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HR and Finance Have More in Common Than You Might Think

One of the keys to success in any organization is diversity. Diversity of thought, diversity of backgrounds, diversity of age, and diversity of gender can all contribute to generating ideas and strategies that will give you a competitive edge.

Having multiple departments, as most companies do, provides a natural diversity of skillset within an organization. Your IT leaders possess a different skillset than your sales team. Your marketing and public relations employees have talents that your accountants never will, and vice versa. Having all of these skilled people working for your company is ultimately what will lead you to success. However, there will also be occasions in which these skillsets clash.

The HR and finance leaders within your company possess important – but seemingly contradictory – skillsets that are both critical to the success of your organization.

In this article, we’ll discuss the following:

  • What HR and Finance Have in Common
  • Key Differences Between HR and Finance
  • Bridging the Gap Between HR and Finance

Key Differences Between HR and Finance

Let’s start off by discussing some key differences between the two departments.

The first and most obvious difference is that HR is focused on human capital, while finance is focused on monetary capital. Your HR leaders are probably much more willing to pull out the check book to invest in employee training and development. Finance, on the other hand, might have a hard time quantifying the return on investment of such activities. Employee discipline or internal conflicts between coworkers are the things that keep HR leaders up at night, whereas finance is more likely to be troubled by cash flow issues. When it comes to big picture decisions, finance will be considering the bottom line, while HR will be thinking about employee morale.

Another key difference between the two departments is the language that they speak. The jargon and acronyms that either team uses will surely be hard to understand by the other. When finance talks about AIR, APR, and CDs, don’t expect HR employees to catch on to what they are saying right away. The same thing applies when HR folks are discussing COBRA, FMLA, FFCRA, and DOL. Business leaders should be prepared for this language difference when trying to bridge the gap between HR and finance. Don’t be afraid to slow the conversation down and translate when needed!

What HR and Finance Have in Common

Before we talk about how to bridge the gap between HR and finance, let’s acknowledge some things that the two departments have in common.

First of all, both departments care about the success of your company. HR leaders will be ecstatic when the company reaches financial goals, and finance leaders will be just as thrilled when the company hires and retains top recruits to join the team. When the company is successful, revenue will increase and everyone will make more money. It’s a win-win for everyone – both sides can agree on that.

In the modern workplace, both HR and finance depend on technology and data. Unless you’re leveraging outdated systems, both departments will integrate numerous technology platforms into their systems to improve efficiencies and data understanding. These platforms are based in the cloud more often than not. It’s always been a no-brainer that finance relies on data. HR’s reliance on data has become much clearer in recent years as employers strive to improve benefits packages as well as recruit a more diverse workforce.

Finally, remember that both departments have very complex jobs. Managing human capital is an extremely challenging task, especially in the modern world of pandemics, social justice, and a renewed focus on equity. Navigating the economic impacts of COVID-19 and the corresponding financial fallout on your company is an equally challenging task for finance.

Bridging the Gap Between HR and Finance

Utilizing technology is the best way to bridge the gap between HR and Finance. Ensure that HR understands the basics of what technology finance uses, and vice versa. Whenever possible, get HR and finance on the same, integrated systems. Set up a meeting with both departments, as well as IT, to talk about what platforms exist that can handle both HR and finance processes.

The advantage of using technology to bridge the gap is that technology should have no bias. For example, if an HR employee understands what technology finance is using to make investment decisions, they are more willing to trust that decision. When a finance employee understands what technology HR is using to make strategic talent decisions and investments, they’ll believe that HR is doing everything possible to best invest company dollars.

Make sure both departments are involved in the big picture, strategic decisions that guide the direction of your company. Giving both parties the opportunity to share their perspective from day one of strategic planning will help them know that company leadership is trying its best to meet their needs.

If all else fails, try falling back on the similarities between HR and finance that we discussed in the previous section. Regularly reminding your staff from these two departments about what they have in common can help them see how the success of their counterparts will benefit themselves as well. Consider developing some teambuilding activities or discussion guides to facilitate this type of conversation with your employees.

Key Takeaways

Business leaders should understand that the employees in HR and finance have different skillsets and perspectives. Key differences include:

  • HR is focused on human capital, while finance is focused on monetary capital.
  • The language that is spoken in each department is often very different.

However, these two departments also have many similarities. Understanding and acknowledging these similarities is an important step towards bridging the gap between the two departments:

  • Both departments care about the overall success of the company
  • Both departments rely on technology and data
  • Both departments have complex jobs

In addition to helping employees understand these commonalities, helping them understand and implement the technology that their counterparts use is an excellent way to help bridge the gap between HR and finance.

What Employers Need to Know About the $900 Billion Stimulus Package

The leading news of the week from the political world has been the $900 billion stimulus package that was passed by Congress on Monday, December 21st. After several months of stalemate between the divided house and senate, a COVID-19 relief bill finally won enough votes to be placed on President Trump’s desk for his signature. It is expected that he will eventually sign it into law, although he has demanded revisions be included in some aspects of the bill.

In this post, we’ll talk about the most important aspects of this bill that employers need to be aware of. Specifically, we’ll discuss:

  • Unemployment Benefits Funding and Extension
  • Business Aid
  • Direct Economic Impact Payments
  • Other Important Aspects of the Bill

Unemployment Benefits Funding and Extension

The bill opens the door for unemployed Americans to receive $300 per week in federal aid in addition to any unemployment aid they may be receiving from their state. Unemployment benefit funds in some states have already dried up, but that will not affect an unemployed worker’s access to this federal aid. The bill lays out a timeline to provide this federal unemployment aid from the end of December 2020 through March 14, 2021, although the bill has language indicating it could last longer.

For added context on this aspect of the bill, recall that the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed on March 27, 2020, provided funding for states to waive any waiting week requirements for unemployment income throughout the pandemic. The CARES act also provided an additional $600 per week to all individuals receiving unemployment income benefits for weeks of unemployment ending before July 31, 2020. President Trump extended a portion of unemployment wages after the initial $600 per week expired.

The bill that was passed on December 21st includes an extension of Pandemic Unemployment Assistance (PUA). PUA is a program that allows employees who are not traditionally eligible to receive unemployment benefits to do so. Examples include:

  • Self-employed workers
  • Workers in gig industries (Like Uber)
  • Various types of independent consultants
  • Some hourly workers

An 11-week extension in base benefits through this PUA is also included within the bill.

Key Highlight: The new stimulus bill that was passed by Congress on December 21st, 2020, will provide $300/week for unemployed Americans. It also extends the Pandemic Unemployment Assistance program, which provides unemployment benefits for self-employed or gig workers.

Business Aid

The Small Business Administration (SBA) will receive $325 billion through this bill to assist businesses in the United States that have been affected by the COVID-19 pandemic.

Of this amount, $284 billion will go towards replenishing the Paycheck Protection Program (PPP), which provides forgivable small business loans to eligible applicants.

Business owners will be happy to learn that certain firms that had already applied for, received and exhausted PPP funds will be eligible to apply for another PPP loan. The eligibility requirements are as follows:

  • A small business must have less than 300 employees
  • The business must have sustained at least a 30% loss in revenue during any quarter of 2020
  • Small 501(c)(6) organizations with 150 or fewer employees that are not lobbying organizations would be eligible for a PPP loan with this round of funding

The bill also affects the PPP in the following ways:

  • Supplier and investment costs related to modifying facilities and obtaining personal protective safety equipment are now eligible expenses for loan forgiveness
  • The loan forgiveness process for businesses that have borrowed $150,000 or less in PPP loans has been simplified
  • It has been confirmed that business expenses paid for with PPP funds are tax deductible

It is important to note that businesses interested in applying for a PPP loan should consult with their lender. Money should never be borrowed without consulting an expert first.

There are two other relevant aspects of this new bill that will affect some businesses:

  • The bill directs $15 billion in funding for independent live-venue operators
  • The bill adds another $20 billion for small business grants

Key Highlight: The new stimulus bill replenishes funding for the Paycheck Protection Program (PPP). Some business owners will be able to apply for a PPP loan for a second time. The bill also expands eligible expenses for loan forgiveness and simplifies some processes.

Direct Economic Impact Payments

The part of this bill that has received the most news coverage is another round of stimulus checks. Eligible Americans received a first round of stimulus checks under the CARES Act last spring. Under the CARES Act, individuals earning up to $75,000/year or married couples (who file jointly) earning up to $150,000 were eligible to receive the full payment of $1,200 per individual or $2,400 per couple. A $500 payment was included for each qualifying child.

The new bill follows the same eligibility requirements as we saw under the CARES Act. However, instead of being eligible for a $1,200 payment, qualifying taxpayers are only eligible for a payment of $600 per individual or $1,200 per married couple. Parents will be eligible to receive $600 for each qualifying child. President Trump is currently demanding congress increase the payment amount provided, although it remains to be seen how this will pan out.

Key Highlight: The new bill, as it stands, will provide stimulus payments of $600 per individual, or $1,200 for married couples filing jointly. Parents will be eligible to receive $600 for each qualifying child. As with the CARES Act earlier in 2020, eligibility requirements apply.

Other Things to Know About the Bill

There are a few other general aspects of this bill that business owners should be aware of.

Other provisions in the bill:

  • U.S. Postal Service—$10 billion
  • Health Care Provider Relief Fund—$35 billion
  • COVID-19 Testing and Tracing and Vaccine Distribution—$69 billion
  • Transportation Industry Relief (Airlines, Airports, Buses, Transit and Amtrak)—$45 billion
  • Education—$82 billion
  • Housing Assistance (Rental)—$25 billion
    • Additionally, the bill extends the federal moratorium on evictions until the end of January 2021

What’s not included in the bill:

  • There is no direct aid provided to state, local, or tribal governments
  • The Families First Coronavirus Response Act (FFCRA) was not explicitly extended by this bill
    • This means that employers are no longer required to provide federal FFCRA leave later than December 31, 2020
    • Keep in mind that some states have passed their own FFCRA-like legislation

Key Highlight: Several industries will receive significant federal funding under the new bill. The bill includes no direct aid to local governments. Also, the FFCRA is not extended by this new bill.

Key Takeaways

The new $900 billion stimulus package will not be official until it is signed by President Trump. Trump has criticized certain aspects of the bill, and it currently demanding some updates. It’s expected he will eventually sign it into law. The most important things for employers to know about the bill are as follows:

  • The new stimulus bill will provide $300/week for unemployed Americans. It also extends the Pandemic Unemployment Assistance program, which provides unemployment benefits for self-employed or gig workers.
  • The new stimulus bill replenishes funding for the Paycheck Protection Program (PPP). Some business owners will be able to apply for a PPP loan for a second time. The bill also expands eligible expenses for loan forgiveness and simplifies some processes.
  • As it stands, the new bill will provide stimulus payments of $600 per individual, or $1,200 for married couples filing jointly. Parents will be eligible to receive $600 for each qualifying child. As with the CARES Act earlier in 2020, eligibility requirements apply.
  • Several industries will receive significant federal funding under the new bill. The bill includes no direct aid to local governments. Also, the FFCRA is not extended by this new bill.

The Top HR Issues of 2021 Employers Must be Prepared For

The year 2020 presented many unprecedented challenges for businesses of all sizes and industries. The COVID-19 pandemic forced most employers to significantly alter their operations. Some of these changes might revert back once the pandemic is over, but other changes will surely have a permanent impact.

Many employers are now wondering what the year 2021 will have in store, especially from an HR perspective.

To help, we’ve written this post to address the top HR issues that employers should be aware of heading into 2021. Specifically, we’ll cover:

  • Company Culture in the Era of Remote Work
  • What the Biden Administration will Mean for HR
  • Remote Worker Compliance
  • Recruiting and Hiring With Location Barriers Removed
  • Diversity and Inclusion
  • General HR Compliance
  • New COVID-19 Legislation
  • Disaster Preparedness
  • Cross Training Employees

Company Culture in the Era of Remote Work

When employees could gather regularly in a conference room or break area, it was much easier for employers to establish and monitor company culture. Positive in-person interaction among staff has always been a key ingredient for a successful company culture. Unfortunately, remote work has thrown a wrench into any traditional methods of achieving this positive dynamic.

In 2021, work closely with your employees to generate ideas for improving company culture. Because every company is different, every culture strategy must be unique. A key piece of advice we’ll offer in this post is to remember that not every virtual meeting has to be focused on work-related topics. Reserve time in virtual meetings for regular socializing and “catching up” with teammates on a personal level. This type of unstructured social interaction can somewhat replicate the repour-building that typically would happen in the breakroom.

What the Biden Administration will Mean for HR

The incoming presidential administration and its new policies will inevitably impact the world of HR. Here is a brief summary of some of Biden’s stances that you should be aware of as an employer:

  • Biden supports a $15 per hour federal minimum wage.
  • Biden supports decriminalization of cannabis related criminal offenses.
  • Biden supports the enhancement of laws related to employee and consumer data privacy.
  • Biden supports legislation to further protect LGBTQ+ individuals from discrimination.
  • Biden plans to build on the ACA and lower the Medicare eligibility age.
  • Biden supports expanding paid leave for employees.
  • Biden supports reinstating DACA and reversing some of Trump’s strict immigration policies.

Remote Worker Compliance

We’ll touch on this more in the following section, but another consequence of the COVID-19 pandemic is that there are now fewer location barriers for employees. In 2019, most employees were still working in a traditional office setting and had to live within commuting distance of the office simply for logistical reasons.

Now, however, the new norm is that employees can be based out of anywhere in the country (or world!) as long as they are capable of completing their work remotely. Although there are obvious benefits to this, it also means that employers must comply with more HR regulations. An employer with employees in 10 different states must learn to comply with local HR regulations in all 10 states, in addition to all federal regulations (which are constantly changing due to COVID). Multi-state compliance becomes extremely complex, and we recommend working with a compliance partner that can ensure your business has every aspect covered.

Recruiting and Hiring With Location Barriers Removed

As discussed in the previous section, COVID-19 has removed location barriers for employees. This opens up the door to recruit top talent from all over the country. As exciting as this can be, keep in mind that selling your company culture and the benefits you provide can be much more challenging for an employee who knows he or she will be working remotely. If you haven’t already, schedule a meeting with your recruiting team to discuss strategy for attracting the best remote employees in your industry.

Diversity and Inclusion

Don’t set aside your diversity and inclusion goals during the remainder of the pandemic. In fact, D&I efforts are more important now than ever before. With constantly changing compliance regulations, vast overhauls to FMLA processes, and the strain of managing a remote workforce, it can be easy to lose focus on D&I efforts. However, in order to keep your company culture strong and retain smooth HR operations, executing on your existing D&I strategy, or building a new strategy, should remain top of mind. Please access Launchways’ Complete D&I Toolkit for more resources on this topic.

General HR Compliance

In addition to managing compliance updates and handling changes with FMLA processes, it’s critical to keep standard HR compliance operations up-to-date as well. Regularly updating your employee handbook, conducting harassment training, and educating employees about their benefits options are some of the best strategies to protect your company from the uncertain HR world that we’ll face in 2021.

New COVID-19 Legislation

The two main federal legislative actions that occurred at the dawn of the pandemic in March of 2020 were the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Although there has been much debate about passing further federal legislation to expand on these acts, it’s still uncertain how (or if) these pieces of legislation will be updated.

Ensure sure your HR team is checking the status of any proposed legislation daily. If and when a relief package is passed, work with a compliance partner to ensure your business understands it fully and react accordingly.

Disaster Preparedness

Many of us suspect that the COVID-19 pandemic will be the worst disaster faced by our generation. At the same time, it has likely been a wakeup call for employers to establish clear disaster protocols. If you haven’t already, be sure to have plans in place to take care of your employees in the event of any of the following:

  • Earthquakes
  • Flooding
  • Wildfires
  • Severe Weather Events
  • Rioting/Looting

If you already have disaster plans in place, be sure to review them regularly to ensure that no updates are needed. Please reference Launchways’ Essential Guide to Emergency Preparedness Plans for Businesses for more resources on this topic.

Cross Training Employees

The Families First Coronavirus Response Act (FFCRA) has opened up the door for employees to lawfully take leave when affected by the pandemic. This has led to increased absences for many employees in across industries. Businesses with cross-trained employees who can step in to carry some slack while their coworkers are absent can continue operations seamlessly and reduce revenue losses

Consider working with your company’s leadership, including those who supervise front-line staff, to make a plan for cross-training employees so that your company isn’t hit as hard by having staff away from work unexpectedly.

Key Takeaways

There are certainly many different areas of HR that will be impacted by COVID-19, the incoming presidential administration, and federal legislation during the year 2021. Your company can be better prepared for these impacts by doing the following:

  • Focusing on improving company culture in the era of remote work
  • Continuing your focus on diversity and inclusion goals
  • Remembering to implement HR best practices (employee handbooks, harassment training, etc.)
  • Monitoring the status of potential COVID-19 legislation
  • Ensuring disaster preparedness plans are up-to-date
  • Making cross training employees a priority

How Business Leaders Can Build a High-Functioning HR Department

Historically, Human Resources departments was seen as an administrative team within an organization that focused on regulatory compliance and payroll. However, in today’s ever-evolving and increasingly people-focused business world, HR has become an integral part of any successful company’s leadership team.  

The most successful companies have learned to strategically focus their HR assets in order to make the largest impact within their organization. In this post, we’ll explain just how to do this.  

Specifically, we’ll discuss: 

  • Big Picture HR Strategies vs. Tactical HR Elements 
  • Keeping Your Internal HR Assets Focused on Big Picture Strategies 
  • Outsourcing Your Tactical HR Elements 
  • Choosing an Outsourced HR Partner 

Big Picture HR Strategies vs. Tactical HR Elements 

We’ll frame our recommendations in this post under two main categories: 1) Big Picture HR Strategies and 2) Tactical HR Elements.  

Big picture HR strategies are the items that you hope to improve over time. Examples include company culture, talent acquisition, employee development, employee diversity, employee satisfaction, and employee retention. 

Tactical HR elements are the day-to-day or week-to-week processes that must be carried out for standard HR operations. Examples include processing payroll, administering benefits, and storing employee data.  

Keeping Your Internal HR Assets Focused on Big Picture HR Strategies 

Successful companies generally keep their internal HR assets focused on big picture HR strategies. This means that HR leadership and supporting staff focus their day-to-day efforts on improving company culture, recruiting top talent, developing strategies to improve employee diversity, and other high-return areas. 

These are the tasks that will lead to greater success for your company in the long run. Ultimately, HR is all about people. Where would your company be without the people who keep it running? While the tactical HR elements like payroll and benefits administration are critically important too, the work involved with their administration is much more technical and involves little to do with strategic human capital management.  

For this reason, your internal HR assets should focus on those bigger picture HR strategies that will significantly impact the people who work for your business moving forward. 

When you are looking to hire new HR team members, be sure you keep these considerations in mind. You might have a candidate who is an expert in administering payroll and benefits, but make sure the candidate can also think strategically about big picture HR efforts before you hire them. The ability to contribute to the big picture HR efforts will be much more valuable for your business in the long run.  

Outsourcing Your Tactical HR Elements 

Tactical HR elements such as payroll processing, benefits administration, and storing employee data are not overtly challenging – but implementing and managing systems to carry out those tasks does take time and resources.  

Outsourced HR partners already have these systems in place, and they have mastered the use of these systems as they have implemented them with hundreds of businesses just like yours. If you choose a partner that is a great fit for your business, they should be able to get the systems up and running for you with a short onboarding timeline. 

Although there are costs associated with hiring outsourced HR partners, it also saves you time and money by eliminating the need for you or your staff to implement and manage tactical HR systems.  

The other significant benefit of working with an outsourced HR partner is that it can greatly reduce HR risk. By having an expert third party manage key HR processes on your behalf, you can greatly reduce the odds of making costly mistakes associated with violating HR laws or payroll processes. As a business owner, the last thing you want to deal with is a fine imposed by a local government agency or disgruntled employees with late paychecks. 

Choosing an Outsourced HR Partner 

Here are some questions you should ask yourself when you are researching different HR outsourcing solutions: 

  • What will be the costs of working with this partner, both in the short term and the long term?  
  • Does this partner have the technological capacity to grow as my business grows? In other words, can this partner adapt to fit my needs as my company expands to include more staff and potentially additional geographic locations? 
  • Does the partner provide adequate training to my staff so that we can use their platforms or systems to the fullest extent possible? 
  • Does this partner meet all legal compliance requirements, especially related to privacy and security of sensitive employee data? 
  • Will this partner have the financial stability to ensure they stay in business over the long term? 
  • Can I depend on this partner to properly address challenges and issues in a time-sensitive manner? 

Key Takeaways 

In the realm of HR administration, there are both big picture HR strategies as well as tactical HR elements.  

Big picture HR strategies include things like improving company culture, acquiring new talent, employee retention, improving diversity efforts, and developing employees. 

Tactical HR elements include things like processing payroll, benefits administration, and storing employee data.  

Savvy business owners will understand the advantages to keeping internal HR assets focused on big picture HR strategies while outsourcing tactical HR elements. Some of these advantages include: 

  • Increased efficiency of employee time and resources. 
  • Reduced risk of litigation and fines for employers. 
  • Increased focus on the big picture aspects of your business that will lead to greater success over time.  

Finally, if you do decide to work with an outsourced HR partner, be sure to do your due diligence so that you pick the best fit for your business’s unique needs. 

Actionable Strategies for Business Leaders to Align Their HR Technology With Overall Strategy

Strategic processes are found in many levels of businesses and other organizations. As a business leader, you likely spend your time in meetings discussing marketing strategy, financial strategy, pricing strategy, hiring strategy, and more. Yet, there is one strategic area of business that is all too often overlooked – HR technology strategy.

In this post I’ll cover actionable strategies for business leaders to align their HR technology with overall organizational strategy. Specifically, I’ll address:

· Aligning HR technology strategy with business goals

· Making your HR technology strategy agile

· Thinking beyond simple automation

Aligning HR Technology Strategy with Business Goals

Fortunately, the timing has never been better for business leaders to establish their HR technology strategy. With the rise of software-as-a-service (SaaS) platforms, many new and innovative HR technology providers are now in the market. Thanks to the fact that all these services can be hosted in the cloud, implementation can be done very efficiently. Further, customization of these platforms to fit your specific business needs is possible more now than ever before.

Firstly, you should always consult with your own IT staff before determining which HR strategies to implement. Their expertise and feedback will ensure that you don’t choose to implement a technology that exposes sensitive employee data or otherwise compromises the integrity of your HR strategy. However, another advantage of HR technology SaaS platforms is that once the platform is integrated with your organization, IT’s role in managing that system can be minimal. These cloud-based services require minimal intervention from your IT staff once they are all set up. This means your HR team can fully utilize the platform without having to wait for potential delays associated with getting IT involved.

As you are considering your options for HR technology, it’s important to have a clear vision of what your business goals are. When evaluating potential technology vendors, prompt them to show you how the platform can directly help you achieve these goals – especially in terms of improving your HR operations. Due to that fact that there are many exceptional HR technology platforms available nowadays, know that you can shop around until you find a solution that fits your business’ exact needs. One crucial mistake many leaders make is to settle for a platform that doesn’t truly fit the unique needs of their team’s operations.

Another important point to make is that you shouldn’t jump the gun when it comes to HR strategy. Ask yourself, are all members of your leadership team aligned with your company’s HR strategy? Which team members were involved with developing those strategies? Are the strategies based on reliable feedback and data, not just the gut instincts of upper level leadership? Ask yourself these questions in both an HR and a non-HR context.

It’s best to hone in on all these key areas before investing in HR technology to help you achieve your organization’s goals. By having a clear strategy prior to making HR infrastructure changes, you can avoid making a significant investment into an HR technology only to find out that you need to adjust your business strategies in such a way that makes them incompatible with the technology.

Making your HR Technology Strategy Agile

If we’ve learned anything over the past 12 months, it’s that the future in the business world is often unpredictable. No business leaders in November 2019 could have predicted that in November 2020 we’d be in the midst of the worst pandemic that the world has seen in nearly 100 years. The biggest unforeseen change that has resulted from this pandemic is that telecommuting has become the new normal for many employees.

Many HR processes that had in-person steps are now forced to be 100% virtual, such as hiring, I-9 verification, and onboarding. Businesses with agile HR technologies were able to adapt much more easily to these changes than those without.

As you’re considering which HR technologies to implement, envision different future scenarios that your business may face and aim to implement a platform that affords your team the greatest flexibility.

When we talk about HR technology agility, this generally means having it in the cloud and being able to configure or customize the offerings in an efficient manner. When you have licensed software manually installed on your team’s computers, it is generally much more difficult to change or customize at a moment’s notice compared to cloud-based systems. Standardization of SaaS applications can reduce complexity and make upgrades faster.

Thinking Beyond Simple Automation

The final strategy that we’ll discuss in this post is to think beyond simple automation when considering HR technologies. It’s important to remember that technology itself is not the solution to your business’ challenges, but rather a tool that enables your skilled employees to improve processes and systems. Your business has, and always will be, managed by people – also known as “Human Capital” in the HR world. Keep the focus of your HR technologies on managing human capital. Don’t put the creativity or innovation of your employees at risk for the sake of simple automation.

Key Takeaways

Employers will always invest significant time into developing organizational strategies. At Launchways, we often see employers neglect important aspects of their HR technology strategies. To ensure that HR technology strategy aligns with overall business strategy, we recommend the following:

· Strongly consider implementing software-as-a-service (SaaS) HR technology platforms. There are many modern, effective options to choose from, and if you invest sufficient time into considering your options, you should be able to find a platform that will perfectly match your organizational needs and culture.

· In addition to focusing on SaaS platforms, focus on making your HR technology agile. We often don’t know what lies ahead in the business world, but you should feel comfortable knowing that your HR technologies can easily adapt to changing workforces and workplaces.

· Most importantly, remember the value of human capital. The mindset of implementing new HR technologies should be to maximize the value of your human capital, not just to automate processes.