Data is the driving force and firm foundation of many day-to-day business decisions, and has increasingly become an important part of navigating the evolving competitive landscape in all industries. However, data can only be considered an asset when it is secure. To be considered valuable, data must be trustworthy and easily accessible.
Departments like HR and payroll store sensitive information belonging to dozens, hundreds or even thousands of employees who trust their employers to keep it safe. With a human capital management application your company can reduce errors and increase security, while also leveraging the data as an asset and resource. Additionally, this application should be easy to use for varying roles across any organization.
According to a study by Carnegie Mellon University, 94 percent of spreadsheets contain errors. The most notable errors are: inaccurate data, model errors, and errors in use of functions. While most companies have moved past the spreadsheet when it comes to managing data for their employees, many systems are not any more sophisticated.
With numerous regulations and sensitive information that must be tracked and accounted for, there is no room for additional risk – and there is certainly not enough time to check and double-check every adjustment. Since new regulations have such a large impact on everyone within your company, it is critical that the software used to manage your workforce be prepared to assist fully in both administering new requirements and integrating all key data. For example, complete and accurate HCM data is key to comprehensive Affordable Care Act (ACA) compliance–legislation that has been one of the most significant to pass in decades.
There’s no way around it: any process that relies on humans is prone to human error; this remains the number one cause of data breaches. Even a mistake as simple as saving a file in the wrong format or location can leave your employees vulnerable and compromise their information. Due to the risks associated with human errors, there is a need for a more sophisticated way to secure data.
A carefully architected and comprehensive HCM system can ensure that confidential employee information is kept safe behind passwords and authorizations, rather than left in an open file. When company information is stored in a secure single system, multiple safeguards can be built into the program to restrict access and double-check for authorization. For example, HR and finance teams can protect and manage employee information when they are able to control the level of access for employees, apply encrypted passwords, and monitor usage as needed.
On every level, state-of-the-art HCM software allows your company to go farther and to do more with the information they have. There is too much at stake with employee data to risk errors or breaches made possible by using insufficient systems. Protect your company’s data and retain the trust of your employees, and you can continue to hold the value of both in pursuing the overall goals of your business.
Is your employee data secure and accurate? Learn more about HCM software that enables companies to be stronger and go further with their people and data. Contact SyncHR to find the right system for your organization.
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