3 Systems That CFOs Overlook At The Detriment Of HR
Congratulations! You have a great team in place at your company.
Now it’s time for your human resources to shift into manage-mode! Really flex those muscles to boost your workforce to the next level.
Unfortunately, this may be where your organization gets lost on the “busy, but not productive” treadmill.
Those spreadsheets just won’t go away!
And so much paperwork that needs to get filled out.
Is this the HR department or some kind of a temp agency olympics?
At this point, a lot of opportunities for impact end up hiding in plain sight because the team is drowning in admin work all day.
Luckily for you, with the technology available today, there’s no reason to keep that way of life.
It’s time to move forward and implement the systems that will clear away the minutiae that are weighing down your best employees and leaders.
It’s time to give them the tools that will help them become the superstars they are meant to be and bring the company up the ladder with them.
Want a glimpse of what that future could look like for your organization?
These 3 areas are usually seen as necessary evils for every business, but there can actually be money found in the soft cost savings and increased productivity.
1- Open Enrollment & Benefits Management
Ugh. The dreaded open enrollment period…
Is every employee properly informed on what they need, and how to make a decision that’s best for them?
We sent out everything they needed, but did they actually read it?
Then come the questions. The chaotic communication of disconnected files and information that would take a Beautiful Mind to piece together properly.
Can you hear the inboxes flooding already?
Stop the madness!
Here is where your HR software can come to the rescue and make it easy to setup your benefits management.
AND increase your employee engagement with proper checks and reporting.
Get everyone enrolled sooner and more efficiently.
Ok so this software makes getting set up easy, but how is that gonna help save time during the actual enrollment period?
What about when employees need information about their benefits?
Is Karen going to have to dig through the system, find the employee, create a report to run for the specific information they’re requesting, and then send it over to them through some kind of encryption method she doesn’t quite understand (or perhaps just go with the “fingers crossed we don’t need security or privacy on this” approach)?
Nope. You’re off the hook, Karen.
Your new software makes planning and decision-making easier for your employees by giving them:
- Cost analysis of plan options
- Details of selected benefits
- A summary of their benefits plan for confirmation
- Access anytime with their own login and welcome screen
2- Performance Reviews
It’s easy to let performance reviews come up without preparation. Sit down to talk about the last few months. Jot down some notes. And wait until next quarter to do the same thing.
This type of work is what gives performance reviews a bad rap.
Don’t let them be treated as just a box that needs to get checked.
Take advantage of the opportunity to hear from your employees, keep them engaged and motivated, and let them know how they’re doing in relation to the expectations set for them.
If you use software that has a generic performance review form, you’re not doing your managers or employees any favors. In fact, it could actually be detrimental and turn this opportunity for growth into a waste of time for everyone involved.
You need software that allows you to add custom questions. This will help you create your own process that’s easy to follow and aligned with your organization’s specific goals and culture.
Now, that box-checking is actually a useful process that helps your employees, managers, and the organization.
3- Offboarding & Separation
Offboarding isn’t something most organizations have a good grip on, and it’s costing them a lot of time and money because of it.
When an employee eventually leaves, whether it’s to retire at the end of their career or they weren’t a long term fit for the company, it will happen at some point for everyone.
You need to be prepared so that the rest of their team is impacted as little as possible.
You don’t want to leave them with an overwhelming amount of slack to pick up. Particularly without knowing where any of John’s files are, or how he actually did anything.
Having a process prepared and ready to handle an employee leaving will save so many headaches, you’re team will be so grateful to you for having everyone prepared.
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.