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Each misfiled document costs anaverage of $125, and lostdocuments can cost between $350and $700 per document to recover.
When you consider a large
organization loses a document
every 12 seconds, those
costs quickly escalate.12
STORAGE AND SPENDING COSTS
As HR and payroll business data expands, it is no longer a matter of “if,” but what
businesses should consider before buying a document management system (DMS).
The right DMS should address your business needs with the appropriate
accessibility, flexibility and cost to drive organizational performance.
DON’T HAVE AN
HR DOCUMENT
MANAGEMENT SYSTEM?
HOW MUCH ARE YOU LOSING?
90%of critical business
information still
exists on paper.
THE PAPER CRISIS:
WHY COMPANIES
ARE LOSING MONEY
$
25 BILLION
TO
$
35 BILLION
15%
is what U.S.-based
companies spend processing
(filing, storing and retrieving)
paper.
Specifically, if you are missing the Form I-9 or
if I-9 compliance is incorrect, you could face
charges between $110 per worker to $1,100
per worker, depending on the offense and the
severity of the violation.
With nearly 50 documents to store, HR
professionals have a greater responsibility to
ensure compliance is met, otherwise businesses
may face penalties.
An organization with 1,000
“knowledge workers” wastes
between $2.5 million
and $3.5 million a year
in superfluous or erroneous
document-related activity.
Paper copies cost between 6 and 12 cents per page (130 billion
of the 350 billion copies made per year are not needed).
The cost of keeping
these paper records
stored in a
four-drawer filing
cabinet is roughly
$25,000 and an
additional $2,160 to
maintain it annually.
of an organization’s revenue is
spent creating, managing and
distributing documents.
FAILED PROCESSES
RESULT INSIGNIFICANT R SKS
Save time and money with a single-application solution. Employee data is stored in
one secure, cloud-based application, eliminating the need to store sensitive data in
multiple HR systems or in paper personnel files. With Paycom’s Document and
Task Management tool, you can advance your HR efficiencies, reduce
the need for storage and improve your bottom line. Paycom empowers
employers with one solution for complete human capital management.
© 2014, Paycom. All rights reserved. INTELLECTUAL PROPERTY DISCLAIMER: THIS INFOGRAPHIC IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED “AS
IS” WITH NO WARRANTIES WHATSOEVER INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, OR ANY WARRANTY
OTHERWISE ARISING OUT OF ANY PROPOSAL, SPECIFICATION, OR SAMPLE. NO LICENSE, EXPRESS OR IMPLIED, TO ANY INTELLECTUAL PROPERTY RIGHTS IS
GRANTED OR INTENDED HEREBY. This infographic is protected by copyright law. Individuals may reproduce and distribute this infographic for individual, non-com-
mercial use. DISCLAIMER: The content of this infographic is intended to keep interested parties informed of legal and industry developments for educational purposes
only. It is not intended as legal opinion or tax advice and should not be regarded as a substitute for legal or tax advice. Product or company names mentioned herein
may be the trademarks of their respective owners.
Sources:
www.thepaperlessproject.com
Robert Orfali, Dan Harkey & Jeri Edwards. “Essential Client/Server Survival Guide.” Wiley: 1994.
www.usatoday.com “Insurance firms pay out $45B for disasters in 2013” March 2014.
www.uscis.gov/I-9-central/penalties
www.IDC.com
The University of Texas, research study
IN A FIGHT AGAINST MOTHER NATURE,
BUSINESSES TAKE THE HIT
I-9
IDC’S RESEARCH FOUND, FAILURES AND
ISSUES IN DOCUMENT-DRIVEN BUSINESS
PROCESSES HAVE LED TO SERIOUS BUSINESS
RISK AND/OR COMPLIANCE ISSUES IN
75.9% OF THE BUSINESSES SURVEYED.
The traditional paper method of document management puts too much faith in Mother Nature.
In the wake of disaster, with a paper-based system, records are destroyed along with the building.
Insurance firms paid $45 billion for
disaster in 2013. The amount represents
about a third of the $140 billion
in economic losses from 308
catastrophes and disasters.
BUSINESSES WILL SUFFER
A CATASTROPHIC LOSS
1in4
ONLY 6% OF COMPANIES SUFFERING
FROM A CATASTROPHIC LOSS SURVIVE,
WHILE 43% NEVER REOPEN AND
51% CLOSE WITHIN
two years
FOR ABSOLUTE
PROTECTION,
LOOK TO THE
CLOUDS
DOCUMENTS ”OFF-SITE”;
HAVE THE ABILITY TO STORE
NOT ALL SYSTEMS
A study by Cisco estimated
that a company with 370
employees could save roughly
$1 MILLION DOLLARS
by switching to an electronic
document management
system, eliminating nearly
80 percent of their
paper-based records.
(1,516 DIFFERENT BUSINESS OWNERS/”KNOWLEDGE WORKERS”)
THESE NUMBERS MAKE IT ALMOST
IMPOSSIBLE TO IGNORE THE POWERFUL
DOCUMENT MANAGEMENT SOLUTIONS
THAT COMMIT TO SHRINKING COSTS
WHILE REFINING HR PROCEDURES.

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Document Management

  • 1. Each misfiled document costs anaverage of $125, and lostdocuments can cost between $350and $700 per document to recover. When you consider a large organization loses a document every 12 seconds, those costs quickly escalate.12 STORAGE AND SPENDING COSTS As HR and payroll business data expands, it is no longer a matter of “if,” but what businesses should consider before buying a document management system (DMS). The right DMS should address your business needs with the appropriate accessibility, flexibility and cost to drive organizational performance. DON’T HAVE AN HR DOCUMENT MANAGEMENT SYSTEM? HOW MUCH ARE YOU LOSING? 90%of critical business information still exists on paper. THE PAPER CRISIS: WHY COMPANIES ARE LOSING MONEY $ 25 BILLION TO $ 35 BILLION 15% is what U.S.-based companies spend processing (filing, storing and retrieving) paper. Specifically, if you are missing the Form I-9 or if I-9 compliance is incorrect, you could face charges between $110 per worker to $1,100 per worker, depending on the offense and the severity of the violation. With nearly 50 documents to store, HR professionals have a greater responsibility to ensure compliance is met, otherwise businesses may face penalties. An organization with 1,000 “knowledge workers” wastes between $2.5 million and $3.5 million a year in superfluous or erroneous document-related activity. Paper copies cost between 6 and 12 cents per page (130 billion of the 350 billion copies made per year are not needed). The cost of keeping these paper records stored in a four-drawer filing cabinet is roughly $25,000 and an additional $2,160 to maintain it annually. of an organization’s revenue is spent creating, managing and distributing documents. FAILED PROCESSES RESULT INSIGNIFICANT R SKS Save time and money with a single-application solution. Employee data is stored in one secure, cloud-based application, eliminating the need to store sensitive data in multiple HR systems or in paper personnel files. With Paycom’s Document and Task Management tool, you can advance your HR efficiencies, reduce the need for storage and improve your bottom line. Paycom empowers employers with one solution for complete human capital management. © 2014, Paycom. All rights reserved. INTELLECTUAL PROPERTY DISCLAIMER: THIS INFOGRAPHIC IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED “AS IS” WITH NO WARRANTIES WHATSOEVER INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, OR ANY WARRANTY OTHERWISE ARISING OUT OF ANY PROPOSAL, SPECIFICATION, OR SAMPLE. NO LICENSE, EXPRESS OR IMPLIED, TO ANY INTELLECTUAL PROPERTY RIGHTS IS GRANTED OR INTENDED HEREBY. This infographic is protected by copyright law. Individuals may reproduce and distribute this infographic for individual, non-com- mercial use. DISCLAIMER: The content of this infographic is intended to keep interested parties informed of legal and industry developments for educational purposes only. It is not intended as legal opinion or tax advice and should not be regarded as a substitute for legal or tax advice. Product or company names mentioned herein may be the trademarks of their respective owners. Sources: www.thepaperlessproject.com Robert Orfali, Dan Harkey & Jeri Edwards. “Essential Client/Server Survival Guide.” Wiley: 1994. www.usatoday.com “Insurance firms pay out $45B for disasters in 2013” March 2014. www.uscis.gov/I-9-central/penalties www.IDC.com The University of Texas, research study IN A FIGHT AGAINST MOTHER NATURE, BUSINESSES TAKE THE HIT I-9 IDC’S RESEARCH FOUND, FAILURES AND ISSUES IN DOCUMENT-DRIVEN BUSINESS PROCESSES HAVE LED TO SERIOUS BUSINESS RISK AND/OR COMPLIANCE ISSUES IN 75.9% OF THE BUSINESSES SURVEYED. The traditional paper method of document management puts too much faith in Mother Nature. In the wake of disaster, with a paper-based system, records are destroyed along with the building. Insurance firms paid $45 billion for disaster in 2013. The amount represents about a third of the $140 billion in economic losses from 308 catastrophes and disasters. BUSINESSES WILL SUFFER A CATASTROPHIC LOSS 1in4 ONLY 6% OF COMPANIES SUFFERING FROM A CATASTROPHIC LOSS SURVIVE, WHILE 43% NEVER REOPEN AND 51% CLOSE WITHIN two years FOR ABSOLUTE PROTECTION, LOOK TO THE CLOUDS DOCUMENTS ”OFF-SITE”; HAVE THE ABILITY TO STORE NOT ALL SYSTEMS A study by Cisco estimated that a company with 370 employees could save roughly $1 MILLION DOLLARS by switching to an electronic document management system, eliminating nearly 80 percent of their paper-based records. (1,516 DIFFERENT BUSINESS OWNERS/”KNOWLEDGE WORKERS”) THESE NUMBERS MAKE IT ALMOST IMPOSSIBLE TO IGNORE THE POWERFUL DOCUMENT MANAGEMENT SOLUTIONS THAT COMMIT TO SHRINKING COSTS WHILE REFINING HR PROCEDURES.