Let’s face it: We all have incredibly high expectations for technology. We expect efficiency, simplicity, and value from every app or piece of software we use. When a program doesn’t work the way we like, we find another one — pronto.
But when it comes to old-fashioned data entry and what we think of as “employee transactions,” HR is nowhere near as efficient as it should be. It’s difficult and inefficient to stop what you’re doing to make a simple employee change in your HRMS. That could be costing your organization more than you think.
Organizations that don’t embrace tools like self-service software run into sunk costs that can damage the bottom line far more than you could ever expect. I know I was surprised.
That’s why I was interested to hear about what’s going on at Paycom right now. Paycom has put together something that will save a lot of time and money — a true single-database system for HCM transactions that makes these routine HR tasks much less of a headache. Their Direct Data Exchange tool is a game-changer for HR and the C-Suite, and because of my love of all things HR tech, I had to sit down with Paycom’s vice president of HR, Jennifer Kraszewski, to discuss how self-service software makes all of our lives simpler.
What are the benefits of a direct data exchange?
There are a lot of inefficiencies in data processing in HR. By asking employers to input data instead of employees, organizations are leaving a lot of money on the table.
Ernst & Young’s research has shown that, on average, a single HR task or data entry takes $4.39 to complete without self-service functionality — but could be as high as $18.47. An I-9 costs $8.23, and that’s a document you’re required to have for each employee. It’s quite a bit of money that, frankly, isn’t being spent the way that it should be.
How does a self-service HCM software and Paycom’s Direct Data Exchange help bring costs down?
The automated features of the Direct Data Exchange tool allow organizations to track not only cost savings based on changes and data inputs being made by the employee, but also to leverage the data the tool collects to create even more savings. Organizations can see insights specific to certain aspects of the Paycom software — including time and attendance, benefits, expenses, time-off requests, tax and payroll modifications — to determine exactly where additional savings can be achieved. This is all possible because Paycom built its software in one database, meaning all the data is stored in one place across the entire employee life cycle.
How else can HR benefit from a tool like this?
We all know that ROI conversations can be incredibly tricky. But the data collected from self-service software allows HR to have true ROI conversations with the C-suite, as long as you have Direct Data Exchange.
And beyond the cost savings, self-service software also allows HR to focus on doing its real job: working with the humans that make up organizations. With data supporting how employee usage of HR technology is saving money, HR can better make the case for wellness and engagement initiatives, along with programs to help drive recruitment and retention efforts.
With today’s unemployment rates being so low, I can’t think of anything better for HR to focus on. The war for talent is real, and this is our solution for time-strapped HR teams.
This post is sponsored by Paycom.