Most business owners hate paperwork, and the paperwork associated with hiring, promoting and firing employees can be among the most time-consuming and confusing of all.
If you’re still managing your workforce with a disorganized mix of spreadsheets, post-it notes and paper documents, it’s time to up your human resources (HR) game.
HR software can improve the accuracy of any required reporting for regulatory compliance and reduce the amount of time it takes to manage employee benefits and wages.
Rather than hand a new employee a bunch of paper forms to fill out on their first day, think how easy it would be to give them a link to an online portal. Cloud-based HR software lets your new employees easily enroll for their benefits and allows existing employees to make changes to their benefits without involving your or your HR specialist.
This means you’re freed from handling paperwork every time someone gets married, has a child or needs to change their withholding. The employee simply logs on and administers their own account, and can find answers about their benefits 24/7 without asking you.
Self-administration also improves employee satisfaction since they can handle simple issues quickly.
HR software can help your company more quickly quantify turnover issues for particular managers or job titles. Since replacement costs can vary from 30% of annual salary for an entry-level employee to 400% for an executive, reducing turnover offers significant ROI for your time and attention.
Pick a human resources software with automated goal-setting functionality and performance reviews, and you’ve added another way to track and motivate your staff.
HR software can also help your company stay on the right side of wage and hour compliance. Especially as federal, state and local regulations continue to grow and change, HR software makes it easier to ensure you’re meeting all necessary laws.
And, if your business grows across state lines where regulations may differ dramatically, HR software can keep your company compliant and penalty-free.
Despite the fact that your company has grown from 5 to 50 employees, do you still use a wall calendar to manage your team’s vacation and sick days? What worked when you were small is now likely time-consuming and error-prone as you record, approve and check each employee’s time-off balance.
The right HR software will automate this process, helping you identify a host of workforce issues like seasonal staffing shortfalls.
Such software can also help your company recognize a host of workforce issues, including when overtime costs have built to the point that it’s more cost-effective to add employees. Proper tracking can help your organization make informed decisions and plan for growth, so that you’ve got the right number of hands on deck to deliver promises to new customers.
Automating your HR department protects your business in the event of a natural disaster or burglary better than keeping a file cabinet full of paperwork.
Imagine if your company got flooded during Hurricanes Irma or Maria or burned in the wildfires of the Pacific Northwest. You’d spend significant time and effort replicating your HR files in a paper-based system.
Further, you are responsible for maintaining the security of each employee’s personally identifiable information, which is something much easier to do with a secure cloud-based software.
Feel like you need more than expertise than software alone provides but don’t want to hire more staff? Explore the possibilities of partnering with a professional employer organization (PEO).
These companies support businesses with as few as five employees and provide a host of HR support services such as workforce and succession planning in addition to managing payroll, compliance reporting and other HR administrative tasks. The best PEOs will offer software to keep your HR paperless in addition to their human resources experts.
Partnering with a PEO may also allow you to offer big company benefits while you’re still a smaller-sized business.
A well-oiled human resources department will help you sell your business when the time comes. The savvy buyer will want to analyze your workforce for its longevity, talent and potential – all information that HR software can help you maintain.
By Jessica Johns Pool.
© 2017 Generational Equity, LLC. All Rights Reserved.
We were represented by Michael Goss with Generational. The due diligence was grueling and exhausting, but Michael propped us up and kept us motivated throughout the process. Debi and I continued to ask each other how we could possibly make it through this process without the assistance of Michael. Michael's professionalism and knowledge is absolutely amazing, and we are so blessed to have had him by our side as we made our future dreams come true.Bob and Debi Lee, Owners of BL Technology, Inc and BL Tl Services, LLC
Thank you again for all your guidance and support. Any company will achieve what they intend, if they have you on their team!Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
I wanted to take this opportunity to thank you for all that you have done for us. Not only did you take care of all the aspects of the sale but took extra care to make sure we knew what it looked like every step of the way. I will definitely recommend your company to anyone that is in a position to or looking to exit their business.Shane and Johanna Kline, Owners of Vision Upfitters
Greetings Mike. Thank you for the captivating and compelling presentation you made at the Phoenix presentation last week. Over many years in business yours was the most informative and well-presented presentation, on any subject, that I have ever attended! Your energy and enthusiasm combined with your concise and captivating support of your positions with easily understood examples and data was compelling.Pete L.
I need to say an immense thank you to Don Ho for his stellar work ethic, attention to detail, and tireless effort. Also thank you to the whole crew at GE! Without you, Don could not do such a phenomenal job. We were shooting for closing and funding before the end of 2020, due to the uncertainty of the political landscape and taxes. I am happy to report we closed last week and will be funding tomorrow.Dr. Caty J. Catron PhD, RN, VA-BC – Owner, Vic The Picc, LLC
We knew it would be a difficult task to have someone really understand our business and our market, prior to researching a possible buyer, so it was imperative that we found someone of your caliber, with definite proven experience in this area.Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
The professionals at Generational Equity then helped develop a roadmap for enhancing the value of the firm and an evaluation report. This was completed by June 14, 2021. We then developed the Confidential Information Memorandum and put Taylor Studios, Inc. on the market by July.Betty L. Brennan, President, Taylor Studios
Generational Equity’s professional staff helped me every step of the way. Their network and professionals are the only reason I sold my company this quickly. For me this is a once in a lifetime sale and I was unfamiliar with the process. I was able to lean on them with questions and concerns.
I quickly recognized that Don was working for Sharpe Mixers above all else, and held our interests above others.Jay Dinnison, Owner of Sharpe Mixers
I decided to attend the conference and hopefully receive some guidance on how to structure an exit plan of my business. Upon arriving at the conference, I was so impressed with the presentation given by Generational Equity that I set a future appointment that week to discuss the possibility of selling my business with their Senior Managing Director David Robinson.JoAnn Ellis, Owner of Fondren 5 Star Kennels
We were happy to see the interest in our company and what we cherished has not just a valuable company but an important company to the communities we served in.Larry Moore, Owner, A Company Portable Restrooms
We had the pleasure of working with Mr. Ahmad Behjati Managing Director, M&A, for Generational Equity during our acquisition of Papa's Dodge in late 2021. Generational Equity and Mr. Behjati represented and marketed Papa’s Dodge. As our primary contact, Mr. Behjati was professional in every facet of this acquisition process, conveying valuable advice most times and assisting us in every step of the process.Rick Greene of Dobbs Equity Partners LLC
The most important contribution I think Ahmad made was with his personality and work ethic. He is sincere, efficient, and very hard working. He was available to me at all times, whether it was for specific detail of the negotiation or just to talk through the bigger picture. He listened, advised, and recommended, but never forced his idea or opinions. In the time we worked together, he became a valued colleague and also a friend.Salvo Stoch, Founder and CEO of Sleeping Partners
We thank you Eric and Generational Equity making our dream come true.Larry Moore, Owner, A Company Portable Restrooms
Thanks to you, the entire GE team and especially Michael Goss for driving a great valuation, coaching me and driving the process across the finish line. Please let me know if there is anything I can do to support GE going forward. P.S. Given my experience with GE I felt comfortable enough to sign up with Generation Wealth Advisors!Tom Currier, Former President & CEO, Rackmount Solutions
I wanted to write you a quick letter to express our appreciation and our delight on the outcome of helping us through the process of our recent sale. We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.Terry D. Wickman, President, Keytroller
We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
Generational Equity’s assistance was invaluable in compiling and marketing our business.Bil MacLeslie, CEO, ipHouse
I must say that I have never worked with a more driven, competent and focused individual as Don Ho.Jay Dinnison, Owner of Sharpe Mixers
The process was much more involved than I expected and your help, experience and advice was a big factor in making the negotiations go as smoothly as possible.Terry D. Wickman, President, Keytroller
Your wisdom and experience were invaluable to me during this once-in-a-lifetime transaction.Ralph Noblin, President of Noblin & Associates
Generational Equity educated and informed us – so that we could be on the upside of a good decision (to sell).Bil MacLeslie, CEO, ipHouse
Through the sale process, Generational brought in several interested buyers and we closed in about 6 months. I am so glad I accepted that invitation to the conference and could not be happier with the whole process. The team at Generational coupled with their knowledge and guidance was so valuable that in the end, I know I could never have done this on my own!JoAnn Ellis, Owner of Fondren 5 Star Kennels
The help you provided us during each step of this process made us feel very comfortable and confident we were selecting the right approach to transition our Company.Andy Graham, Vice President, Modern Heating & Plumbing
T.D., thank you so much! You are a great leader! I love how you are using your gifts and talents to better others. You are clearly a GREAT COACH! This 3 day session undoubtedly changed the future of our business, and very well may have been the sole catalyst to save my company, my health and my marriage! A genuine “thank you” from the bottom of my heart.Bryan D. Horn, Owner, Over Under Clothing
Michael worked tirelessly, He followed every lead meticulously and urgently to make sure nothing was missed.Robert Evans, President and CEO of Mealtracker Dietary Software
I am pleased that I was able to work with Andrew Byrd throughout this experience. From the first meeting we had in Minneapolis I felt that I was in good hands. His knowledge and expertise is second to none. He guided the process consistently throughout. I feel lucky that I was pared with Andrew and could not be happier that I chose Generational Equity to handle this major life event. Thank you Andrew and GenEq for everything!Eric Erlandson, Owner, Action Fastenings, Inc.
I would like to thank you and your firm, Generational Equity, for being our valued advisors in our journey.Bil MacLeslie, CEO, ipHouse
After attending a conference with GE, I decided that the value they bring would be worth the expense and as soon as I started working with them, I realized that was the right decision. When we started to get LOIs, Fred Zweifel took the lead on the communication and supported negotiations throughout the process, which got tricky as we moved forward. I learned that it can be common for companies to make a great offer then work to erode that price with their discoveries, but Fred and the GE team kept that from happening.Caroline Connelly, CEO, OptoTest
I couldn’t have asked for a better team than Michael and Deborah. We couldn’t have done it without them.Robert Evans, President and CEO of Mealtracker Dietary Software
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