How Electronic Signature streamlines HR operations, particularly after the COVID outbreak?
The COVID-19 outbreak is an unprecedented health crisis that has had adverse effects on the whole world and remains a great uncertainty worldwide. It’s no secret that the COVID-19 pandemic has enforced some significant changes in various industries. How would you describe this challenging time turned out for your business? Well, it has definitely been a game-changer for electronic signature platforms. According to a Forbes survey, the adoption of e-signatures in businesses increased by 50% during the COVID-19 pandemic, and everyday household use grew by 13%. Though electronic signatures played a crucial role in business operations pre-pandemic, the social distancing norms, remote working laws, and guidelines have fast-tracked the need for electronic signatures.
E-signature is one of the most incredible advances in recent years that have benefited the remote working scenario during the pandemic. It also has helped human resource managers to incorporate ingenious solutions for business continuity and employee retention. Undoubtedly, the pandemic has significantly affected Human Resource Management (HRM). Human resource managers have to deal with vital functions such as staffing, training and development, performance management, compensation, safety, and health management. As human resource operations are significantly imperative for business continuity, this must be acknowledged. Below are some of the challenges human resource management practitioners face post the COVID pandemic and how Exela’s DrySign has helped streamline HR operations.
Top challenges faced by HR professionals post-pandemic:
- Employees looking for remote work
To salvage the situation caused due to the pandemic, organizations are increasingly looking for intelligent operations for business continuity. Moreover, several companies have already asked their employees to return to the workplace. However, remote working has become an employee favorite lately. More people are looking for remote work opportunities, preferring it over working from the office. According to a Forbes report on the remote workforce, 74% of professionals expect remote work to become a standard, and 97% of employees don't want to return to the office full-time. Given these stats, organizations need to review their remote working policies and determine if they assist employee retention.
- Decreased recruiting budgets
Due to the increased pressure of filling open positions quickly and efficiently, HR professionals need to adopt solutions providing real-time analytics. However, balancing employee satisfaction and retention policies, digital solutions, training and development costs, and efficient remote working is no cakewalk. To make matters worse, 23% of human resource professionals expect their budget to decrease for recruiting technology, while 44% expect no change. Most human resource professionals already find it difficult to operate efficiently under low budgets. And the situation is most likely to worsen in the coming future due to increased challenges and decreased budgets.
- Continued remote hiring
Looking at the uncertainty and challenges organizations face, virtual interviews and remote hiring are here to stay. Thankfully, human resource professionals have found a way through it. Despite the disadvantages of remote working from an organizational perspective, it has become more convenient and easier to assess candidates. Though it has been beneficial, recruiting virtually with limited resources and stringent budgets is hard. Moreover, collecting and managing candidates’ data, recruitment documents, policies, and documentation virtually while following remote work guidelines is tedious. It raises the risk of human error and loss of revenue.
- Employee productivity and job assurance
Employee productivity is likely to be more crucial for organizations in controlling costs and improving revenue. However, if you wish for more productivity, it is equally important to provide them with job security. An employee is more productive if offered competitive pay, job security, and safety policies. Unfortunately, as organizations are already going through a rough patch due to the COVID outbreak, it has become difficult for human resource professionals to give employees job assurance and maintain employee productivity.
- Employees’ health and safety
According to the World Health Organization, COVID-19 spreads primarily through respiratory droplets or contact with an infected person. The infection can occur at any place, be it the workplace, during your daily commute, or business-related travel. As a result ensuring employees’ health and safety has become imperative. A survey says that healthcare is one of the top benefits that 69% of employees want. Creating health policies for employees, conducting activities to address mental health, and improving productivity are some of the main challenges that HR Management faces.
Top ways electronic signatures can benefit your HR department:
The Human Resource department acts as the backbone for companies. HR professionals deal with myriad data, and it is crucial to manage and track all the data for efficient working of business operations. Moreover, the challenges have increased for the HR teams since the pandemic. The above-listed challenges demonstrate how hard it is for HR professionals to maintain effectiveness and progress. However, electronic signature platforms have made it more convenient; below are the top ways electronic signatures can benefit your HR department.
- Hiring and recruitment
Given the current market situation, several companies opt for remote working scenarios and hire employees from remote locations. Using electronic signature software helps HR professionals efficiently process documents such as offer letters, contracts, onboarding forms, and more.
Using electronic signatures and documentation, HR professionals can quickly onboard the hired employees and process essential documents such as non-disclosure agreements (NDAs), direct deposit forms, and more from anywhere in the world.
- Payroll and legal compliance
Incorporating salary changes, updated tax forms collection, and bonus dispersals, everything has become more accessible, faster, and more accurate with the use of e-signatures. Moreover, electronic signatures and records facilitate smoother compliance audits.
- Resignation or termination
When it comes to relieving any employee from their services, several forms and processes are involved. Electronic signature has made it easier even in remote working scenarios, where HR professionals can efficiently sign off exit interviews, provide compensation details, etc.
- Contract renewals and employee benefits
Renewing employee contracts on time and from anywhere has become more convenient with the help of electronic signatures, digital contract templates, and electronic records. HR departments deal with a lot of pertinent information; keeping track of this data and communicating employee benefits to everyone is a time-consuming task. It can be done more quickly and effectively with e-signatures and records while ensuring security and privacy.
Guidelines for Employers:
Below are the guidelines for employers to integrate effective e-signature practices.
- Mention e-signature policy in employee handbook
To avoid future hitches, it is essential to communicate your e-signature policy in writing.
- Enforce e-signature laws of the countries or states you do business with
There are certain laws enacted by each country for successful e-signature enablement. Make sure to enforce those laws in your processes while using electronic signatures.
- Ensure no room for loopholes
It is crucial to consider the consent of both parties while electronically signing any contract. In addition, make sure the signatures are authentic and authorized to avoid any future disguise.
- Make it a group effort
Consider the professional expertise of your company’s legal, business, and technical teams while incorporating electronic signatures or electronic records in your business operations. To integrate efficient and legally-compliant e-signatures, it is imperative to have a backup for software, security and programming issues, and legal needs.
How has DrySign streamlined HR operations after the COVID outbreak?
Electronic signature platforms are becoming more popular in human resource departments as employers find it highly convenient to manage electronic documents than to deal with thousands of hard copies. DrySign has a vast range of benefits to offer human resource teams to streamline their operations. Below are the ways DrySign streamlines HR operations.
- Helps in recruiting by effortlessly managing applications, offer letters, or reference consents
- Promotes smooth, hassle-free onboarding with electronic documents such as tax forms, onboarding forms, employee details, and more
- Efficient management of appraisals, approvals, and other actions
- Helps with timely payroll records
- Facilitates employee satisfaction and retention
Looking at the challenges that documentation causes for human resource management, organizations must feel the need to go paperless. According to a research report, the digital signature market is foreseen to reach USD 16.8 billion by 2026. It has been evident that electronic signatures are here to stay, given the current situation and future scope, and these numbers confirm it. In this competitive and ever-changing business scenario, DrySign helps you keep up with the pace of digitization. DrySign provides a secure and smooth electronic signing experience with numerous features and benefits. Start DrySigning today!
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.