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Traditionally, Human Resources and Accounting were separate functions of a business, where the accounting function considered employees a business expense as their salaries, benefits and training etc. were a cost to the business. However, Human Resources and Accounting need to work together to drive a business to success.

People make up a considerable proportion of any business and their contribution to ensuring business excellence is an integral part of a business’s success.

Stats SA reported that between 2008 and 2018, formal businesses across all sectors spent just over 14% of their total expenditure on employment costs which contributed R340 billion to the economy in 2018. Real estate and business services such as consultancy services, lawyers and advertisers spent 32% of their budget on employee related expenses.

A successful Human Resource plan to improve business profitability and performance begins with the overall business strategy. Upper management should consider including traditional Human Resource tactics during strategic realignment discussions to improve the overall well-being of employees. These should include hiring strategies, employee development, retention programs and how Human Resource managers should endeavour to place the right people in the right team.

This will provide a foundation for recruiting the right people for the right position, the key to improving business profitability and employee well-being is to reduce employee turnover. High employee turnover not only costs the company in productive hours and recruitment costs but can also impact general employee morale, which has been shown to reduce innovation and quality of work.

The Sage products LSPinc offer provide these insights needed for the Human Resource and Accounting managers to accurately, automatically and on a timely basis assess employees’ performance and goals.

Through self-administered performance tracking and reviews, payroll budgeting modules and employee self-service modules, managers can easily monitor returns on investment and export reports to attain insights into their employee’s experiences and goals.  The range of easy-to-use, time-saving utilities empowers employees to manage their own HR processes, avoiding more mundane tasks for management to complete.

Contact us for more information on how your Human Resources function can be converted from an administrative function to an employee-centric function.