By Corey Clacher
As businesses continue to face obstacles and challenges in today’s industry, more and more employers are looking to make manual administrative tasks more precise, efficient, and seamless. Businesses considering automating processes such as payroll, human resources, and time and labor tasks are increasingly turning to Human Capital Management (HCM) solutions to get the job done. As the workplace continues to shift to a more technologically-driven environment, businesses are finding that managing their workforce needs on a single cloud-based platform is not only a suggested practice but essential to their success.
Even for small and mid-sized businesses, dated manual HCM processes are clumsy and inadequate. Specific challenges around changing labor laws, the rise of a workforce that increasingly expects to work with technology over paper, and the growing emphasis on employee engagement require businesses of all sizes to think beyond manual processes. Take a more in-depth look below and see how HCM solutions are addressing these common obstacles today’s businesses are facing.
Combatting Complex and Rigorous Labor Laws
With changes in labor laws such as the Affordable Care Act (ACA) and the Fair Labor Standards Act (FLSA) affecting all businesses in every industry, it becomes virtually impossible to properly manage a workforce without the help of HCM automation. Spreadsheets, homegrown reports, and manual calculations are no match for the complexities of new labor law changes.
With a single miscalculation potentially costing thousands of dollars in penalties and legal fees, businesses know that there’s no room for error as labor laws continue to become more stringent. FLSA and ACA changes demand HCM automation, allowing businesses to take a proactive approach in managing their labor law compliance strategies. Features such as robust reporting, management dashboards, and 24/7 access to real-time data allow businesses to maintain compliant and avoid potentially crippling consequences.
Accommodating a New-Age Workforce
It’s no secret that the faces of today’s workforce are noticeably changing. Millennials are entering the workplace in substantial numbers, already with a more advanced level of technological skill compared to their older counterparts. According to the Bureau of Labor Statistics, they are now currently the largest population in the workforce today.
Businesses with outdated practices are finding it increasingly difficult to stay competitive as they’re incapable of attracting and retaining younger hires who are expecting a certain level of technological advancement in the workplace. Traditional business culture is also changing. Employee work schedules are becoming more flexible and the amount of remote employees is growing. With cloud-based HCM solutions, businesses can satisfy both types of employees. Advanced technology allows millennials to access their real-time information wherever and whenever they want it and avoids disparate processes and stacks of unorganized documents. It allows employees to punch in and out anywhere, even on their mobile device, and it keeps a workforce in sync with scheduling changes, company updates, and more.
The Key to Employee Engagement
A business’s workforce is truly their greatest asset. Businesses today that lack a certain level of engagement with their workforce are suffering from a shortage of new employee talent and are remaining stagnant in their market. In fact, evidence shows that a more engaged workforce leads to happier individuals and overall greater success. According to Talent Culture, highly engaged employees are 38% more likely to have above-average productivity.
By simply automating HCM, businesses can stay competitive in their market, grow workforce productivity, and improve their overall bottom line. Features such as self-service functionality from onboarding to offboarding gives employees insight into HCM processes and allows them to take charge of their own information, giving them increased decision making abilities such as scheduling preferences, benefits administration, etc. Some HCM solutions even allow employees to keep track of their performance reviews and job training.
Don’t just take our word for it! Learn more about how HCM solutions can help businesses solve today’s workforce challenges by downloading Managing Your ACA Strategy: Maintaining Compliance Through Automation and Integration.
About Corey Clacher:
Corey is a Marketing Specialist at Kronos SaaShr, responsible for creating marketing and educational content around Human Capital Management technology along with other responsibilities within the department.