Whatare some ways that technology can help companies and leaders tomanage compensation, benefits plans, and associated costs?
Technologyprovides dynamic information in every sector of the business allowingthe company to cut on costs and enhance productivity. It is importantfor a company to be more efficient in all segments of the firmespecially during difficult economic times, and the human resourcecannot be an exemption.
Overthe years, many companies used manual human resource managementwithout realizing how it was consuming a lot of time and resources.Human resource management is significant as it manages and growshuman capital, one of the utmost aids in enabling business gaincompetitive advantage. The human resource information system hasbecome the most vital tool within the company based on skills,structure, systems and shared values. The Internet is a popular wayto research technologies, recruit applicants and other essentialfunctions of the business (Rainer, 2011). An online human resourceservice would support an efficient collection, storage, distributionand exchange of information.
Anefficient system will help firms as well as leaders managecompensation, benefit plans, and related costs. For instance,Companies can manage benefit costs using online tools, such asbenefits enrolment and payroll entry. Benefits costs incline when theemployees utilize their benefits. Companies and leaders can preventthe utilisation of benefits by promoting wellness programs such asmonitoring employees at the workstation to ensure they are safe toreduce injuries, providing material on eating healthy, offerdiscounts at the gym and introducing fitness clubs. This will reducethe undue burden on the benefits and compensation plans.
Howdoes managing employee compensation relate to overall business goals?
Employeesare not willing to work only for cash they expect more in the formof benefits or a non-financial compensation. A well-managed employeebenefit plan attracts, motivates and retains talents in the company.Business goal of efficiency and effectiveness can be achieved with awell-designed compensation plan. For instance, there is jobsatisfaction among the employees they will be willing to work for thecompany even if they get just rewards in exchange for their services.Motivation increases the level of productivity, and low absenteeismand turnover play a significant role in attaining the business goal.The company is able to utilize the human capital maximally for theadvantage of the Company.
Selectan HRIS and discuss the ways that this system could be utilized tomanage compensation and benefits
Databasemanagement system enables access and the utilisation of data stored.Human resource information system holds all information relating tothe workers of the company. This data can be applied to generatereports on the employees and incentives compensation. The system alsoallows for smooth administration of employees benefits.
Rainer,R. K., & Cegielski, C. G. (2011). Introductionto information systems.Hoboken, N.J: John Wiley & Sons.