In the current landscape of increased employee turnover, dubbed the “Great Resignation,” companies are facing substantial challenges in hiring and retaining talent, particularly among Millennials and Gen Z. To address this, businesses and Human Resource (HR) leaders are looking toward HR technology to enhance their recruitment and retention strategies.
PrimePay’s HR system is an excellent example, providing advanced people analytics for strategic development, swift decision-making, and fostering cross-functional partnerships.
During a PrimePay webinar, Jamie Press, the Senior Vice President of HR, shared how she effectively utilizes PrimePay’s HR technology to leverage advanced people analytics for strategy development, expedite decision-making processes, and foster collaboration across different departments.
In this article, we present the key insights from the webinar, featuring expert perspectives from Jamie Press.
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Jamie Press has been an integral part of PrimePay since 2008. In her role, she oversees initiatives to increase employee engagement, develops policies and programs to maintain a safe and equitable work environment, and works with the executive leadership team to facilitate a high-performance culture. With a wealth of experience in the financial services industry, Jamie is a seasoned HR professional who has previously led HR functions in diverse business environments, including technology, consumer products, and manufacturing.
There’s no doubt that challenges have always been present as it relates to hiring. But in more recent years, HR leaders are navigating more complex issues in the wake of a global pandemic and other economic concerns. From the seismic shift towards remote work and the increasing emphasis on work-life balance by younger generations to having to hire for multiple positions at once, the hiring approach needs to be more strategized than ever.
Strategies to surmount these include flexible work arrangements and streamlining the hiring process to be quick and responsive to candidates. In turn, making it quick and responsive for HR. Real-time headcount information from HR technologies like PrimePay can aid in these endeavors, allowing businesses to adapt to changes swiftly.
We once had a scenario where we had to hire five salespeople simultaneously. Using PrimePay’s system, we could streamline the hiring process and ensure a positive experience for both HR and the new employees.
Insights and Actions for Retention
Employee retention requires ongoing assessment and adjustment of strategies. Tools like employee surveys, roundtables, and exit interviews can provide valuable insights. HR technologies can analyze this data to identify problems, helping businesses develop data-driven strategies. This may include adjusting compensation packages to remain competitive or tracking team performance to ensure suitable targets are set.
The HR dashboard became our go-to tool, providing valuable insights into turnover patterns and pay equity issues. This led to informed decision-making, like when we had to adjust compensation packages for our sales team based on data insights.
The integration of HR, finance, and payroll systems allows for a more seamless data flow between departments, breaking down silos and improving communication. Features like real-time headcount information, budget vs. actual variance analysis, and visibility into upcoming hires serve as valuable tools for both recruitment and retention efforts. HR technologies also allow for the automation of manual tasks, saving both time and money and helping foster a more efficient working environment.
Streamlining Processes with HR Technology
HR technologies like PrimePay offer features that eliminate errors, streamline processes, and provide real-time access to data. A significant benefit is the system’s ability to integrate with other platforms and track expenses accurately. These features were demonstrated effectively in a case study, showing their impact on recruiting, onboarding, and budget management.
The system’s role-based architecture allows for limited access to confidential data, ensuring data security. Plus, it has transformed our daily work by eliminating hours of data entry, enabling us to focus on strategic projects.
Benefits and Integration of HR Technology
Ease of use, comprehensive reporting capabilities, and real-time employee and position lists are highlighted features of an efficient HR technology system. Integration of financial data with HR data enables analysis of the cost and return on investment (ROI) of human capital investments, aiding in more informed decision-making. Overall, the use of such technology can improve efficiency and empower HR to focus more on strategic operations.
Success Stories and Future Improvements
Many success stories were shared during the discussion, ranging from successful hires through streamlined processes, to critical insights into turnover patterns and pay equity issues. These experiences serve to underline the impact of integrating HR technology into the business process. Future improvements to consider include enhancing the onboarding and employee self-service portals, tracking and analyzing additional metrics for employee retention, ensuring pay equity, and fostering diversity in hiring and retention efforts.
Addressing the Great Resignation requires strategic decision-making, a robust understanding of employee needs, and the ability to adapt swiftly to changing circumstances. With HR technologies, businesses can gain invaluable insights, streamline their operations, and develop strategies based on real-time, accurate data. It allows HR and finance departments to collaborate more effectively, breaking down silos and fostering a more efficient working environment. Therefore, HR technologies like PrimePay offer a promising avenue for companies to navigate through the current hiring challenges and build a more resilient future.
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To learn more about PrimePay and its HR technologies, visit primepay.com/software/hr. You can also view the webinar recording here, or read the case study on technology usage shared by Jamie accompanied by PrimePay Chief Financial Officer (CFO), Michael Myshrall.
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