05 Apr Considering HR Software? Take a Look at these 3 Major Benefits
Has your HR department been on overload lately? If so, you may have found yourself considering HR software at one point or another. Of course, before you take the leap and choose to implement an HR software solution in your organization, you need to know that it will provide a considerable ROI and fit well in your fast-paced, complex work environment.
The right HR software will do that and much, much more. Here are some benefits you can expect to experience in your organization when you implement HR software:
- Reduced Turnover Costs: While you can use this SHRM template to calculate actual turnover costs, keep in mind that for every employee who leaves, it’s estimated that the cost of turnover could range from one month to several years of his or her salary, according to Forbes. When you choose an HR software solution that incorporates an employee retention strategy such as stay interviews, you’ll see lowered turnover costs and better retention rates.
- Less Time Spent On Performance Reviews: The average manager spends more than 200 hours on activities for performance reviews (source: SHRM) – or about five full work weeks. If you incorporate a software solution that makes performance management an ongoing activity between managers and their employees, however, you’ll not only witness higher engagement levels, better results, and overall improved performance; you’ll also find the need for the ineffective once-yearly review is altogether eliminated. As a result, your managers will free up a great deal of time.
- A More Equitable Compensation Plan: Some HR software offers compensation planning capabilities, which provide tools for your company to create a plan that’s not only equitable internally, but also competitive with the market externally. When you create a balanced, strategic compensation plan using software, you not only increase your ability to attract and retain your industry’s top performers; you also create a plan that encourages sustainable growth for your organization.
These are just a few of the most noteworthy benefits that HR software can provide for your company, but there are many more. To learn more about all of the ways in which HR software can help your company grow, perform well, and simplify its existing processes, feel free to visit the comprehensive overview of HRsoft products here.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Talent Management Software, click the button below!