Before we dive into how digital transformation can turn things around for SMEs, let’s look at the severity of today’s business environment.
With the current COVID-19 movement control order (MCO) still in place, many small to mid-size enterprises (SMEs) are facing high possibilities of closing down. If COVID-19 isn’t curbed in the next month or two, Retail Group Malaysia (RGM) predicted that at least 15% (around 50,000) retail businesses will close down within 2020 itself.
“Staff accounts for about 30% of retail business expenditure,” said managing director of RGM. Therefore, to survive the economic recession, one of the first moves is to cut costs relating to HR.
This doesn’t mean that you should ‘sacrifice’ your headcount. Instead, utilizing your existing headcount efficiently is the smarter move. More specifically, begin by cutting down on unnecessary expenditures on the nitty-gritty of HR processes. With digital transformation, you can improve your existing team’s goals, KPIs, and priorities (focus more on making gains rather than unnecessary manual HR work) while cutting down costs where it counts (inevitably keeping the business from losing more capital).
The real question here is: how do you go about it? How does one start a digital transformation? The answer: PeopleX’s HR solution and services.
Our solution and services are created to help SMEs to achieve HR digital transformation while surviving the tumultuous economic situation caused by the pandemic.
1. Save Money By Outsourcing Payroll
The importance of payroll is made clear when the government announced that two employees are allowed to travel to work just to complete their payroll duties – whereas all other citizens are still under strict movement control.
During such crucial times when SMEs are fighting to stay afloat, tasks such as handling payroll could take up unnecessary time and effort of your employees. Also, it’s risking your employees’ health to go out just to handle payrolls.
Therefore, one of the most cost-effective and safe ways to deal with payrolls is through outsourcing. Here’s a list of compelling reasons why you should be outsourcing our payroll instead:
● Helps in improving the productivity and efficiency of employees
● Reduces in-house costings
● Eliminate Processing Errors
● Enhanced data security
You can outsource your payroll to us and we’ll handle your monthly salary processing and process all statutory deductions via our Prestige Payroll* (an exclusive subsidiary under PeopleX to provide all payroll related services).
2. Save money by reducing staff time
One of the most limited and costly resources is your employee’s time. Every unnecessary manual data-entry, reporting, or even paper stacking is costing your employee’s precious minutes or even hours – time that could be spent in coming up with more revenues for the business.
Our one-stop HR solution and services allow digitising of manual HR tasks such as managing leaves, claims, keeping track of attendance, and more. This enables your employees to have more time at hand to focus on keeping the business afloat, rather than keeping track of paper trails.
3. Save money by reducing human errors
To err is human. It’s in human nature to make mistakes sometimes, especially when we’re all working at home unsupervised. Instead of keeping an eye on your employees through webcams or phone calls like a hawk, our HR solution and services can help to reduce human errors.
By simply automating time entry, approving/declining leaves and requests, and even keeping track of absenteeism – unnecessary mistakes and/or negligence can be prevented. Best of all, all these automated information are always accessible even if managers are miles away from their employees.
4. Save money on printing, mailing, and storage
Have you ever counted the cost of purchasing, operating, and IT servers associated with in-house HR resources? By eliminating the need for unnecessary paper, envelopes, ink, postage, photocopying, physical storage space, and digital servers, you could be saving up to 15% of your monthly budget!
All these could be fitted into a single app (which is a part of PeopleX’s HR solution & services), accessible wherever and whenever you need while cutting a sizable portion of your monthly cost.
HR Digital Transformation Cut Cost To Survive
No one is entirely sure when COVID-19 will be curbed, as it’s still a new and rampantly growing pandemic. One thing’s for sure though – it’s up to SMEs to take charge in dealing with the poor economic status. Instead of waiting around for the situation to improve, SMEs can make an effort to survive the recession by taking measures to cut costs where it’s needed.
Taking on digital transformation with PeopleX’s HR solution and services will ensure that basic HR functions are streamlined on the cloud. Employees who are now forced to work remotely can have immediate access to HR services across all devices, without having to wait for a person to answer – ensuring quick and easy engagement.
Key persons can also approve and track staff anytime, anywhere. Leave and claim approvals are also customizable, with options to attach medical certs, receipts, and other related documents. It also allows multi-level approval, making it even more efficient to process tasks. Also, our HR solutions and services come with an audit trail that seamlessly records all finance statements – preventing fraud, dishonest claims, and for auditing/tax purposes.
Last but not least, our cutting-edge data governance system ensures the safest security for your data. We take confidential data seriously, especially when it comes to sensitive employee information.
To make sure that it’s as cost-effective as can be, our HR solution and services are more affordable than you think:
With HR digital transformation, unnecessary costs and time used to support a manual/offline HR system will be eradicated – replaced with a more efficient (yet affordable) process. This will allow your business to put in more time, money, and attention to the battle against COVID-19’s sluggish economy.
Feel free to contact us for a FREE live demo and learn more for yourself. Until then, stay safe and be strong.