HRMS solutions are often one of the most important investments your organization will make. Not just because they are costly, but because they can change the way an organization operates. Whether you’re in the market for your first HRMS system or looking to replace your current one, you should have a plan in place for measuring your return on investment (ROI). At the end of the day, the main reason to purchase a solution is the value you expect to get in return. This could be in terms of improved processes, increase in efficiency, reduction of overhead and more. The key is to identify specific metrics you can measure both before and after the implementation of the new system. Here are four key areas to look for improvements in a new HR system:
Reduction of Employee Turnover
Your HRMS can assist you in employee performance and job satisfaction. You’ll be able to see warning signs right away and maximize the amount of time your most talented employees spend at your organization. If your company has a high turnover rate, observe how your new HRMS system changes that and determine what replacement costs you avoided.
Streamlined Onboarding Process
Solutions that have a robust hiring and onboarding process can help your organization reduce time and administrative work that normally occurs when you bring a new hire from the application process to their first day on the job. If you can manage the hiring process efficiently, you save money and resources. A key point to look at: the average time to hire and cost per hire before you implemented your new HRMS solution and where are you now?
Reduction of Recruiting Costs
Before you hire additional employees you actually have to find […]