Importance of Asset Management in Human Resources Department
HR Chronicle offers a complete HR and Payroll system that takes the employee lifecycle right from Onboarding through to offboarding – for many companies, part of onboarding (and conversely offboarding) is assigning equipment to employees. It could be IT equipment like a laptop or a Mobile phone right through to something more significant like a car but, either way, the company has provided the assets to the employee and, quite rightly, wants them back when the employee leaves.
Asset management is a crucial part of any company to know where the assets are and who oversees them and to whom it’s assigned. An asset may be a smartphone, a SIM card, a laptop, a vehicle etc. are examples of assets. Anything that is essentially the company’s property that has been assigned to an employee for official purposes. If the HR maintains paperwork, if there are more than ten employees, it will be very difficult for the HR to locate the papers, and in some cases, papers may be misplaced and impossible to trace in an emergency. Just assume what will be the scenario if your employee count is more than 50.
HR Chronicle asset management fills the mismanagement gap in such cases. HR chronicle has a robust asset management workflow that allows it to be easily determined to which employee the asset is assigned or allotted, as well as product specifications and expiry date, reminder of warranty expiry among other things.
Key Features:
Inventory Control
It helps to track, manage, and control inventory all from a single window. The dashboard shows the items which are expiring by this we can take a call weather to order new ones or renew the expiry, by knowing what is in an inventory, organizations can re-order new items only when necessary and avoid stock levels becoming depleted.
Easy Tracking
It also aids HR in keeping track of assets assigned and retrieving specific assets from departing employees. This means that if any employee wishes to leave the company or terminated the assets records can be seen in order to stop the further process until he returns the asset back by this it not only facilitates and completes onboarding procedures, but it also facilitates and completes exit procedures.
Data Management
Accurate asset tracking is required for effective data management. This function can identify and remove duplicate records from the system, which helps to reduce misunderstanding. And cloning of products or serial numbers, for example, assign each asset a unique identification number to prevent your data from being compromised if two or more assets have the same serial number.
Increased Productivity
You can check if the assets of your departing employees or existing employees are in reusable condition or track the warranty period of your current employees’ assets ahead of time. This gives your HR team enough time to plan and book a replacement if necessary. It also enables them to plan financially because it provides an estimate of how much investment is required in the future
Asset Assignment Report
Using an asset assignment report ensures that your organization’s asset tracking is as precise as possible. Your company will be able to pass internal and external audits on a regular basis if proper reports are produced. Asset reports can even help your company grow.
With HR Chronicle, there is no need to worry about this manual paperwork and spend your precious time on the same. Get peace of mind and focus on running your business. HR Chronicle is the leading HR and payroll management Solution for GCC Region.
HR Chronicle is the best HR and Payroll Software that automates your entire HR and Payroll Process. No manual calculations, no paperwork, no last-minute confusion. With HR Chronicle manage your company’s HR and payroll processes efficiently.
Have a question, want to get started on your HR automation journey? Please contact our team for any inquiries on pricing and licensing. We will be glad to assist you. You can also visit us at https://www.hrchronicle.com or email us at: info@hrchonicle.com. You can also call us +971 4 3383775 or Whatsapp +971 55 650 6260.
