Workforce management is among the top five costs in a company. And with the future of work at play, using manual processes in managing the workforce or utilizing different digital solutions for various tasks seems inefficient and costly.
The HR Tech Industry is increasingly adopting technologies that allow them to implement workforce management with just one button. However, these innovations only offer niche isolated solutions that answer only one problem.
HR media platform People Matters said that tech firms need to create an all-in-one platform that tackles these three major points in HR: access to a pre-skilled frontline workforce, onboarding, and retention.
Access to the pre-skilled frontline workforce
Attracting the right workforce is important to keep the business operations smooth. However, hurdles like high attrition, talent shortage, and long recruitment process make hiring difficult.
Deploying tech-based solutions that allow enterprises to access pre-skilled frontline employees and mobilizing them in a short period will result in the efficient management of costs.
Further, software companies could also release a marketplace for workers where recruiters and applicants can easily and quickly communicate with each other.
The onboarding process costs a lot. It is the “biggest cost-incurring process” that an organization has to undergo. The paperwork is numerous and manual tasks are plenty, especially if done manually.
With tech, manual processes like payroll and attendance can be automated to optimize onboarding and reduce overall expenses. By doing this, People Matters said that companies can save up to 10% of their recruitment costs.
Having a limited supply of workers while the demand is high causes competition among enterprises. To acquire skilled employees, a company may offer a higher salary and numerous benefits.
According to the latest data by HR software firm BetterPlace, providing financial and social security beyond wages reduces frontline worker attrition by 20%.
Enterprises across the world are viewing the effects of the economic slowdown. With markets facing limited supply and high demand for frontline workers, measures against inflation are being taken by many, to build resilience against the uncertain economic climate.
In such an economic climate, utilizing an all-in-one HR platform could help reduce costs for enterprises by up to 60%, shifting the focus from workforce management toward scaling the core businesses.