HR Driving Financial Wellness in the Crisis Economy
India has officially entered a technical recession, which experts expect to not end before 2022. In this genuinely unprecedented situation, it is imperative for leaders to be prepared with a plan to not just survive but grow in the crisis economy.
The question is – Is your organization prepared to drive business in the middle of a shrinking economy and a global pandemic?
A capable leader must have one eye in the future and one eye in the present, with an intuitive third eye predicting from past trends. Prediction backed by data is insight and PayReview is one such tool used by top leaders for easy decision making & planning.
HR Budgets by PayReview helps HR Planners to track expenses and gives clear visibility to future financial management. Here are some effective ways to protect your organization’s budget and foresee the future:
- Measure The ROI Of All The Employee Benefit Programs Now- Identify important company initiatives and collect data for – Impact and ROI. This helps in identifying and boosting high impact initiatives and toning down or dumping low-impact initiatives.
- Use Custom-Designed Technology to Aid Accurate Decision Making: A tool such as PayReview combines and simplifies HR processes to reduce mistakes and increase efficiency. The result? Stronger budget planning, compensation forecasting and lesser errors in just a fraction of the time it takes to manage typical HR functions.
- Emphasize on Financial Wellness: To avoid knee-jerk layoffs and cost-cutting, it is important to predict and plan organizational expenses and income targets, keeping the industry trends in purview. Using HRIS tools such as PayReview’s HR Budget module, HR leaders can be alerted about any high consumption to avoid overspending in the present and the future. While HR must immediately redesign processes to make them more efficient and financially resilient, it is far more important to keep the employee at the center of these processes rather than the function.
This pandemic crisis is an opportunity to redesign processes around the most important stakeholder of any business – the employee. These strategies will help organizations survive in the new normal while keeping their employees engaged & satisfied.