It’s no secret that the world of work is going through a bit of a rough patch these past few months. Layoffs, budget cuts, and hiring freezes dominate the many industries. Meanwhile, other industries are desperate for new talent. One thing is clear: businesses need to reevaluate the way they invest in their employees, starting with the employee experience.
Discover which technology platforms HR should be shopping for and how they can save you money—while greatly enhancing the employee experience.
Truly investing in your employees can save you money
Pouring resources into things like mental health support, employee recognition programs, and professional development platforms isn’t just a nice extra that boosts morale–it can also have a positive impact on your bottom line.
Employee benefits no longer mean just a basic healthcare and a retirement plan; people need much more than that. And with today’s HR technology, it is easier and more cost-effective than ever to provide for those needs.
Here’s how employee experience platforms have a positive impact on your business’s budget:
Reduce operational costs
Many of these platforms and tools automate administrative and manual tasks–so there’s less time and fewer resources spent on manual activities. Moreover, the chances that certain benefits are forgotten or skipped are lower thanks to automation, so you also keep employee satisfaction at healthy levels.
Improve productivity
HR software works in a myriad of ways. It can facilitate collaboration or remote work, while others teach employees new skills. You’ll get a more productive workforce which helps in saving costs.
Enhance retention
Something that’s also expensive is hiring new people. That’s why you want to improve retention, and these HR software can help you do that. The right HR technology shows your employees that you truly care, lowering the chances that they’ll pack up and leave. That means lower recruiting and onboarding costs, plus that ability to build a team that compliments one another.
Empower employees
HR technology helps employees take control over their wellness—both physical and mental health. A happier and healthier workforce will take less time off due to illness, which could save you a lot of headaches and money.
But it’s not just about saving money–you’ll likely make more money, too. In a span of three years, employers who genuinely invested in their workforce see a 4.0% higher return on invested capital (ROIC) than those not showing the same commitment.
Simply put, action—not just words—towards employee investment reaps significant benefits. Even over a single year, such employers exhibit better results, including:
- 1.2% higher annual ROIC
- 0.5% increase in annual sales growth
- 2.8% decrease in employee turnover.
The role of HR technology in transforming employee experience
HR technology platforms are transforming the way businesses manage everything, from travel expenses to performance reviews–and that’s just the beginning of it. The right HR tools will provide you with:
Rich data insights
HR technology platforms provide you with in-depth data that you can use to analyze your employee benefit strategies. This will help you stay informed and tweak your approach according to what is working for your employees and business.
Accessibility and flexibility
With employees being scattered all around the globe, employee benefits can be hard to get a grip on. The right tools allow you to cross borders and are easily accessible by employees wherever they are.
READ: Top Ten Advantages of BenAdmin Software
Greater personalization
In many ways, the right HR tech allows you to be more human. Digital platforms can allow for personalized benefits, meeting the diverse needs of your workforce.
LEARN: What is Benefits Administration and How Can HR Technology Make it Easier?
Scalable to your business
Whether you’re scaling up or down, technology allows you to adapt. That’s in contrast to traditional benefits and institutions, which often offer less of that lean spirit.
HR technology worth investing in for better employee experience
Travel organization platforms
Travel costs can really add up, especially for businesses with multiple locations or clients around the globe. If your organization is global or remote, look for a platform that simplifies managing business travel. This will make it easier for employees to book trips and for businesses to track and control expenses.
TravelPerk’s list of the best online travel systems can help you save money by avoiding the need for a dedicated travel agency and by curbing those out-of-policy bookings that can sneak up on you.
Reward and recognition platforms
Showing your employees you value them, will always pay itself back. Reward and recognition tools can help you do just that. You can set up a system that makes praise the standard, not the exception. This can increase engagement and retention and ultimately save you money due to lower turnover rates.
DISCOVER: Cheers from Peers: The Importance of Employee Recognition and Kudos
Mental health platforms
Don’t try to save money on mental health. Stress and burnout can seriously harm productivity, whether the cause is work or personal problems. Mental health platforms make online therapy accessible and offer other tools to help, making it easier for employees to get support.
Tackling mental health problems with practical solutions—and the right attitude, of course—can prevent absenteeism, keep people happy and engaged, and improve productivity. But moreover, you won’t lose people to burnout as rapidly if you take care of them.
Wellness platforms
Workplace wellness isn’t only about mental health—it’s keeping healthcare costs in check. With a comprehensive wellness platform that incorporates everything from fitness challenges to telemedicine, you promote healthier lifestyles in and out of the office. This can prevent expensive medical issues down the line.
Learning Management Systems
Lifelong learning isn’t just a buzzword; it’s a competitive advantage. Learning management systems make it easy for your team to learn new things, track their progress, and plan ahead.
Courses can be focused around work but do also allow for creative journeys – it’ll help keep employees fresh and inspired. And the more skills your team has, the more versatile and productive they can be. That will reduce the need (and cost) for outsourcing or hiring additional staff, but not just that: upskilling also increases employee retention.
Recruiting and applicant tracking
HR professionals know that finding and managing talent isn’t something to skimp on. But you’re also not looking at breaking the bank. The solution lies in solid talent management platforms. They will help you streamline everything from recruiting to onboarding, all in one place.
Your HR team will save tons of time, but you’re also getting the most out of your team, keeping costs low in the long run.
READ: How Recruiting Software Changed the Hiring Process
Performance Management platforms
An HR platform where employees can receive and give feedback and track follow-up progress? It’s a HR dream come true. Performance Management tools like these will streamline processes and improve productivity. It can also drive engagement and efficiency while employees get a bigger say in the organization. No more waiting for six-month evaluations!
DISCOVER: Common Performance Management Mistakes And How Technology Can Help You Avoid Them
Remote work platforms
We’re not just talking about Slack here, so everyone can stay in touch. We’re talking about platforms that will help your employees crush remote work—which is a lot more than just working from home. You should have a plan for remote work that goes beyond virtual meetings.
We’re talking about platforms that help your team be the most productive, effective versions of themselves—wherever they’re working from. This could even mean platforms that help your employees find local coworking spaces, reducing the need for expensive office real estate.
It’s time to leverage the power of tech for you employees!
Your employees will benefit, as will your HR team and your budget. Making smart investments and keeping the long term in mind can truly transform your organization and set you up for a long and flourishing future. What tools will you be checking out first?