Leveraging Technology to Increase Labor Productivity
Historically, there has been a strong relationship between technological innovation and increased labor productivity. From the advent of the wheel to modern computers, the latest technology tools have enabled us to get more done in less time with fewer resources. Today's cutting-edge HR technology systems allow companies to better manage their teams for maximum productivity while also reducing costs and administrative errors. HR systems also play an important role in streamlining the management and hiring processes. Here's a closer look at several ways companies are leveraging technology to increase their labor productivity rates.
Integrated Applicant Tracking for Faster Times to Hire
Businesses suffer when critical staff positions go unfilled. Other workers need to pick up the slack, which can impact morale and overall productivity. Important customer work is delayed or may not get done at all. Each day that a position is unfilled costs companies in terms of productivity and profits. An applicant tracking system can help reduce the time to fill critical positions by getting jobs posted, sourcing qualified candidates, managing the interview process, and making offers. Onboarding, training, and benefits administration can be handled with just a few clicks, to get your new employee working as quickly as possible.
Scheduling and Staff Time Management for Productivity
Scheduling and managing staff time is an essential function of any business and the cornerstone of effective productivity management. It's important to make sure that every position is adequately staffed, while minimizing issues like downtime and duplicate coverage. The right scheduling applications allow managers to define their staffing needs and then rapidly manage group and individual employee's schedules. Easy-to-navigate, integrated time and attendance solutions help managers deal with scheduling efficiently with both employee and company needs in mind.
Customized Alerts and Pay Rules Improve Oversight and Compliance
Businesses need to watch specific employees' hours for a wide variety of reasons, from managing overtime for budgetary reasons to staying in compliance with collective bargaining agreements. Manually tracking this information is time consuming, and leaves companies open to errors. The right technological solution allows your company to set up customized alerts for specific needs and automate the monitoring process. It's also possible to set up customized pay scale rules, in connection with your company's unique policies for vacation, breaks, lunch, rounding, and more. The more customizable your HR technology, the more you're able to effectively monitor your team's activities.
Simplified Administration Frees Up Managers' Time
Overseeing scheduling, time approvals, and requests for paid time off is now possible through a single interface. Your managers are able to see the big picture, and make important decisions quickly and efficiently. Valuable management time is taken away from administration and instead can be spent improving employee oversight and customer service. Requests for paid time off (PTO) and regularly submitted hours can be viewed and approved with just a click.
Data Access Helps Improve Decisions
HR technology gives management and HR teams access to critical data. From financial forecasting to planning a company's succession planning, staff performance information plays a major role in business decision making. The right HR technology solutions for improving productivity integrate across a number of dimensions, from time and attendance to HR benefits utilization. The ability to access this information for specific employees or in aggregate gives managers the insights they need to make the decisions that help grow the business.
HR technology plays a critical role throughout the organization to improve employee productivity. From reducing time to hire to streamlining how your company schedules existing staff, it's possible to improve productivity in a number of ways. Contact Paychex today to learn more about our products and services.