Managing Pay and Benefits Is a Complicated Task That Is Easier with the Right HR Platform
In today’s complicated world it should come as no surprise that there are a growing number of companies making the decision to outsource their human resources (HR) tasks. From vetting candidates for new job openings to making sure that compensation management records are up to date, a growing number of employers realize the value in making sure that they contract with an outside provider.
Fortunately, the latest HR platforms provide an accurate way for both employers and employees to monitor their vacation hours, payment schedules, and other valuable information. In fact, without the use of HR software and the latest compensation management solutions it can be difficult to generate the necessary information that is needed for monthly and end of the year reports. The latest HR platforms are so detailed that they provide various kinds of detailed employee information like pay history, attendance, training received, and disciplinary action received. Tasks that would be difficult with the latest available technology.
In addition to the necessary record keeping and compensation management, the decision to outsource HR tasks also companies to make sure that they are also monitoring the engagement of new and long term hires. In short, this means that in addition to making sure that your employees remain financially fit according to the pay and other benefits that they should receive, it is also important to address the need for workers to be emotionally and physically fit as well. Consider some of these facts and figures about the importance of making sure that you not only hire the right people, but that you also make sure that both new hires and long term employers are happy and satisfied:
- 62% of employees with wellness programs report their employer effectively helps employees manage stress, compared to just 37% among those without these programs, according to the 2017 Sanofi Canada Healthcare Survey.
- 64% of plan sponsors feel their corporate culture encourages wellness, according to the 2017 Sanofi Canada Healthcare Survey.
- Employees who are satisfied in their job also think more highly of their benefit plan, according to the 2017 Sanofi Canada Healthcare Survey.
- 58% of employees who are satisfied with their job say that their benefits plan meets their needs extremely or very well, compared to 39% among dissatisfied employees.
- Unhappy or disengaged workers cost the North American business economy well as much as $350 billion a year in lost productivity.
There are many things that are complicated about the HR requirements for companies in North America. And in addition to meeting the requirements a growing number of employers realize that they also have to address other needs to make sure that workers are happy and that they stay on the job. All of these tasks are easier to achieve if you contract out with a reputable HR provider.