Did you know that a company with an average 100 employees can save more than 16.500 dollars a year, just by automating the leave request process? One of the biggest issues a company faces is the waiting time, often resulted from poor process design and lack of connectivity between procedures. A smart app for leave request is a budget-wise, time savior and a productivity booster.
}exghts is offering you a first step towards a better performing business. Our leave request app, Recharge, is now here to save your time and money, by transforming data into your number one partner!
Statistics show that about 35% of an organization’s payroll consists of costs related to leave and absence.
Speaking of money, Ernst & Young put together a study on estimating costs associated with common HR tasks when performed in a non-automated manner. They found that simply calculating PTO balances and updating employees amounts to a total cost of $18.69/task. When considering other types of leave management tasks, companies lose no less than a total of 55.03$. Per task! The study also shows that a company with 100 employees spends more than 16.500 dollars a year due to leave request issues.
Therefore, effective management and precise tracking of PTOs is extremely important, budget-wise. However, keep in mind that fast and accurate HR processes also help you improve qualitative business indicators, such as business productivity, by keeping the time waste to a minimum and offering your employees an environment which nurtures creativity and focus on truly important tasks, that add value to your company.
Unfortunately, most of the small and medium-sized organizations still rely on paper or Microsoft Excel, at best. Although a powerful tool and a big step ahead from white paper management, Excel can automate only 5-10% of the repetitive, administrative HR operations (such as leave request tracking or balance updating).
Your HR specialists could be of much greater value to your business, would they not be wasting their time with boring, repetitive and easily automatable tasks!
A survey conducted by Total Jobs revealed that the members of the HR Elite spend no more than 8.1% of their time on administrative work. Instead, most of their time is spent on meeting with BDMs and business partners. Imagine a world where your HR team can take the time to work on bringing actual value to the company!
Moreover, Deloitte’s report on Human Capital Trends in 2019 stated that 74% of HR leaders considered HR technology an important topic, while 21% of them placed it in the top 3 urgent matters for their organizations. Additionally, the 21st Annual Edition of the HR System Survey conducted by Sierra-Cedar revealed that 68% of the 1636 participating organizations currently use an Absence Management software.
Although technology plays a major part in it, HR management is not a new business field. Elton Mayo and Fritz Roethlisberger concluded as early as the 1920s that employee performance is dependent both on social participation and job satisfaction, as opposed to the “traditional” belief that financial reward is the main motivational factor.
The past 5 years enabled HR specialists with a unique set of tools designed especially for making employees happy, generally known as digital HR. Apps, enterprise management software, artificial intelligence, chatbots etc.
An ever-evolving industry, the digitalization of HR processes not only helps the department’s specialists, but also promotes much desired independence and agency amongst people in your organization. People want it. You need it! According to a survey conducted by Paychex, the use of HR technology which promotes self-service is preferred by 73% of full-time employees, especially the younger members of the workforce.
We know that switching from paper-based people management to digital HR can be a straining process, during which many variables need to be considered. What solution to adopt? How much to spend? How much money does it save me, at the end of the year?
As shown by statistics, for a lot of companies the digitalization of HR processes is still a much-desired development direction and not necessarily a status quo. Specialists are still finding the best combination of cloud-based solutions, AI and traditional HR management systems. Perhaps the only certainty is that digitalization is happening, and your company can either write the story or be a passive spectator.
Want to see how it works and how it can solve you HR problems? We are here to guide you.
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