4 Ways In Which Cloud HR Software Helps Financial Services
When it comes to the financial services industry, HR leaders have to grapple with a lot of tasks — carrying out complex recruiting among a shortage of qualified talent, adhering to the changing compliance standards, managing employee compensation and performance, and strategising to beat high turnover among millennials.
In such a scenario, doing things manually takes a lot of time. Let’s see how.
Suppose your HR team spends 2 hours every day doing things manually instead of relying on HR software. This adds up to 10 hours every week. If we consider an average hourly rate of $50, you’re losing over $6000 every month.
A mammoth figure, isn’t it? Here’s how having cloud HR software can help you save costs and improve efficiency.
1. Have targeted recruiting
Financial services is a highly competitive industry where companies fiercely contend with each other to recruit top talent. Sometimes, recruiting a skilled and talented professional in an important position can bring the company millions in revenue.
When recruiting is so paramount to your industry, why rely on ineffective processes that have been going around for years?
With TalenTeam’s Optima which has been specifically designed for the financial services industry, you can get effective line-of-site analytics that provides intelligence and guidance throughout the entire process — from sourcing talent to new hire onboarding.
You can even benchmark the quality of your recruits within the first 90 or 120 days. This acts as a guide for your future recruiting processes.
2. Helps in professional training and development
According to LinkedIn’s 2020 Workplace Learning Report, 94% of employees confessed that they would stay at a company longer if it invested in their learning and development.
What does this mean for HR leaders around the world? It’s no longer enough to have great compensation packages or perks that make employees go, “Wow!”. Employees want to stay abreast in this changing world and fulfill their professional goals.
This is more so in the financial services industry where a professional not only has to know the changing norms but also needs the ability to work on their current commitments more efficiently.
With a cloud HR software for financial services such as Optima, your team can:
- Have a proper process for induction training and a Learning management system for that improves employee skills and creates a culture of continuous learning
- Help improve performance by providing ongoing coaching and feedback
- Deploy the right training modules at the right time for each individual based on the capability and requirements for their role and career path
3. Adhering to compliances:
Whether you’re in the banking industry or the insurance sector, you need to comply with regulations. With a Cloud HR software, you can save these compliance modules so that everyone in the organisation can quickly refer to them whenever they need them. This is crucial for new hires. When a simple compliance mistake can cost you thousands of bucks and a loss in reputation, you need everyone in the organisation to stay abreast with these standards.
You can even have access to accurate records like payroll reports or employee training records so that you can prove your compliance with on-time reporting as and when needed.
Moreover, with every year bringing new norms and regulations, you can even modify your existing training manuals with some simple clicks instead of going through the time-consuming manual process of changing all the physical files on databases.
4. Manage employee database through automation:
Businesses in the financial services industry, like banks, often operate in large offices set up in multiple locations. This means handling huge amounts of employee data. What if a manager in Florida needs to connect with the one sitting in Canada? Scrolling through a mountain of data to meet this requirement means wasting a lot of time.
Instead, switch to automation with a HR cloud software. You can have a central database that reflects the data of each employee in different locations, and even external contributors such as agency workers and contractors. All you need to do is perform a search in your software.
You can even pull this data for better insights and strategic decision-making related to different issues such as employee retention strategies instead of manually entering these records.
Takeaway
There are many benefits to having a cloud HR software. In an industry such as financial services where your team already has many tasks on their plate, why not opt for automation and effective processes?
This not only helps you deal with HR challenges in the financial services industry but your team can actually work on those high-value activities that directly impact the ROI.
Try out TalenTeam’s Optima which has brought success to several businesses in the financial services sector. Start your subscription now!
Which HR process takes up most of your team’s time? How is your team dealing with it? Let us know in the comments.