How the Right HR Tool can Rescue your Business during Layoff?
Ask any HR professional about his worst nightmare and the answer would be “layoffs”. Yes, laying off indeed is one of the most excruciating experiences for a business and its entrepreneurs as well as human resources people. The recent news of layoffs coming in from industry giants has gripped businesses and employees all over.
Whenever employees exit a company irrespective of the reason, it is sure to trigger loads of work for the HR department. Right from retaining all those crucial employee details to responding to all those information-seeking requests pertaining to the exit, it is important for your HR to have quick access to all the required information.
This is where HRMS software comes into play! Here’s how a web-based human resource management software can help your business sail smoothly through a layoff.
- Smooth Exits
Termination of employees is often accompanied with a great deal of paperwork that the HR personnel ought to execute. A robust HR solution can ease the pains of HR people by making it easier to abide by all the exit formalities and requirements, as it provides a centralized data hub.
Be it calculating receivables/recoverables or full and final settlement or rolling out NDAs (non-disclosure) forms and other exit documentations, HR management software can do it all.
Read also: How HR should deal with a layoff?
- Exit paperwork no more a nightmare
Access to accurate employee data is important when it comes to layoff. If the company terminates an employee for specific reason, it’s critical to retain all the documentation and communication. On the other hand, if an employee leaves the company on his will, it is the duty of HR to store and retain the resignation letter for future references. HRMS software can do it all for you saving time and efforts. Also, the system can send out regular alerts/reminders for the same so that you do not miss out on important deadlines. The software helps your HR stay organised and retain all the essential records should your business ever need to submit the same to state authorities in case of disputes thus, helping your business meet all the employment obligations.
Layoff undoubtedly is the most agonising things to go through for both employees and employers. This is the reason it becomes important for HR people to be organised and agile.
Though the human resource department doesn’t control a company’s budget, HR management and analytics tool can certainly offer them with powerful insights into employee-related costs. Recruiting too many employees may trigger difficult situations as seen in a number of companies these days. Though it is important to ensure that a business employs sufficient number of employees to attain its goals, it should never let the figures get out of the hand.
Understand that layoffs are not only excruciating for the ones who are being axed, but also for the ones who stay making it a nightmare for the company’s HR department to wade through.
Afore-mentioned are just a few instances of how a powerful HRMS software can make layoff a piece of cake for employees, businesses and HR.
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