Though HR has long evolved from a cost-centre into a profit-centre, you must still face a lot of pressure to justify your spends and budgets to the C-suite. Let you in on a quick secret? You can easily reduce HR costs, while improving HR efficiency, with eSignatures. And you don't even have to spend a bomb on it (Signeasy Pro is just $12 a month). Win-win all around.
By eliminating manual HR paperwork, eSignature can really cost admin costs improving KPIs such as Administration Expense as a Percentage of Total HR Expense.
Cost-saved by digitizing paperwork
As your business grows, so does the volume of HR paperwork - from hiring documents to performance reviews, timesheets and payslips. Though it may seem normal, it is actually setting you back by a lot more than you imagine -- even if it's just the real cost of reams of paper or printer ink purchased. At the same time, some of the hidden costs include productivity loss, misplaced paperwork, human error and compliance, information security, taxes or general liability risks.
eSignatures can be used to digitize the entire HR documentation workflow, without compromising on long-term business performance or data security. Here are the many ways in which the software reduces the obvious and no-so-obvious expenses:
Saves on stationary and courier costs: This is the most obvious hard cost that eSignature solutions help eliminate. As approving HR paperwork electronically, you end up saving on costs of document printing, distributing, storage, scanning and disposal.
Reduces errors and omissions: Incomplete and mistake-ridden HR forms are commonly seen with manual HR documentation that lead to paperwork violations fines or productivity losses. But once you digitize the document processing with Signeasy, your signers will be guided through the contract with highlighted commentary on each field to help avoid omissions. This will ensure signers know how to fill-out the form, thus reducing mistakes. Also, the software will not allow signers to complete the form until all requisite fields are filled. Both these features save HR’s time and energy spent on identifying and correcting erroneous documentation.
Improve HR productivity: Admin tasks take up about 39%, which is three out of eight hours, of the bandwidth of HR staff. This equals to about $106 per day, per employee wasted. This cost is likely to be higher for a remote workforce that is plagued with a number of distractions. This is why it's important to identify and automate efforts that are repetitive, such as the printing-scanning-couriering trinity. Choose eSignature solutions that will optimize HR paperwork by using templates and automating the sending of reminders to signers.
Improves security: As an HR person, you might have to manage a lot of sensitive files, featuring personal information of the employees. Storing physical copies in archives is standard practice but it cannot safeguard your HR files from the likes of theft or disasters (floods/fires). eSignature solutions with robust security and encryption framework can safely store these files on the cloud. Signeasy even has password and biometric authentication to protect your files from prying eyes. So, you don't need to worry anymore about facing legal penalties and financial forfeiture.
Reduces HR attrition: HR personnel burdened by too much documentation work will lose interest in the job and ultimately quit. You can reduce such turnover and the associated company losses by reducing the manual paperwork with Signeasy. If you are able to keep your HR team motivated to continue working for you, you get to save 6 to 9 months’ salary on average.
- Safeguards health: Every year, companies lose out on $1,685 for each employee that calls-in sick. Especially in the COVID-19 times, by keeping your paperwork touchless, you can keep your HR team (and other employees and stakeholders) safe from infections.
How to get C-suite to embrace eSignatures
You cannot, of course, take the decision to change the way HR documents are exchanged and signed on your own. If you need to be able to justify this new technology adoption to the C-suite, first be absolutely convinced of the cost-savings yourself. Our team, at Signeasy, would be happy to take you through any questions you may have about redesigning the processes to balance service delivery efficiency and effectiveness.
Most importantly, make sure your proposal to adopt eSignature solutions is backed by numbers. Here is a quick guideline to get your started:
- First, sign-up for the 14-day Signeasy trial, so you can see first hand the benefits
- Next, compare the admin costs of using Signeasy vs manually completing the work. Here is how you can arrive at the cost-savings secured with eSignatures:
- Monthly real and hidden administrative costs without Signeasy: $____
- Monthly administrative costs with Signeasy: $______
- Monthly Signeasy fees : $12 to $20 per month
- Monthly costs with Signeasy : Monthly administrative costs with Signeasy + Monthly Signeasy fees: $_________
- Calculate the cost savings with software. This is the difference between monthly administrative costs with and without Signeasy: $______
A subscription to Signeasy Plus just costs $12 per month. This is a small cost to incur for savings of ~ $20 per document, according to research by Ombud. Net-net, Signeasy has helped clients save over $100+ million in costs!
Want a demo of the solution? Just drop us a mail at sales.