The UK unemployment rate is 3.4%, its lowest level for 44 years, and the global unemployment rate is 5%, its lowest level since the Great Recession.
These figures mean that it's a buyer's market out there for employees. Organisations everywhere are struggling to recruit the best talent as workers currently have the luxury of choosing from a selection of the best jobs.
Yet the strong economy means businesses are growing, and they're recruiting at a massive scale. Between December 2017 and December 2018, the number of jobs in the UK was estimated to have increased by 415,000 to reach a total of 35.27 million.
But business growth comes with challenges. How prepared are companies for the rise in employee data they'll be dealing with on a day-to-day basis, and ensuring policies & procedures are being thoroughly dealt with and documented?
In addition, compliance with data protection laws has never been so vital for business. Couple this with organisational growth as well as the ever-increasing levels of competition, adopting a cloud-based HR system will not only protect your business, but give you a competitive edge in a red-hot market.
Minimise the time spent on manual tasks
How much time are revenue-generating employees losing to manual HR tasks? Prime examples are cumbersome spreadsheets and absences requested via a confusing series of back-and-forth emails between employees and managers.
What impact would saving time have on your business if it was reinvested in revenue-generating activities such as driving sales, eliminating inefficiencies, and improving customer engagement?
This is what intelligent, full-featured HR tech brings to recruitment – it will help your key business players save time and maintain focus on what they do best: driving revenue growth.
Enhance your compliance efforts
How reliant is your business on archaic methods of storing important data – such as spreadsheets – which hold lots of employee data?
As your business grows, it's essential to consider how you're recording, storing, and deleting employee data. The more employees you have, the bigger the level of compliance risk there is when it comes to data protection laws like the GDPR. The penalties of a data breach or inconsistent data retention policy substantially increase the risks to your business.
The Youmanage Data Retention Framework provides you with a means to not only securely store all employee data, but also to schedule it for deletion at the correct times to comply with your own data retention policy.
Give yourself a competitive edge
In a competitive market, it's important that your employees feel valued and supported by the business every day.
Effective performance management isn't a once-a-year event, but a continuous process that facilitates a high-performing culture, where employees work to clearly defined objectives and where the whole organisation is aligned behind a consistent set of goals. This creates an environment of high achievement where top performers become the norm, rather than the exception.
Youmanage simplifies the administration of review processes and improves the management of employee performance information, allowing you to create a culture of high performance.
Improve staff retention
When top performers love their job and want to stay with your company for the long-haul, planning for the future becomes much more straightforward.
Youmanage increases communication and feedback between employees and managers, uncovering any issues which may cause high staff turnover, and provides you with the HR analytics trends you need to address any specific issues moving forward.
How confident are you that your business has simple, streamlined, and strong HR processes that support your goals? With growth, common sense dictates technology should take more responsibility off the shoulders of management and allow them to focus their energy on what's really important.
Did you find this article useful? Youmanage offers software that simplifies, streamlines, and strengthens your HR processes, while giving you an edge against your competitors. To find out more, take out a trial or request a demo of Youmanage today.