No organization can succeed unless it starts valuing its people and takes good care of them, and the happiness of employees should be the topmost priority of every company. Despite this, until a few years ago, companies were reluctant to spend money on HR because the HR function was treated as a cost without any clear-cut ROI. But things have changed now, and businesses have realized that they can’t succeed until they invest in the well-being of their employees, therefore businesses are now freely investing in HR tech.
Investment in HR Tech not only benefits the business owners and HR, but it also benefits the employees greatly as they have a positive experience at all touchpoints with the company during various activities such as interviews, onboarding, performance management, exit, etc.
So, let’s look at the top 3 advantages of becoming a buyer of HR technology.
100% Compliance with HR laws
There are too many laws in India, and they are so complex that it’s almost impossible for a small business owner to keep track of all the laws. As a result, many small businesses are not compliant with laws. Most of them don’t even know which laws they needed to comply with. As a result, a lot of businesses end up paying hefty penalties to the government. But not anymore because the HR tech solves that problem magically. HR products automatically suggest all the laws applicable to small businesses and keep businesses compliant with them.
They automatically calculate all taxes as per the latest laws, make relevant deductions from the salary of employees and upload the compliance reports on government websites. Not only this, but such products also make the compliance payments automatically and business owners just need to approve the payments.
These products even provide a written guarantee that the businesses are compliant with all applicable laws and if anything goes wrong, these products will bear the cost of all liabilities. So, if you are a buyer of such HR tech products, you can rest assured that your business is following all the laws even if you are not aware of these laws.
Profitable business Insights at the fingertips
HR tech analyzes millions of data points, studies patterns in the data, and presents the insights in real-time for decision-making. E.g. HR tech can tell which types of employees stay in the company for a longer duration, which employees are more engaged, or which employees are misusing their time in the office, all on their own, by just studying patterns in the data related to employee retention, absenteeism, engagement, etc.
HR tools give all the information that HR’s need to make decisions in real-time, and they also enable HR managers to respond quickly to any queries from the top-level management. HR managers no longer need to go through hundreds of files or papers to get the right data. Everything they need is presented by the HR tools in the form of simple real-time dashboards.
Happier and engaged employees
HR technology can make your employees happier and more productive, and it can increase the duration of their stay in the company, which can save a lot of costs for the company. HR tech can delight your employees right from their 1st touch with the company till their exit. It can help your employees in having a positive experience in everything that they do in the company. e.g., with the employee self-service apps, employees can view pay slips and their salary information whenever they want. They can apply for leaves and expense claims right from their mobile without calling or emailing their managers.
They can also see their income tax deductions in real-time and can take home more salary with the advanced tax planner tools. Same way, they can submit feedback about their colleagues and managers without revealing their identity and help the management in taking appropriate actions.
Conclusion
HR Tech has the potential to make businesses grow by leaps and bounds as it can significantly impact the happiness and productivity of your employees and the company’s growth is dependent on your employees to a larger extent. Therefore, the earlier you start investing in HR technology, the better it is.
Authored by: Samira Rao, Co-founder, Finjinn
