3 Outdated Systems CFOs Need To Get Updated In 2018
VCRs. Cassette Decks. Typewriters. Pagers.
If you were seen in the office with one of these archaic devices, you’d be laughed at. Or maybe even get a genuinely curious, “Oh what’s that?” from one of the younger people in the company.
Then there are habits like smoking cigarettes.
And who could forget the non-fat yogurt fad?
These things are all laughably outdated. But they’re obvious and left behind because they are things that general society discusses and moves forward on as a population.
But why do so many businesses let themselves fall so behind in what they are using for their company?
This is the importance of keeping up with industry standards in order to maintain an edge on productivity, efficiency, and ultimately profit.
You don’t want to be the company that gained 8 pounds in a week because you went on an all non-fat yogurt diet.
Here are 3 areas of business that CFOs and HR departments need to leave behind in 2018:
Sure, Excel may be extremely powerful when used by the right person. But that’s not most people.
And it’s static.
Meaning that you have to manually input your data in order for it to calculate outputs for you.
That means time and brainpower. And room for error.
Plus, it’s not going to give you easy-to-read insights at a glance. You’ll still need to get out the bifocals and read through columns and rows to interpret the data.
If this is how you’re tracking your company’s performance, then you might as well be doing it while listening to a Rick Astley cassette tape and smoking Lucky Strikes.
Step up your game to real-time analytics and one-page dashboards to easily see how your organization is performing across the board, all in a matter of seconds.
What will you do with all that newfound free time? Maybe grab a froyo!
Manual Time Tracking & Punch Clocks
“Hey Jim- I’m running late, you mind clocking me in so it doesn’t show up on my timesheet again?”
“Hi, it’s Karen from HR again, looks like you forgot to clock out of your shift last Wednesday and I’m trying to finish this week’s payroll report. What time did you end up leaving work?”
Are these sounds rattling around the hallways of your company?
Punch clocks and manual time tracking have gone the way of the Walkman.
It’s time to upgrade to some modern technology. Not because you need to be trendy. Sorry to have to tell you, but that ship has sailed, my friend. This is for the sake of your bottom line.
You need an integrated Time and Attendance system that allows you to easily track and monitor meals, breaks, and overtime, calculate and manage comp time, monitor errors, and manage other time policies for complete and accurate time cards.
This eliminates that buddy punching and time theft that’s adding up in that expense column.
It also speeds up your payroll processing and reduces errors.
Not to mention, with the fancy new dashboards you just got in exchange for the spreadsheets, your reporting is seamless and instantaneous.
Unorganized Performance Management
You have job descriptions when you hire someone new, right?
Of course you do.
And how long does that job description remain the actual scope of that person’s work?
A week? A month? Wow, if it’s 3 months, congrats!
Most employees end up doing their job and then some…and then some more…pretty quickly.
It starts because they don’t want to say no and look like they’re not a team player, or aren’t a hard worker.
Then it normalizes and becomes what they do all the time because everyone else thinks they should go to him for those kinds of requests and help.
Then it happens again. And again.
Pretty soon you have one employee who could be GREAT in their “real job” but is now doing four different jobs just trying to keep their head above water.
And of course this “appears” that so much more is getting done. But is it really?
Are all of those things essential? And if they are, shouldn’t someone who’s skillset is properly aligned with the objectives be doing them so they have the best impact on the company?
And when it comes time for performance reviews, an objective look at the job description and outcomes is not going to reflect nearly as well on what this dedicated teammate has been doing for the company.
That’s where a properly organized performance tracking system comes into play.
You’ll know what has been coming into the pipeline for every employee. Whether it is or isn’t in their job description. And when you tie in your Time and Attendance system, how much time and resources the company is putting into these requests that have been coming out of thin air.
This will give you the information you need to increase your budget to help put the right people and tools in the right places given the reality of the company’s needs, not just an initial job description.
Fill The Time Capsule, Increase Your Profits
It’s time to look at these old ways of doing business and bury them in a time capsule for future generations to dig up in their history lessons.
Sit down with your leadership team and see if your company has these low-hanging opportunities to improve performance and increase profits this year.
The CFO’s Guide To Strategic Human Capital Management
Being a CFO comes with many responsibilities. We’ve made a guide specifically for you to learn more about human capital management and how you can better your internal system.