Digital signatures help companies improve and speed up their operations and eliminate paperwork bottlenecks. This is probably why the global e-signature transactions have increased from 89 million to 754 million in just five years.
The demand for digital signatures is increasing because of the surge in security concerns and the desire to reduce paper usage in offices. But that’s not it. There are several advantages of using digital signature software. Let’s look at the below mentioned benefits of using digital signature software.
1- Speeds Up the Recruitment Process
When you spend so much time and money finding the right talent for your organization, you would not want them to join your competitors just because it takes a lot of time and effort to get signatures from them (for non-disclosure agreements, training forms, etc.).
Besides, it hurts the overall recruitment experience. With a digital signature, you can speed up the recruitment process as it allows candidates to sign employee forms, and other agreements related to hiring, at any time and from anywhere. They can even submit the signed documents via email.
In fact, the average time to obtain signed documents with a digital signature is 37 minutes compared to 5 days via traditional methods.
Advanced digital signature software gives HR teams the ability to automate administrative tasks, digitize paperwork, and change the way they acquire and onboard talent.
2- Simplifies Document Management and Saves Time
One of the biggest advantages of digital signatures for the HR department is that it simplifies document management. In fact, it allows HRs to centralize document management. Organizations save over 22,000 hours annually using digital signatures.
Most modern digital signature software even allows you to monitor the status of your documents in real-time. And you will be notified of any changes made to the document. This reduces the time on follow-up, so you can spend more time working and less time tracking signatures.
You can also find year-old documents within minutes, thereby saving a lot of time that you would otherwise spend going through a pile of papers.
3- Gives the Freedom to Work from Anywhere
HR managers’ work requires them to travel for business-related works, such as recruitment and professional conferences. Without digital signatures, businesses have to wait longer to get documents signed. Similarly, new hires will also have to wait longer to get the necessary documents.
When you use digital signature software, managers will be able to communicate with employees, irrespective of where they are, and sign necessary documents immediately.
What’s more, they will be able to share already signed documents with other employees even without being present in the office.
4- Saves Environment and Reduces Costs
Digital signature reduces the use of papers, pens, and printers, thereby showcasing environmental responsibility from your company. On average, organizations reduce document handling expenses by up to 85%, with average savings per document at $20.
It also reduces the number of steps that HR managers have to take to complete the hiring process and also you can use the best hr software for your organization to save time.
For instance, in the traditional hiring process, you first send the necessary documents to the candidate, wait for them to sign the documents, and then send it. With digital signatures, all you need to do is send an email. And the candidate just needs to open the document, sign it, and send it back to you.
Fewer steps mean you can spend more time on other important works, thereby saving a lot of money in the long run.
5- Makes a Good Impression on Potential New Employees
With millennials making up more than 50% of the workforce in the near future, it is essential to make changes that they would appreciate. Having been raised surrounded by technology, they appreciate the use of modern tools to speed up business processes.
By sending them documents that they can sign electronically, you will make a good first impression. This also increases the chances of attracting millennials and GenZs to your company.
6- Is Legally Binding
The U.S. Electronic Signatures in Global and National Commerce (ESIGN) Act in 2000 legislated that electronic signatures are legal in every state and U.S. territory where federal law applies.
Digital signatures are also legally recognized in Canada and the EU. In fact, more than 60 countries (including India) have followed suit, making digital signatures legally binding.
This means in case of any legal case, you can use digitally signed documents for defense in the court.
Now that you know how a digital signature can benefit you, we’re sure you would want to look for the best digital signature software for your HR department. Make sure to check our list of best digital signature software.