The decisions chief financial officers make define the ongoing success of their business. But when you invest in the wrong HR tech, your company’s money doesn’t just talk — it screams.
Nothing fills a CFO with regret like inefficiency and error-prone processes. Employees want HR tech that makes:
- work simpler
- collaboration easier
- their data accessible
- engagement more natural
- development second nature
Each of these advantages come with their own monetary benefit. Plus, easy-to-use, comprehensive HR software helps organizations comply with confidence.
What are the consequences of choosing the wrong HR tech?
Ever fail to respond to an unexpected audit? Or have to explain to your team why their paychecks will be delayed? These are just a few of the disasters the wrong HR tech can bring.
Even outside worst-case scenarios, broken tech drains the bottom line. A recent study from Ernst & Young revealed the average payroll error costs $291 to fix. Applied to a 1,000-employee company, an organization could spend nearly $1 million a year fixing preventable payroll issues.
Those estimates don’t even consider the cost of attrition and noncompliance. When employees rely on HR tech every day, CFOs feel the pain of the wrong choice daily, too.
What should CFOs look for in HR tech?
You have a lot of options for HR tech, and almost every provider will tout itself as the best. Of course, what works for one organization might not be right for your people.
As you cull to find the right HR tech, look for an option that:
- scales with your business
- relies on seamless data flow
- measures and helps boost its ROI
- is committed to support, security and improvement
At the same time, you should consult HR, IT and even employees to help inform your decision. For example, maybe HR needs comprehensive reporting tools to help them identify a potential source of turnover. Or IT could have specific questions that dig further into security, compatibility, implementation and more.