What Every CFO Has To Have In Their HR Toolbox
Having a Human Resources department is supposed to improve your organization’s workforce, but too often it becomes more and more of a cost center, and a headache for the people inside and out.
As the CFO, you should feel confident that your HR team is in the best position for success without needing to get into the weeds with them on a regular basis.
But that’s not the reality for most companies.
Even with the best intentions, and hard workers, most companies end up losing a ton in soft costs that the HR team could easily prevent if they had the right tools and strategies.
This list of necessary HR tools should help provide a gut check for CFOs. If you’re already implementing these things, then you are probably smooth sailing, congrats! If you aren’t, then it’s time to sit down with your head of HR and determine how to right the ship.
Organized And Efficient Recruiting + Hiring
Applicant Tracking + Onboarding
You realize the need to hire a new employee. Someone drafts up a job description in a Word doc, then uploads it to list of 19 trillion online job boards.
Applications come flooding in, 90% are completely irrelevant to the actual job you need to hire for, and the other 10% is lost at sea never to be found by your hiring manager.
You hire someone who everyone “thinks could be good once we train them.”
They become a minimum viable employee. Doing enough to get the job done. Nothing outstanding, nothing subpar enough to raise any flags.
This happens for 5 hires in a row. Then 10. And now you have an average company with bland culture and high turnover.
The good news: you can prevent this.
Get the right people in front of your hiring managers so they can bring on the best talent available. How? By having a proper recruiting and applicant tracking system so that the quality people can be found easily in the muck of generic resumes.
Training, Performance Management, PTO Accruals, Job History
Today’s employees need more than an hour orientation on their first day and an email address. The more guidance and direction with clear objectives you can give them, the better they will perform for the organization, and the happier they will be in their role.
That’s a lot easier said than done though.
How are you supposed to implement an impactful onboarding experience that leads seamlessly into their performance management once they’re up and running on their own?
Not to mention tracking and organizing their time and attendance, while maintaining accurate and accessible records for every employee?
Here is where your system needs to be in place, and in sync with all of those areas. When you have a system to build, manage, and duplicate your workflows, all of this work happens in a matter of minutes instead of days. And that time is real money on your P&L.
Save time, turnaround, and distractions.
Can your employees easily log in to view their pay history to see their pay stubs online? It might not be something you think about as a need, but it’s a real time saver for the people in HR.
When an employee can access their own information, it saves the organization time and money across the board. It means the employee gets what they are looking for faster. It means they aren’t taking time away from an HR employee who would need to retrieve and deliver that information to them.
Employee self-service is a win-win-win for the Employee, HR, and the Company.
Your high-level snapshot to review all of your HR performance and information
Do you have to log into different systems to check your employee performance statistics, ACA eligibility, time tracking, performance reviews, and forecasts?
It’s not 2004 anymore.
You should have a one-screen view of everything you need to know.
Turning information into insights
It’s great that all of your information is being captured and organized, but how do you make use of it all?
You need to be able to easily pull that information into insightful reports so you can direct action for improvement and progress for things like:
- Compliance reports
- Multi-level performance reviews
- Highly configurable reports for your management team
Don’t have a person wasting hours reading through information and creating their own reports. Not only is it a waste of time, but it also leaves too much left to human error.
Make sure you have an easy-to-use report writer that can take your human resources information and turn it into something helpful for the organization without losing hours of time from one of your employees.
Stay ready, don’t get ready
Remaining compliant is that little nugget of anxiety that’s always lurking around the corner.
Are we up to date on everything with everyone?
If we get audited, even if we are compliant, how much time and resources is it going to take to prove it?
Put all those thoughts to rest by using a compliance tool that keeps track of everything for you, while it happens, so you are always up to date with your needs and if something does arise, you’re able to jump on it before it becomes a significant issue.
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. Get your FREE copy here.