The benefits of investing in HR software for SMEs

Those working within a small-to-medium-sized business (SME) know that when it comes to budgets and finance, every penny counts.

Especially as the COVID-19 pandemic has slowed if not completely halted many SMEs, with 67% saying they’ve had to stop trading at some point in the last six months.

That’s why the decision to invest in HR software is often left on the backburner, with Human Resources typically being viewed as a luxury rather than a necessity.

But if the pandemic has made anything clear, it’s that people are the beating heart of any successful business, and by investing in them, you’re investing in the future.

So, if you’re on the fence about investing in HR software or you’re simply curious as to how it can help your business – this is the blog for you.

We’ve delved into 5 key benefits that HR software provides SMEs.

Reduce your paperwork

HR requires a lot of documents, and it doesn’t take long for your office to fill up with cabinets full of paper.

But with HR software, you eliminate the need for paperwork, standardising your employee/business information with a reliable digital format.

Additionally, when dealing with important legislation such as GDPR, having everything digitised makes compliance much easier.

As the fine for non-compliance with GDPR is up to €20 million or 4% of your total turnover – it’s clear that it needs to be a priority.  

Enable employee self-service         

There’s a lot to look after in SMEs, and having managers manually handle requests such as holidays and payslips isn’t a good use of time.

But with HR software, you can empower your workforce to handle certain HR-related tasks themselves, freeing up time for managers to empower their teams.

Self-service also enables employees to manually update their personal records, including bank details and addresses, so you can rest assured that you always have the latest data.

Manage people processes from anywhere

A recent study found that after the COVID-19 pandemic, 25% of UK workers will continue to work from home permanently.

Cloud-based HR software supports this new normal in two key ways.

Firstly, for those managing your business’ people processes, the flexibility to handle tasks from any location, at any time, via the cloud offers them far more freedom.

In the same sense, cloud-based HR software enables your employees to manage tasks such as booking holidays, requesting training or viewing their payslips from anywhere.

Support employee development

HR software enables you to optimise your in-house training, meaning you can nurture your employees, cultivate more impactful teams and promote to managerial from within.

With HR software, you can also plot career development, set objectives and monitor progress, all from a convenient location.

The data gathered in the software can then be seen in real-time, providing managers with a clear view of employee development which they can use during meetings to drive the conversation.

Improve onboarding  

Rather than providing a heap of paper handbooks and forms during an employee’s onboarding, use HR software to ensure they’re ready and productive as soon as possible.

Whether they’re joining the business from home due to COVID-19 or starting in the office, by digitising key processes, you’re providing them with more time to get stuck in.

But HR software doesn’t just benefit new starters – it also streamlines the procedures that are required from managers.

By sending notifications relating to onboarding and hosting all the documents in the cloud, managers can spend less time on the admin and focus more on their new starters.

Choosing the right HR software

Hopefully, this blog has highlighted the benefits your SME can achieve by investing in HR software.

There's a wide array of positives regarding your people processes, and these streamlined ways of working can equate to enormous cost savings in running your business.

Especially when you consider that you can get industry-leading HR software from IRIS at the most competitive prices – your business could save a lot of time and resources. 

IRIS HR Software is the smarter way to manage HR, eliminating all your time-consuming admin so you can focus on what matters most.