Automation can help streamline your business. For the fast-paced business of financial management, streamlined processes can help you find better talent to support financial service customers and also help you track and manage your own business expenses.
HR automation is helping more businesses than ever before discover ways to make more informed financial decisions and also make the employee, employer, and customer experiences that much better. Here are some of the ways that HR automation in financial services is helping businesses.
Better Hires for Financial Services
HR automation can help businesses manage tasks from payroll and time tracking to training and retaining employees, but one of the biggest ways that HR automation has had an impact on the financial management sector has been in recruitment. Automation has created significant changes in how HR teams handle hiring, and financial management businesses can see positive results in their staffing. Automation allows businesses to be both more informed and more selective about their candidates without slowing down the hiring process. Recruitment automation uses AI to screen submitted resumes to truly narrow the field to the most qualified candidates, enabling HR professionals to spend less time sorting through resumes and paperwork and more time focusing on the candidates who can add the most value to the business.
Financial management businesses, for instance, may look for candidates with a different skill set than other sectors of business and HR automation in recruitment can help identify those candidates faster. Beyond just a math degree, for instance, a global finance organization may decide they need bilingual analysts or want to find future-focused candidates who have worked on innovative projects before and can help their team plan for the future of financial services. HR recruitment software can help source those candidates faster without sacrificing quality. Having the right expertise in place will better serve your customers and ultimately help to support your business.
Better Oversight of Internal Finances
While automating HR tasks can help you offer better financial services to customers, HR automation also has a big impact on managing a business’s finances. Financial Force notes that, on average, human capital makes up 70% of operating expenses, so it’s important to have processes in place to monitor these expenses and plan wisely. The data from automation programs are able to be used by businesses to inform better decisions at all levels of the business.
Many HR automation programs have built-in financial integration, meaning that one software subscription can run HR processes and functions like recruiting, payroll, time management, benefits administration, employee expense, and travel reporting, and training, while also offering streamlined integration to the internal finance and accounting teams. This means easier and more accurate reporting and tracking of overall business expenses and a clearer picture of how HR processes are affecting the business as a whole.
Is the length of recruitment costing the company money? Do changes need to be made to policies to help reign in business expenses? Is the company approving too much overtime? While other systems have been able to more or less answer these questions over the years, automation is helping bring all functionality under one roof to help business departments work better together and help the business operate more efficiently overall.
The relationship between HR automation and finance is strong. Automation has been a proven money-saver for businesses and most automation software allows for analysis and tracking of certain measures of finance, like salaries, expense reports, and even employee ROI and productivity. Automation is an easy way for businesses to have a more holistic view of their business and engage more intelligently in both HR processes and financial decisions.