Nearly half of businesses are looking to switch service bureaus within the next year according to data from isolved’s Transforming Employee Experience report. The driving force behind those who are looking to make a change is the need for a broader technology platform.
Technology plays a critical role in helping businesses achieve their goals, and with human resources (HR) being in the spotlight this year, it is more important for service bureaus like professional employer organizations (PEOs), administrative service organizations (ASOs) and payroll providers to offer technology that supports their clients’ needs. The right human capital management (HCM) platform can be used to help clients reach their goals in 2021 and beyond. Here’s how:
Goal: Consolidate Multiple HR Systems
Consolidating multiple HR systems tops the list of opportunities for HR departments this year. This also aligns with the need for a broader technology platform being the reason why the majority of clients are searching for a new service bureau. PEOs and ASOs that leverage a comprehensive HCM platform are able to equip their clients with technology that can be used to manage the entire employee journey – from hire to retire. This means one login and one single source of truth for all essential HR tasks. Centralizing data also improves accuracy, which brings us to the next goal…
Goal: Eliminate Errors
An intelligently connected HCM platform eliminates the need for service bureau employees and clients to upload data into multiple systems. This helps to minimize human error that can happen during data entry. In fact, 19 percent of HR leaders say that human error is their biggest payroll challenge. Providing technology that can remedy this pain point is sure to improve client satisfaction. In addition, a robust HCM platform can simplify common HR tasks, such as…
Goal: Streamline Recruiting
Forty-eight percent of HR leaders expect recruiting to be more difficult this year, but technology can play an important role in supporting recruiting initiatives. In fact, the majority of respondents from isolved’s study selected recruiting as the HR area that would benefit most from automation. By equipping clients with an applicant tracking solution, time consuming tasks like posting to job boards and applicant communication can be automated. isolved’s Director of Solution Consultants Brad Ronek notes that this can also improve applicant experience because a lack of communication during the recruiting process can push top candidates away. Once a new employee has been onboarded, many HR teams turn their attention to keeping that employee engaged…
Goal: Improve Employee Experience
Employee experience is a priority for 92 percent of organizations. One of the best ways to improve experience is with better engagement. Providing clients with a powerful HCM platform can make it easy for them to foster a sense of community. For example, clients can use social media-style communication tools to encourage employees to connect and collaborate. This can go a long way in improving employees’ daily work experiences. In fact, Senior Vice President of Network Sales Rick Torrence notes that it is becoming increasingly important for service bureaus to offer engagement tools because engagement can have another important benefit – improving retention. Speaking of…
Goal: Boost Retention
Fifty-four percent of HR leaders say that retaining talent is more difficult within the last year. The top threats for talent retention include the remote-work environment, competitors with larger budgets and increasing employee experience expectations. While there are many ways to improve retention, technology can certainly play an important role. Not only can the right HCM platform assist clients’ engagement initiatives, but it can also be used to keep employees involved with their own career progression via performance reviews. In fact, Ronek mentions that the right tools can make it easy for employees to request feedback from their manager and colleagues. The ability to get an immediate response outside of the traditional review process is huge, because it enables employees to identify areas where they need to improve in order to take their career to the next level.
Helping Clients Achieve Their #Goals
The best way to help clients reach their goals is by providing them with scalable technology that meets their needs now and can grow with them in the future. By offering this type of support, clients will be more likely to stick with their current PEO, ASO or payroll provider rather than search for a new one.
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