Recent findings in the business world show an interesting trend. It turns out that keeping workers motivated and happy does not necessitate raises or promotions so much as it does increased security. While a raise or a promotion would definitely do that, a more cost-effective method of offering more security is to offer employee benefits.
To some this might seem counter-productive, as it costs a lot of money to create a good benefits package. Business Bee even has a list of 5 ways offering benefits can actually benefit the business more than the employees, including improving morale in the workspace; raising the appeal of the business to motivated and qualified workers; minimizing the turnover rate; having healthier workers who can work harder, longer, and not take as many sick days; and, finally, better job performance due to the feeling of loyalty for the company that is taking care of them.
As you can see, offering your employees health insurance, paid vacation days, and pension plans can create a much better work space environment. FindLaw says that for small businesses, it can seem like too hefty a price to pay, but the data is out there to support the theory that this investment in your employees will result in a stronger business with higher quality output and stronger numbers of sustained growth.
Well, that is all well and good, but it still costs money, and where is that money supposed to come from? A small business that feels strapped for cash and is concerned about the small profit margin they are seeing will not feel terribly motivated to dump money into employee benefits that could make that profit margin even smaller. If this struggle sounds familiar, then you need to recognize that when it comes down to it, this is really a matter for Human Resources to take care of.
Among all of the other responsibilities managed by this department of your business, the handling and funding for a new benefits package would fall under the umbrella of HR duties. The best way to fund this kind of change in the office would be to invest in a good Document Management Software (DMS) program.
DMS technology is changing the way HR departments are run. The proper utilization of such a program will save your company money in many ways including, but not limited to the following:
- Reduces the amount of space needed: There will no longer be a need for you to rent out an entire room or annex that is dedicated to storing paper files.
- Allows HR to get more work done faster: Hours every day are spent by the HR department digging through mountains of paperwork and files. This system can allow them to search for what they are looking for, make the necessary duplicates, and send the data along with the simple click of a button.
- Avoids problems from human error: No more missing or misplaced files. This can create a more secure storage option.
- Will require fewer people to work in the department: They say two heads are better than one, but that is not always the case when you have to put all those heads on payroll. Making the job easier to manage means not having to expand the department as your business expands.
- Maximizes the speed of how work is done: Speed is always of the essence in the business world.
- Creates happier clients: This has a lot to do with the aforementioned increased security and elevated speed of work.
- Creates happier employees: Employees that can get what they need from HR in a speedy fashion will be better served in many ways.
By reallocating the return on investment that you get from investing in a program of this nature into a benefits package for your employees, you will be able to enjoy the advantages of such a business maneuver without reducing the amount of profit you are making.
Finding the money for this kind of change within the organization is as simple as finding areas where there is needless waste happening. In many companies, this analysis will zero in on HR departments. Without DMS technology in place, you will find many targets of wasted time, money, man-hours, and rental space. Once you have the program in place to eliminate these points of waste, you will not only have the money you need to fund the desired benefits packages, but you will also have an office that runs more smoothly with a streamlined workflow.
If DMS technology is not an integral part of your HR workings, then now is the time to investigate what programs are out there and what they can do to improve working conditions for you and your employees. The benefits to be gained from such a program extend far beyond what the HR department can do with it, but that is generally the best place to start implementing such a ground-breaking system.