We're not going to lie, it's difficult to measure ROI in regards to human resource records management.
However, when looking at the resources it takes to find the right platform, design a strategy and implement a solution, you - or your boss - want to make sure your HR records management program will give something in return.
How do you know it's a good investment? There are a few tangible ways you can see how investing in a robust records management solution will benefit your company.
TIP: If you want to do a before-and-after screenshot, take time before implementing a new system to look at how much employee work time, legal fees and other resources are currently being used to manage your HR documents. Then one year after implementation, compare numbers and costs to see the savings.
It Will Generate Business
A robust records management process can even help you with new business. When information is readily available, and the right people can easily access the data they're looking for, it enables them to communicate with new leads or current clients promptly. This can lead to increased revenue, sales growth and a better experience for your customers.
It Will Streamline Workflow
When you take the time to create and execute a solid HR records management strategy, you'll streamline workflow, enhance communication and foster professionalism. When designed to meet your specific needs, a records management solution will present system-wide information about content, users, projects, and activities in a convenient dashboard view. Moreover, having the right information at your fingertips can support better - and more informed - management decision making.
It Will Mitigate Costs
While investing in a HR records management solution may seem costly, a robust and effective records management system will result in a less expensive situation down the road. For one, it will reduce operating expenses and lower costs on paper, document storage, shipping and more. Your HR team can find onboarding paperwork with a few clicks, instead of wasting time sorting through a filing cabinet.
It Will Keep You Compliant
Regulations vary by state, industry and systems used - and they're continually changing. Teaming up with a company to host your records management platform will give you peace of mind that you're in compliance with regulatory standards. Your solutions should guarantee that required records for potential litigation are never destroyed and create an audit trail to demonstrate compliance. For example, records management with DRS Imaging will deliver reports on legal holds, record destruction, record declaration and disposition approval as well as standard reports that track actions involving records.
Calculating ROI is challenging when multiple factors are at play, and there isn't a clear way to know what portion of a sale is due to a great records management practice. However, it's important to consider both short- and long-term gains and includes multiple benchmarks to measure progress.
If your organization is looking to keep ahead of the curve, provide excellent customer service and stay organized internally, records management is the path to success.