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We have been witnessing an era of economic transformation globally, which has shifted the focus of the businesses to become more client-centric, vendor-centric, and employee-centric at large. While this phenomenon is gradually spreading across industries, cost-cutting has also become a dominant trend due to the obstinacy of market pricing constraints owing to consumerism. Admin costs are one of the most consistently undermined overheads by businesses when it comes to cost-cutting as they focus either on reducing the compensation structure or the staff, which is too dangerous to sustain. As an alternative, the use of computerized HR solutions will automate most of the core functions completely, and the scope of the HR professionals is narrowed down to strategic decision making and contributing to the organization as active members instead of being mere clerks. Here's to those organizations who want to effectively cut their admin costs with dedicated HR Software solutions and improve profitability at the same time.
27% of the employees remain underutilized across the global workforce. The fact that half of the time an HR spends is on the manual recording and processing of information along with data entry work is backed by a large pool of surveys readily available on the internet. The HR Software solutions address this issue by replacing all the manual labour required to record, retrieve, process, and manage the information regarding all employees along with partial automation in decision making too. They also distribute personal workloads to employees while delegating required autonomy to streamline HR functions. Find out the top applications below which will cut your admin costs by upto 50%.
The HR Software shall automate all the processes ranging from capturing the employee attendance to managing the statutory compliance by removing manual recording of the transactions made by the staff members for official purposes. The biometric machines are integrated with the Attendance Management System, which provides presence and timing data for arrival and departure that is validated against leave policy automatically. Employee evaluation is executed by using daily service reports to calculate KRA-KPI achievement through the Performance Management System. Travel and Expense management system will digitalize the reimbursement processing. ESS Portal will enable the direct submission and downloading of information as per the approval matrix without physically approaching the concerned authority.
As mentioned above, admin costs can be reduced drastically by implementing a joint-stake partnership model between the employees and the HR department for functional and operational documentation. The ESS (Employee Self Service) Portal will provide the employees and the employers with a common platform for all the administrative functions requiring the involvement of both or either of the parties, which require mutual consent. For instance, the employees who want to file a leave request shall use the portal to generate a digital application with minimum inputs, and the entire process is completed without approaching any decision-maker in person. The salary slips and performance reports are also downloaded from the system portal itself by employees and their Managers at will. Submission of loan/investment proofs online will provide convenience while reducing repetitive filing and verification of identical data
Digitalization is used to divide the complete documentation work into small parts and distributed in the entire organization through the segmentation of official correspondence along with assigning a guideline for each task. All of these transactions are made and processed digitally, which helps in making the documentation more accurate with reduced efforts. HR Software will enable more extensive admin-based documentation with an increased amount of variables included in each of them at virtually zero costs as compared to the traditional model of doing everything merely with the "on-paper" system. The number of documents handled increases exponentially, while the involvement of each staff member is reduced.
There are other ways of saving time and money especially if you're a Wholly foreign owned enterprise in China for example you can use a PEO in China (proffessional employer oganization). To handle the admin and HR duties.
The users can create a large number of reports to serve the organizational interests, which include the compensation expenditure reports, statutory filings, employee and department wise performance analysis, attendance details, paid and unpaid leaves register, travel, and expense claims per time period, and total training costs. The software shall also provide multiple customization options in each report type to increase the relevance to decision making regarding the operational, functional, and strategic aspects of the organizational management. This is possible only in the case of automation solutions since they can store, retrieve, and process data on an instant basis. Handling gigantic data silos and extracting desired information in easy-to-understand formats is by far the most crucial feature to serve business interests due to lack of time to build reports continuously and increasing demand for scientific decision making
The article clearly describes the cost-cutting areas which don't produce value and only keep consuming resources. The decision-making processes, such as allocating leaves to employees, are made simple by verifying the eligibility of the employee as per company policy by the computerized system before forwarding it to the concerned authority. The generation of statutory compliance filings by the system will reduce the cost of this overwhelming activity drastically, which otherwise required the services of dedicated professional staff or outsourcing it entirely as a last resort. The APA mentions that office automation can reduce the cost of payroll software by 80% through office automation, and this single function consumes half of the productive hours spent by your HR. Considering the time and cost of all other HR functions combined, you can easily save around 50% of your admin costs by implementing a dedicated HR Software package instantly without any significant changes in your organization and infrastructure. The cloud-based solutions will also provide scalable pay-as-you-go options with unparalleled accessibility making them financially irresistible for each sector in India. Hence, you can run a cost-cutting drive while having double the utilization as compared to manual processing
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