For modern HR teams, contract lifecycle management involves creating, executing, and managing contracts, as well as keeping track of employees’ movements, requirements, and entitlements. These contracts may be regarding employment, NDAs, training, development, compensation, and others depending on the size and scope of the HR team. In this blog, we will break down the key features and benefits of contract lifecycle management for Human Resources Teams.
Often, HR Teams must deal with issues that arise due to breaches of agreements, and conflicts between employers and employees. Having Contract Lifecycle Management software helps the team throughout the entire process; from initiation of contracts to execution, including post-signature management, storage, and trackable custom metrics to optimize processes and make informed decisions.
What can Contract Management Software do for HR Teams?
Below are some of the ways Contract Management for HR Teams can be facilitated using Contract Lifecycle Management software.
1- Automate Repetitive Contracts with Custom Templates
CLM software empowers HR teams to draft their own contracts from configurable templates that auto-populate the contract using short pre-configured questionnaires. This reduces human errors, saves a ton of time in drafting and collaboration, and helps the entire team comply with guidelines and standards.
2- Collaborate & Redline in Real-Time
HR professionals can redline digital documents and contracts, and share messages, files, and more with internal and external collaborators. HR teams can collaborate in real time using smart integrations with popular tools and applications. Moreover, they can assign specific access, based on entity, department, or role. This improves version control, streamlines all communication and allows for the secure sharing of data at anytime from anywhere.
3- Design Workflows & Automate Approval Stages
For example, CLM solutions allow the HR manager to design and configure workflow stages and approval centers where they can choose the order in which the employment contract is approved and set permissions or restrictions to specific users. This improves progress monitoring for pending contracts and documents, optimizes efficiency and eliminates bottlenecks, and centralizes and improves team collaboration.
4- E-sign & Execute Contracts Instantly
E-signature feature is a must. This allows HR teams to instantly execute contracts and get them signed, providing authentic Electronic Signatures, and allowing for the secure execution of contracts remotely. This saves time and effort for all involved, it’s economic and eco-friendly, and most importantly, it works just as well as an in-person signature.
5- Automate Alerts and Reminders
HR teams can keep track using automated alerts and reminders that are configured to ensure that all the right people are notified at the right time – this is useful and applicable to every stage in the lifecycle.
6- Store Securely in Searchable Repository
CLM software gives HR teams a secure and searchable storage space, where they can access, edit, and manage documents and files securely. Employee file management is essential, especially with the ability to easily filter or search for data on the document management platform. This protects the company, and saves time and effort in retrieving, updating, and organizing data.
7- Design Dashboards & Export Reports
Enable data driven decisions. HR Teams can customize their reports and dashboards, in terms of expiring contracts, contracts awaiting signature, contract owners, contract values and so much more. Gain full visibility on real-time detailed analytics, monitor team productivity, and optimize workflows and processes.
What are the benefits of Contract Management Software for HR Teams?
Below are the key benefits of using agile contract management software for modern human resources teams, across the board for all industries.
- Integrate with Existing Tools: Seamlessness starts at the implementation phase. Choosing CLM software that integrates with the applications your team is currently using is crucial.
- Keep Updated Digital Records: Storing digital HR records for your company and employees saves time, helps create performance reviews, and keeps updated employee records and documents in storage.
- Secure Data: Control who can access your data and when in a secure and smart repository. Keep digital archives and secure sensitive employee data.
- Collaborate Seamlessly: View, Access, Edit, Update and Sync work across teams. HR teams will be able to centralize all communication, redline contracts in real time, synchronize updates to documents, and use integrations with popular apps to follow up.
- Full Visibility: Benefit from clear and concise end-to-end visibility, a subsequent audit trail, and less ambiguity when issues do arise. When all information is at the click of a button, it’s simpler to monitor the performance and effort of a department.
- Automate Repetitive Work: Contract management software allows HR personnel to be able to reduce manual work and develop digital capacities, allowing them to increase productivity, save time, and drive efficiency.
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