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3 Ways HR Tech Can Accelerate Your Small Business

In order to stay relevant and gain a competitive edge in today’s market, small businesses need technology that can simplify even the most complex HR functions. Easy-to-use, scalable tech adds efficiency and value to operations while lightening the load for you and your employees so you can focus on what’s important: moving your business forward.

Below are three ways implementing HR tech can help your business thrive.

Efficiency

Earlier this year, a survey of 1,000 office workers nationwide was commissioned by Paycom and conducted by OnePoll. Among its harsh and revealing truths: 77% of employees are frustrated with outdated technology at work.

For small business owners, the challenge of keeping pace with technological change can feel even more daunting than it does for larger enterprises. After all, it is yet another one of the seemingly endless responsibilities that must be juggled in order to succeed. However, swapping manual, outdated processes for simpler ones rooted in HR technology is a move that can pay dividends by making future operation easier across the board.

Implementing HR tech to automate core business functions like payroll not only reduces the amount of busywork HR managers face daily, but also lifts the burden of ensuring accuracy and reduces the risk of legal liability for noncompliance among an ever-changing regulatory landscape. When employees take responsibility for managing and approving their own payroll information, it leaves you time to strategize.

Employee-driven payroll within a single platform means checks are processed quickly and accurately every time. A streamlined system also eliminates the administrative burden of manually entering data and integrating multiple systems, in part because every tool you need is housed in a single software with a seamless flow of communication between them.

There are benefits to automating tasks outside payroll, too. For example, maintaining tax compliance is a huge responsibility, one that can leave your organization exposed to audits and penalties if not managed correctly. But with a comprehensive HR solution, tax compliance becomes less manual and easier than ever, eliminating one of the major burdens of operating a small business all while helping you stay compliant!

When you automate essential business operations, your team can shake the heavy load of manual processes and focus on strategic initiatives with peace of mind.

Scalability

Another key feature of the digital transformation is the need for technology that can scale, eliminating the hassle of swapping out your HR system for a new one every few years.

Identifying the right HR technology for your business can be difficult, especially if you’re looking for a platform capable of growing with your organization. According to Capterra, 54% of small business professionals consider finding the right tech their biggest challenge.

Simplicity should be at the center of your scalability efforts. As your business expands, your HR needs are likely to increase, too. Investing in a user-friendly, streamlined platform can help alleviate growing pains along the way, allowing you to easily add tools like Applicant Tracking, Onboarding and others to your software as you may need them.

With a single software, you avoid the headache of using multiple platforms and embrace simplicity: all HR functions maintained in one system.

Longevity

If we’ve learned anything in the past year, it’s that digitally savvy businesses are better able to succeed in any environment. According to a recent Harris Poll, 92% of business leaders agree that to survive and thrive, companies must enable digital channels and process automation, and 88% agree the events of 2020 have increased this need.

Data from McKinsey & Company suggests that between 39% and 58% of work could be automated using technology. While it may seem intimidating at first, it’s increasingly clear that businesses invested in digital platforms and automating processes will stay ahead of the competition.

And remember that OnePoll survey? It also found that 67% of employees don’t believe their company sufficiently prioritized the digital transformation. This opinion says a lot because in a rapidly changing business environment, the danger of falling behind can be very, very real.

Fortunately, it’s a danger that can be averted with the right HR software provider by your side.

To learn more about how Paycom can meet your HR needs of today and the future, download our free small business toolkit.

 

DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.