Do you know that it takes approximately 40 days and $4000 to make one hire? Digital transformation of business and HR (Human Resources) saves a great deal of time and money usually spent for hiring and retaining a good hire. If you don’t know, the average cost of losing a good hire is $30000!
Let’s see how digital business transformation is a boon for people like you who are in charge of recruiting.
Digital Innovation in Business
A digital innovation or automation in business comes when new digital technology is used to modify the current business processes and systems.
You can enhance your workflow, expand your reach, increase productivity, improve the quality standards and increase production quantity through digital innovation in business.
The technology does all this for you while saving your overall cost, overheads, and resources.
Impact of Digital Transformation on HR
Let’s check out how transforming your business into a digital business yields great results for HR in terms of saving money and growing.
These are the 4 main avenues of performance among many others which gets the direct benefit of HR digital transformation.
Swift Recruitment Process Through Automation
ATS (Application tracking system) is an automation tool that attracts, identifies, and hires the best candidates in less time and cost. It enhances the quantity and quality of information gathered from candidates for their assessment.
Jobsoid ATS software helps you in CV scanning, one of the most lengthy parts of recruitment. This software runs on an algorithm to match the candidate’s skillset and experience with the job requirement.
It saves a lot of time consumed in manually selecting the suitable CV.ATS software also enables facilities like digital interviews, saving time and cost of personal interviews.
Measurement of Job Satisfaction of Employees
84% of HR managers swear by the direct connection between the experience of employees and their enhanced performance.
To keep you updated, HR software gauges the job satisfaction level of your employees by monitoring their day-to-day experiences.
Also, every competent manager knows the importance of identifying and eliminating the pain points of employees.
HR digital transformation assists you to detect the areas for improvement and reach a suitable solution through analysis of various factors.
HR software helps you design surveys that allow your employees to express their delights and grievances.
Management of Time, Attendance, and Leave Process
Maintaining every employee’s attendance, time, and leave record is a daunting task. Based on the company’s size, every organization deploys one or more employees for this purpose. Time and attendance tracking of hybrid employees becomes more complex.
Digital innovation reached out to find a solution to this lengthy administrative task. HR software monitor attendance, prevents time fraud, creates work schedules, and does other time-consuming and resource-heavy tasks.
Creation of Efficient Payroll Processing
Payroll processing takes a lot of time and focus of your employees. The more employees in your company, the more reliable source of payroll management you need. Methods like maintaining hundreds of spreadsheets or outsourcing to an accountant are old-fashioned.
You get payroll processed with various provisions like healthcare, bonus, retirement saving plan, PF, incentives, etc., through the HR software.
HR digital transformation also enables payroll reports and deposition of the salary in bank accounts of employees.
The best part is that you get all this done without human error, which is always possible while working manually.
Cost Reduction Because of HR Digital Transformation
Digital innovations like HR software optimize processes, eliminate the possibility of losses due to human error, and prevent your talented workforce from spending time and energy on repetitive tasks. Now your core team can focus on more productive and constructive work for the development of your organization.
Business digital transformation also saves material, operational, and storage costs. For instance, the paperwork and stationery go out of the window when you work with digital files and cloud-based storage.
In a Nutshell
Digital innovations such as ATS software, employee feedback mechanism, time & attendance management, and efficient payroll processing made life easier for you.
Moreover, HR digital transformation manages all the lengthy, repetitive, and complicated tasks without any human error and at a low cost.
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No wonder digital business transformation came as a wave of a revolution in every business sector. And it’s here to stay!