What would a company be like without contracts? Chaos would arise, and many issues could harm your business. For any organization, contracts create stability and strengthen partnerships and relationships between clients, vendors, suppliers, business partners, and employees.
Contract management for HR is important, and it should be their main goal to organize their documents. Without properly managing contracts, the HR team will encounter many issues, such as legal risks, high turnover rates, loss of revenue, compliance issues, and downtime for the team.
In this blog, you can learn why there is an HR contract management and, if your company isn’t using one right now, why you need to change your mind.
What is Included in an Employee Contract?
A contract is a mutual agreement between an employer and an employee. An employee must read, understand and sign the contract when they have fully understood and accepted all the terms and conditions of their contract period with the company.
The contract must state the employees’ details, such as birth date, full name, address, phone number, and emergency contact. The document should then state the start date of the employee, how long the contract period will be, job roles and responsibilities, job title, benefits, and company rules and regulations. It should also state what will happen if the employee does not follow what is stated clearly in the contract and termination stipulations for both parties.
Everything written in the contract must be fair to all parties. It must comply with the laws of the government and acknowledge the legal rights of all parties involved.
How Can Revenue Help Contract Management HR Teams
Contract management for HR does more than just organize your documents. It solves all the pain points an HR team can experience. Each problem is addressed with the use of AI and technology. You no longer have to do everything manually, and all your contracts will be stored on the cloud, where all team members can access them on any device and at any time.
Revnue is an AI-based software that caters to all industries. It is a platform that solves all of a company’s contract management challenges. The platform is highly secure and offers features that increase productivity and performance and save you money!
In the list below, we will explain How Revnue’s Contract Management Software Helps HR Teams:
1. Choose from a Variety of Templated Contracts
Creating a contract can take time, from laying out the template, to creating, editing, approving the contract, and then storing them. Fret not, Revnue’s platform offers a variety of templated contracts. With this feature, you can pick the most suitable contract template and save and reuse it for future purposes. This can remove the nitty gritty parts of the contract by just picking a template and adding the details.
2. Generate Reports and Analytics
Contracts are more than a document that protects you from litigations. They can also help your company understand where your expenses come from and track assets, suppliers, customer, and employee data. An HR contract management software can generate reports and analytics for you to gain visibility over your contracts. You can then work towards adjusting your contracts or creating a better strategy to help improve your business.
3. Powerful Search Capabilities
Revnue’s AI software brings users powerful search capabilities. Type in a keyword or term, and everything you are looking for will pop up in an instant. This solves the problem of looking through piles of papers and finding all your important data and information right away!
4. Notifications and Reminders
Have you ever missed birthdays? Contract renewals? Milestones? Or other major milestones? Once you start using contract management for HR, you can ditch your digital or paper calendars and set reminders on the system. You can request notifications so that you are alerted if a birthday is coming up, you need to renew a contract, or if a contract is about to expire and you need to make changes. Notifications and reminders elevate the way you use a calendar and allow you to have everything you need on one platform.
5. Organize the Way You Want
HR contract management software is extremely useful. You won’t regret using one for your team; instead, you may even question why weren’t you using one before. Before, maybe you were sorting your contracts in folders, filing cabinets, or whatever traditional way, and instead, today, you can upload your contracts categorize them, and sort the documents as needed. The contract management platform will make organizing your contracts more convenient than ever before.
6. Create, Edit, and Authorize an all-in-one platform
Your team no longer has to worry about the hours used to takes to send the contract to another team member or party just to edit, review and authorize the document. With a contract management platform, there is a pre-signature phase available.
In this phase, you can create the contract exactly as you would in a word document file, but here you can add the clause, then give access to other users. Users can then redline directly on the software and get approval in an instant. All users involved can have access at any time and don’t have to wait for it to be sent to them. Then after redlining is done, it can be approved.
A contract is not finalized until it has been approved and signed by all parties. That is why there are e-signatures. Just send the contract to whoever needs to sign the document and get them to add their signature; it is all complete. E-signatures are safe to use on platforms because they have layers of security to keep everyone protected. Make sure you look for the best e-signature for HR, one that you can integrate on the platform or that is already available.
All these features can be found on Revnue’s platform. Revnue ensures that all their clients and customers are happy and their contract management need is met. That is why if you are still managing your contracts the traditional way and want to get on top of your contracts before it’s too late, sign up for Revnue today.
Revnue offers demos to anyone interested. It can help you with making a great decision that can deeply benefit your business. Going paperless may seem tricky, but once you’ve done it, you will regret not doing it any sooner. It is important that, as a business owner or a team leader, you make the best decisions to help reach company goals and strengthen relationships.