In the world of cutthroat competition, growing a business is not as simple as it was a few decades ago. When your goal is to grow, combining team efforts and joining hands with all stakeholders is a must.
Different building blocks of a company include people, processes, and products or services that the company is offering. Among these options, one thing that many companies often ignore is human capital. Human capital or human resources, when managed properly, can help the company in achieving its goals; both short and long-term ones.
In short, for the company to grow, the employees have to be happy, satisfied, and engaged This is where the HR software comes in. But first finding the right way to achieve all of these objectives is important, and it is only possible when you understand how the business world is changing. Let’s discuss below:
Changes in the Business World
Today, growing your business is not as easy as one may think. Many entrepreneurs start building their businesses but later get stuck. This is why more than 70 percent of businesses face challenges in the first 3 months of their operations.
The reason is that they do not understand how the old strategies and tactics don’t have the same impact as they used to. Changes are the only constant and growing your business is only possible when the decision-makers learn about the changing dynamics of the business world and the factors impacting these changes. Let’s have a look at how the business world’s growth has changed:
Globalization
Competition
Customer-centric approach
Globalization: The first factor impacting the changing business world
Since the Industrial Revolution, some businesses started working out of their comfort zones. This dedication and commitment led them to market diversification within a short period of time.
Today, you can have a brick-and-mortar setup placed in one country, but at the same time, you can sell your products and services all around the world without much hassle. This is how globalization has been helping businesses by opening new opportunities for them. This means that globalization is allowing businesses to grow.
But, this also means that you have to offer superior quality, more than others, to stay in the front of the race. This is not possible without having engaged and satisfied human resources at your disposal. And for having a more productive workforce, HRM software can work wonders because now your employees can be active participants, no matter which country they are working from.
High Competition: The second factor impacting the changing business world
The second most important factor that affects business growth today is the competition. The higher the number of businesses entering the market, the higher the competition, and the more fierce the strategy has to be for growing your business.
In short, businesses to work harder and smarter to stand out and reach the front of the race.
According to Statista, in 2021, global e-commerce sales reached $4.89 trillion. This a how modern businesses work.
High competition also means that all companies try to retain their top talent so that the performances are improved and time is saved. Again, employees tend to have a major impact on the overall company performance.
The Power of Human Capital for Creating a Customer-Centric Business Philosophy
Customers or clients are the ones that drive the business so it is not a secret that all businesses try to create products and offer customization that their target market needs or wants. But, to attain this having a team of excellent employees is essential.
In simple words, having engaged and satisfied employees is the secret to having a customer-centric business. Engaged and motivated employees are more productive. They put in extra effort to achieve company goals, leading to increased efficiency.
Highly engaged employees are 21% more productive than their less engaged counterparts (Gallup) In addition, 73% of customers say a friendly employee is the reason they have a positive experience with a company (PwC).
The Power of HR Software in Engaging Employees and Making the HR Processes Transparent
HR software, often referred to as Human Resource Management System (HRMS) or Human Capital Management (HCM) software, plays an important role in ensuring that human resources reach their full potential and help in business growth.
Let us discuss how HR Software helps in engaging your employees and retaining them:
Efficient HR Operations
HR software automates routine tasks like payroll processing, attendance tracking, and leave management, reducing manual effort and errors. HR departments that automate HR processes reduce administrative errors by 40-60% according to the study by HR Technologist.
Data Centralization
HR software provides a centralized repository for employee data, making it easily accessible for HR professionals and reducing data discrepancies. 73% of organizations say that centralized HR data is essential for strategic decision-making.
Enhanced Employee Self-Service
Many HRMS software solutions include self-service portals where employees can update personal information, apply for leaves, and access pay stubs, reducing HR’s workload and increasing transparency for the employees who can get their payslips, check their available leaves, and so on, leading towards a decrease in their attrition.
When employees can access HR services on their own, HR departments save an average of 30 hours per month.
Conclusion
Basically, HR software has proved to be a game-changer for businesses, especially because it helps in increasing transparency and overall human resources management.
By adding employees’ happiness, satisfaction, and engagement company’s priority,c businesses can not only thrive but also experience sustainable growth. Remember that HR software is your ally in the journey toward success.
It ensures that your workforce has the power to optimize your company’s operations.
