While benefits packages are notoriously difficult for employees to understand, a good benefits package is one of the most important factors in job satisfaction and employee retention. HR software like compensation management solutions make it easier for employees and HR personnel to track and manage benefits and other information. They also offer other important functions like onboarding and leave management, while making core HR functions smoother and more accurate.
HR platforms for compensation management
HR technology changes all the time and if your firm?s software is over 7 years old, like 47% of all companies, it may be time for an upgrade. The new solutions offer platforms that can perform multiple functions. These include core HR functions like maintaining and managing employee information, as well as onboarding and compensation management solutions.
HR platforms give you greater flexibility, by automating routine tasks and providing remote access. Staff can access employee information in real time, from any location and at any time. HR software can improve accuracy hire reducing operating costs.
Onboarding: well begun is half done
Many firms believe that the recruitment process ends with a hire. In fact, introducing the new hire to the company and specific work expectations can make all the difference to new employees? job satisfaction and productivity. The first three months or 90 days at a new job are the formative period for new employees. Those who find this experience positive are ten times more likely to stay for a long time.
New HR software that automates the onboarding process simplifies the process and ensures consistency while reducing errors. This makes the process clear and transparent for new employees, making it a positive experience. A standardized onboarding process improves employee retention by 50% and the productivity of new employees by 54%.
Managing benefits and HR functions
Compensation management solutions streamline the entire process, making it more accessible to both HR staff and employees. HR compensation management solutions manage group benefit plan administration, providing visibility and control of total compensation to staff. Employees can clearly see their complete benefits package, which gives them a clearer picture of their total compensation.
HR software also helps to reduce operating costs, by as much as 22%. Automation also reduces the potential for errors, and can be used to streamline other functions like leave management.
With HR software that provides compensation management solutions, both staff and employees have access to data regarding benefits and other Human Resources data. From onboarding to leave management, automated systems improve efficiency, lower costs, and provide transparency for both HR staff and employees.