Most trading operations have become digital. SMEs often choose online platforms to help facilitate many business operations, from payments to human resources, taxes and accounting. We spoke with CoverWallet to discuss their services which focus on improving business insurance processes for SMEs. Find out how Factorial helped optimise HR tasks at CoverWallet.
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CoverWallet was born in the United States and since its conception, has been innovating the world of insurance for SMEs. Its mission is to help SMEs be more protected, informed and cared for. After starting out in the USA, they gradually made their way over to Spain; this was the first step in their expansion to Europe.
What was Human Resources Management like before Factorial?
Lydia (Operations Manager), and Joanna (Operations, People and Culture Associate), are the two in charge of human resources management at CoverWallet. For personnel management, in the United States, they used a platform that allowed them to manage human resources easily and flexibly. Since this tool was not available in Europe, for Lydia, doing the same tasks was like “working in the 1950s”. They had the information stored in different places and had a hard time tracking the different processes. Another factor was payroll errors, there were many cases where hours were not well calculated or accounting took too long to answer, delaying many steps along the way.
In addition, being in two different offices, communication and coordination was not easy at all. Based on this, they were in search of a tool that would allow them to centralize the information and that at the same time be available in different parts of the world. Factorial was their solution. In addition, their employees were spread between different offices and different countries, which made managing both teams together, challenging. Not having centralised information on a single platform made it difficult to coordinate and move data over to headquarters. Now, with Factorial, everything is much easier and company decisions can be made based on real-data and employee analytics.
How has Factorial managed to optimise administrative management and HR tasks?
Factorial has enabled each member of staff with a tool that allows them to access necessary information at any time and from a single platform To this day, both Lydia in Madrid and Joanna in Valencia have control over the information of each of the different offices. The two can manage tasks without relying on the other, centralising all the information in a single location available in the cloud.
In addition, the company is initiating an expansion process in Europe and they were looking for the possibility of finding a tool capable of accompanying them in this process. It is important to be able to have employees from new countries using the same tool. Another detail is in Factorial’s knowledge of the HR tasks. They shared with us that they believe the communication with Factorial’s team is fantastic. When they have a question or doubt, reaching out to Factorial is simple and a response is received quickly CoverWallet commented.
The reaction of CoverWallet employees has also been positive. For their part, employees have also noticed improvements in two aspects since using Factorial: the possibility of accessing their holidays gives them more peace of mind, since before they always doubted the days they had available and what was already used. On the other hand, the convenience and security of receiving your payroll summary directly in Factorial and knowing that you can easily access them there is something employees really like.
Finally, saving time was also one of CoverWallet’s goals. Being a growing company, they needed efficiency across all their processes. Factorial, they say, offers them quick, effective support and gives them more security than ever before.
Written by César Laboy
Translated by Tanya Lesiuk