How E-Signatures Play A Vital Role In Human Resource Management
Human resource management teams have always had it rough, right from recruitment of the right personnel to their exit process. During the pandemic, they were in an unenviable position to ensure that teams within organizations ran smoothly without any impediments to productivity. The COVID-19 pandemic has forced HR (human resource) teams to transform into a different beast to handle teams working remotely as well as expedite their onboarding safely, all the while fighting attrition. The digital transformation of processes became a necessity owing to the pandemic and many corporations being stuck in legacy systems. Naturally, remote working accelerated the need for digital solutions in human resource management, too.
Electronic signatures are vital for departments dealing with excessive paperwork. They save on resources and time and push the organization towards embracing greener alternatives. Forms and agreements that require personal verification can make use of e-signatures to authenticate with ease and lower the burden on HR teams. DrySign, a digital signature platform by Exela Technologies, is a perfect fit for human resource management teams looking to integrate new technologies to streamline their process.
The time employees waste on completing HR-related tasks adds up to an average of 40 million hours each month & about $8.15 billion in lost productivity across large companies
To those unfamiliar with the surfeit of tasks undertaken by HR teams, we have divided them into the following way for easy understanding:
HR teams are tasked with attracting the best talent to ensure their organizations get the very best in a tight market amid growing competition. With increasing hordes of talent joining the workforce each year, human resource managers have a tough task ahead of them to retain the best of them. With DrySign’s audit trail, HR managers can keep track of all the recruits and get the necessary e-signatures.
The onboarding of employees assists the organization in utilizing them effectively and immediately in the organization. Immediate onboarding will make the new hire feel welcome in the company and ready to contribute to the team. DrySign’s digital signature platform can make it convenient for employers and potential employees to review and sign paperwork. This can eliminate the large swathes of paperwork needed to sift through by HR teams and expedites the process. Forms such as I-9, W4, direct deposits, and benefits can be digitized and filled seamlessly instead of drowning the HR team in paperwork.
- Employee Management:
Employee management is key in ensuring employees adhere to company rules and contribute to organizational goals. HR teams can use it to identify the right talent and retain them in the long run. Contract renewals and sudden employee terminations can be conducted remotely by using e-signature platforms.
Employees ready to exit the company will provide a good opinion if they experience it. DrySign can ensure former employees stay loyal to company secrets through the signing of non-disclosure agreements. Employers can ramp up their process by sending the required documents over a secured email and attaining the same within minutes. The platform allows employees working remotely to gain access to the platform and makes it highly convenient for HR managers.
Benefits of E-signatures
E-signatures are critical to businesses looking to optimize their process and save on resources and costs. The following are key for HR departments looking to modernize their process:
- Sustainability: Modern organizations taking the paperless route can save on huge volumes of paper and attain the same results through digital documents. HR teams can adopt a sustainable path and integrate digital signatures for onboarding new hires, and other paper-intensive processes.
- Time-Saving: E-signatures can save time for HR departments usually swamped with various requests and aim to optimize resources. Documents can be signed online by candidates and HR managers simultaneously, and an audit trail will allow all signatories to have complete visibility over the document they have signed.
- Easy Document Management: Document management becomes simpler for HR teams looking to search for employee documents and avoid the burdensome process. The use of electronic contracts can centralize the document management process with the document saved on the cloud.
- Low Chances of Human Error: Electronic signatures can be applied to virtual and electronic documents eliminating the chances of human error. HR teams can leverage this benefit by automating the contract signing process and working with platforms that assist them in the venture.
- Secured with High Encryption: Electronic documents are encrypted using the latest cybersecurity standards and accompanied by an audit trail made of digital signing certificates, copies of contracts, and emails to validate the authenticity of users.
Also Read: The ways Electronic Signatures are driving ROI
Are documents signed online Legally Binding?
E-signatures are valid across nations and legally binding in a court of law. They can be verified as per the digital signing certificate accorded to the user and the timestamp. New global laws such as GDPR (General Data Protection Regulation), eIDAS Regulation, and ESIGN Act are passed to this effect, with various digital signature platforms adhering to them. The rise in remote working and reliance on signatures on appraisals, maternity and paternity leaves, and contract extensions can drive its use in all organizations looking to go paperless and be sustainable in the future. With increasing competition in the workforce and the use of employment-oriented platforms by candidates, e-signatures can assist HR departments in attaining the best talent and save on resources and time. According to Zippia, 80% of (SMEs) Small and medium enterprises aim to integrate HR software to optimize their process. Digital signatures can make this possible with companies adapting the hybrid approach for employees as well as its need in hiring, layoffs, policy updates, and employee engagement.
Right to Work
I-9 forms for workers on hire or new employees on work visas need to be diligently checked with proper verification. Electronic forms can simplify the process for immigrants looking to start their new job without duress. The electronic signing of forms can ensure potential employees get verified and their documents are stored on a centralized system. I-9 contains a share code that is shared between employers and potential employees to prove their right to work. E-signatures can simplify the process with contracts being signed with ease and eliminating the need for passports or ID cards. HR teams need to familiarize themselves with these laws and adhere to UK-prescribed policies to avoid paying hefty fines.
Mental Health Policies
Mental health has become highly relevant in recent times due to the influence of social media, the stress of current lifestyles, and changing dynamics of the workplace. HR managers have the onus of creating a workplace-friendly mental health policy deemed to suit individuals facing any issues during their service period. The COVID-19 pandemic has necessitated the development of contracts with such clauses as well as the acceptance of electronic signatures. In addition, prominent healthcare organizations are encouraging digital documentation which can prove to be beneficial to organizations covering these benefits in the future.
HR in the Future
The Human Resource Management market is set to expand by 12.8% from 2022 to 2030, as per the latest report by Grand View Research. With companies looking to hire more digitally aware employees, they require to upgrade their current systems and processes for retention of the right resources as well as the adoption of technological solutions to improve HR operations. With HR driving the organizational pace at workplaces, e-signatures can lead the way in digitization. The COVID-19 pandemic has accelerated the digital transformation of processes and systems with the HR department not being left far behind. The aim to be sustainable in the workplace by foregoing various expenses and resorting to digital documents can be time-saving for organizations. Work from home adapted by corporations can play a huge role in keeping them on the paperless route and alleviating the burden on HR teams.
The onset of the Great Reshuffle or Resignation can culminate in more documentation with the HR team with the maximum workload. The shift from paper documentation and the ability to showcase effectiveness through the use of digital tools and processes can ramp up digital transformation. The use of platforms or software can enhance work efficiency in HR teams and improve workflows. The use of digital manuals in modern workplaces and automation of manual tasks can be critical in scaling organizational growth.
Human resource department managers can make hiring simpler by integrating e-signatures into their hiring process. This can decrease the overall costs to the department and increase productivity in the long run.
Speak to us today and start your Digital Transformation Journey with DrySign!
Sources: hrexecutive.com | grandviewresearch.com
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
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