The contract management (is the activity that consists of managing a company's contracts throughout their life cycle, from their creation to their execution and renewal. This function, which is relatively recent, is both administrative and highly strategic.
It can be carried out by a specific person within the company, the contract manager. However, more and more companies are using contract lifecycle management. These tools represent an important opportunity for the legal department, but also for Human Resources, for whom contract management is a major issue.
Once a certain volume of contracts is reached, their management becomes a cumbersome and time-consuming process, which requires rigorous organisation. However, most of the tasks relating to contracts are repetitive and can therefore be automated, which should save time and increase efficiency.
In companies that integrate a contract management solution, this automation frees all departments from a large part of their administrative tasks; in fact, according to an Aberdeen study Automation reduces contract administration costs by 25-30%.This is a significant saving.
Contract management, a growth driver for companies
According to the consultancy firm PwC, companies manage on average between 20,000 and 40,000 contracts; one can imagine the time and constraints that this represents in the case of manual management! Manual contract management also means a high risk of error or omission: according to a Deloitte study, more than half of companies are unaware of the expiry dates of their contracts; with the legal and financial risks. with the legal and financial risks that this entails.
Contract management provides an effective and secure response to these various challenges: firstly, the IT tool saves time by automatically processing large volumes of contracts. Secondly, this automation allows for more rigorous monitoring of the various contracts: through statistics on their performance, or even alerts to ensure that no important deadline is missed.
This represents a significant gain in timebut also ofmoneyfor all the company's departments.
From a logistical point of view, contract management also makes it possible to adapt to the increasing mobility of employees: teams spread over several sites, widespread teleworking, frequent travel, etc. In this context, the centralisation of contracts within a single platform that is accessible to all becomes a necessity.
Contract management as an opportunity for Human Resources
When we hear about contract management, we think mainly of the advantages for legal departments or sales departments. However, the use of these tools can benefit all departments and all business lines, including Human Resources.
Indeed, HR professionals have to manage a large number of contracts and documents: employment contractsFrom a certain number of employees onwards, the manual management of these documents becomes laborious and very time-consuming. Without contract management, the department ends up spending more time on administrative tasks, i.e. creating and monitoring contracts, than on its core business: recruitment, management of social relations and employee welfare, skills development, etc.
Contract management is a real boon for human resources. It simplifies and accelerates all contractual processes related to recruitment It simplifies and accelerates all contractual processes related to recruitment and personnel management: promise to hire, signing of employment contracts, creation of amendments, end of trial period, termination of contract, etc. The daily workload of HR is greatly reduced, allowing them to concentrate on high value-added tasks.
These tools also benefit all employees, as they simplify all their administrative procedures within the company. The same applies to new recruits, who are more effectively supported on their arrival.
Because it facilitates access to contracts, reduces response times and makes exchanges between HR, managers and employees more fluid, contract management is an obvious asset for companies. How can a contract management solution like Hyperlex support Human Resources in their daily work?
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How Hyperlex supports Human Resources
The Hyperlex contract management solution simplifies the day-to-day work of HR: not only are recruitments accelerated and secured, but the tool also offers you a centralised view of all employee contracts. Here is an overview of its main benefits:
Firstly, through tools such as contract templates, validation workflows validation workflows and the electronic signature, the recruitment process is simplified and secure. No need to go to the office to sign a promise of employment or an employment contract! This saves time, and secures the recruitment of attractive profiles.
The contract generation is also simplified, thanks to the contract templates, but also to the possibility of collaborative editing. This should save you a lot of back and forth!
To make your job easier, Hyperlex also improves your document managementby centralising all contracts and related documents (amendments, onboarding) in a single secure database. This database can be consulted remotely, which allows for more fluid exchanges with employees.
In the same vein, the Hyperlex tool integrates with all your existing HR software. You don't need to manually integrate data from your business software, it is automatically synchronised with Hyperlex. And of course, this data is always up to date. A precious time and energy saver!
Finally, the contract monitoring is reinforced and greatly simplified, thanks to a system of automatic reminders at each deadline. End of trial period, end of employment contract, bonus, or response deadline... you will no longer miss any key date! On a day-to-day basis, this not only relieves HR, but also improves the experience of candidates and employees, by avoiding delays and inaccuracies.
Of course, depending on the volume of contracts and your current management arrangements, your needs and use of the Hyperlex tool may vary. In general, it is advisable to use a small number of core features first, before gradually rolling out the following features.
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