Why SMB must invest in HR tech?
SMB’s aspire to be better each day. SMBs face obstacles that increase in size and scope as their operations progress. Nearly 80% of businesses plan to exit the market due to a lack of financing, rising operating costs, or a combination of the two. However, they are most lacking in a professional organizational structure and community. Many times, the company’s correct hierarchy is either incomplete or unsystematic. SMBs tend to keep IT expenditures for non-core roles, such as HR and staffing, to a minimum. For the first few years of their life, the emphasis is on breaking even and attracting a loyal customer base.
SMBs are using technology to help them run their day-to-day HR activities.
Efficient Performance Management System
Now taking advantage of online HR technology platforms that allow them to more efficiently streamline the performance management process. An online performance management system such as ZingNeo allows employers to more effectively evaluate and record employee performance, as well as providing a place for managers and employees alike to keep track of organizational and personal performance goals, record journal entries and maintain an ongoing performance record. E-PMS is also an effective mechanism for continuous feedback and task management.
Leave Time and Attendance
With ZingNeo, online time and attendance platforms not only reduces errors and helps managers keep track of days of requests, they are also vastly more efficient for employees to use than paper-based timekeeping systems. Its much more reliable and efficient. The data is then integrated with the company’s payroll software to help eliminate human data entry errors from the equation and automate the process.
According to a recent study, it is found that half of all new workers leave their jobs within the first 90 days of employment. Organizations with successful onboarding programs, however, have signicantly better new hire retention rates. The first day on the job is already stressful enough for a new hire without the added inconvenience of required employment paperwork. Investing in an online employee onboarding technology platform like ZingNeo allows employees to complete the majority of this paperwork (like other consent forms) well before their first day.
Payroll is one of the biggest line items in an organization’s budget. Processing payroll can also be one of the most time-consuming aspects of an organization’s HR functions, and when it’s not done right it can also be the source of some serious employee complaints. Payroll technology platforms help minimize the potential for errors, and can greatly reduce the time it takes to process a payroll. It boosts business results aswe have moved ahead off a rush plus manual data entry plus stress not fitting into the equation that can ever equal error-free payroll.