digital automation

How Technology Is Cutting HR Costs | Extraordinary Business

Human resources can be the biggest operating expense for many businesses. A typical profitable company spends about 15 to 30 percent of its gross revenue on payroll, a number that can rise to 50 percent in service industries, according to Second Wind Consultants. This includes money spent on salaries as well as insurance benefits, retirement benefits and taxes. When these expenses are factored in, the average employee costs 18 to 26 percent more than their base salary, so that a worker who earns $70,000 a year might actually end up costing his or her employer $88,000, explains CNN Money. Fortunately, technological advances are providing ways for businesses to increase their efficiency in ways that save time and reduce the costs of human resources. Here are three ways technology is helping companies cut their HR expenses.
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How Technology Is Cutting HR Costs | Extraordinary Business

Human resources can be the biggest operating expense for many businesses. A typical profitable company spends about 15 to 30 percent of its gross revenue on payroll, a number that can rise to 50 percent in service industries, according to Second Wind Consultants. This includes money spent on salaries as well as insurance benefits, retirement benefits and taxes. When these expenses are factored in, the average employee costs 18 to 26 percent more than their base salary, so that a worker who earns $70,000 a year might actually end up costing his or her employer $88,000, explains CNN Money. Fortunately, technological advances are providing ways for businesses to increase their efficiency in ways that save time and reduce the costs of human resources. Here are three ways technology is helping companies cut their HR expenses.

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