In one year, businesses in the U.S. spend more than $1.5 trillion in salaries dealing with non-productive paperwork. Any amount of time spent digging through a filing cabinet is time wasted. So what can you do to correct this?
The answer is pretty obvious: Ditch the papers! Of course, that’s a lot more difficult than it sounds. Many HR departments have a hard time making the transition to paperless, simply because of the sheer number of documents they handle on a daily basis.
Though making the switch can take time, the benefits that come from a paperless HR department are well worth the effort:
At a salary of $30 an hour, knowledge-based workers (like most of your HR employees) spend about $4,500 a year simply looking for paperwork. A paperless system will cut the time you spend searching for documents down to a fraction of that, saving you money in not only employee salaries, but printing and storage costs as well.
Recovering from Disaster
More than 70% of today’s businesses would fail within three weeks if they experienced a massive loss of paperwork due to fire or flood. But if your documents are stored electronically—more specifically, if they’re stored in a remote server or in the cloud—you don’t have to worry about that paperwork being lost. You’ll always have access to the data, no matter what happens.
Being Secure and Compliant
As an HR department, you handle a lot of sensitive employee information, including information regarding their health benefits. That often means you have to be compliant with HIPAA regulations, which is a full-time job all its own. However, a good paperless system will have the security measures in place to help you protect that information and stay compliant with minimal effort from your department.
These are just a few of the benefits of going paperless, but ultimately, being a more efficient HR department means finding tools and systems that save you time and keep you organized. A paperless document management system does both, and so is an invaluable tool for being as efficient as possible.