Getting value for money

You don’t have to be a finance manager to want bang for your buck.

We all want more for less. Reviewing your HR software is going to provide you the peace of mind that your current provider is giving you and your business value for money.

However, before you can understand the value you’re getting, you need to look at the price you’re paying.

But it’s not just about looking at the fee your provider charges per month, year or by employee. These don’t fully represent the end-to-end cost of your HR. There are a number of other factors you need to consider.

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Getting value for money

Data insight

If you’re not getting good data insights, it’s tough to make good business decisions.

If your competition has a slick system that tells them things like time-to-hire, hiring quality, absence trends and helps them to predict spend, all in real-time, and you can’t see that data for your business; they’ve got a solid competitive advantage.

Making good decisions driven by data insight may not always yield an obvious cost-saving. But making bad decisions driven by guesswork, will almost certainly cost you something at some point.

Hidden costs

What are the costs of your salaried employees undertaking tasks associated with HR? Are there software and license fees? Or fees for system upgrades and maintenance?

And how much time is spent inputting data into the system?

How often are mistakes made and how long does it take to correct these? How long does it take to complete all of the processes required to run basic HR functions in your business?

Inflexible systems

Perhaps you have a system that’s clunky, where everything requires a ‘workaround’ and you’re entering the same data two or three times over.

But what if you could be using software that’s easy-to-use, smart, and efficient?

Even if the price is slightly higher, you might still see a reduction in the end-to end cost of HR, when you factor in the cost of time.