organizations with a standard onboarding process. Enabling new hires to easily set themselves up in your systems builds the foundation of their employment and cements their trust in you so that they focus on getting to work right away.