For HR, holding and securing critical employee documents is not only important, but mandatory due to strict government policies. Especially when you consider new laws being created at all levels of government. Without an effective file plan and document management solution, the whirl-wind of paperwork can overwhelm even the best HR departments. Automating time-consuming paper processes can help HR professionals meet regulatory compliance, protect sensitive files and make it available for quick and easy access.

Document Management and Retention Scheduling

The Stats

According to the 2019 Gartner Hype Cycle¹, by 2020, 30-percent of global midmarket and large enterprises will have invested in a cloud-deployed human capital management suite (HCM suite) for administrative HR and talent management.  Additionally, even with the HCM, those enterprises will still need to source 20-to-30 percent of their HCM requirements via point solutions.

One of those point solutions frequently required is document management.

The Importance

As HR professionals know, holding onto critical documents is not only important but mandatory.  Organizations have several different schedules to think about in the process, some of which are driven by industry.  Others from government entities such as the US Department of Labor and the Securities and Exchange Commission.  Failing to follow these rules can result in hefty fines.

And if that’s not enough, the documents often need to be looked at in a variety of views (by employee… by document type… by region) in order to accurately understand the company’s compliance risk and for auditing purposes. Finally, this all needs to be handled in a secure manner that ensures compliance to privacy regulations.

Most HCMs aren’t equipped to do this type of work, and that’s where CartaHR comes in.

More Than a Retention Schedule

In order for HR departments to achieve improvements in process efficiency and compliance, document digitization and retention schedules need to be part of a file plan.

That plan should include:

• Oversight from an expert committee that understands both the needs of HR as well as government and industry compliance issues
• A hierarchy of retention schedules that accommodates multiple jurisdictions and business units
• Policies that automate and enforce the agreed upon schedules
• The ability to create exceptions to protect documents involved with audits or litigation

Business Impact

According to Gartner, document digitization in HR “can result in process productivity savings of 15% or greater.”  Reasons for this include:

• Reduced search time for information requests or compliance audits
• Secured access to data
• Risk Litigation
• Avoid potential punitive fines or litigation costs

For more information, visit AccessCorp.com.

Sources

1. Gartner, Hype Cycle for Human Capital Management Technology, 2019
Published 23 July 2019 - ID G00371398.

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