Profit Leaks are Killing Your Company: Transactional Inefficiencies
In part two, we looked at how syncing multiple systems can create data errors, especially pertaining to Affordable Care Act (ACA) reporting. In part three of this five-part series, we’re going to discuss the transactional inefficiencies profit leak.
Profit Leak #3: Transactional Inefficiencies
The ultimate goal of using any HR solution is to automate and streamline company transactions. This typically means shedding the weight of paper-based processes and other manual tasks to not only make HR managers more efficient, but to increase the efficiency of the company as a whole. When you automate workflows, you can scale your business to adapt to rapid growth without increasing overhead.
External Benefits Administration and Lack of Carrier Feeds
With the use of an HR solution that offers benefits administration and technology that connects with benefit providers, time-consuming tasks like open enrollments, transmission of paperwork to benefit providers, terminations, and reporting are automated in one system.
Duplication of Tasks
When an HR manager has key information at their fingertips in a unified database, that saves time and money. The same data that is in an employee record also exists in other areas of the system such as benefits administration and payroll, ensuring nothing falls through the cracks.
Taming the Transaction Beast
The biggest challenge for an HR manager is being strategic while managing all of the recurring tasks and transactional processes that fall on their plate. When these tasks are streamlined and automated, HR managers, and in turn businesses, become more productive and strategic.
In our next profit leaks article, we’ll discuss turnover and employee engagement.
Are Profit Leaks Killing Your Bottom Line?
Want to learn more about how profit leaks may be affecting your business? Download your free copy of CFOs: It’s Time to Talk to HR About Finances.