Do You Have These 5 Checkpoints to Protect Your Assets Allotted to Employees?
Imagine a world where you could effortlessly track and manage your valuable company assets.
In this world, you won’t need to chase your IT and business teams for updates on employee assets, spare your admin team from multiple follow-ups on laptop collection, and engage your new recruits with smoother-than-butter onboarding and asset provision.
You’ve spent a ton of money procuring the best quality assets for your workforce. But, if you and your team are still unable to follow through on the track-check-collect every single laptop before you deliver or collect them, this blog is for you.
Watch as we unveil common asset management concerns and ways to shatter them and enhance your efficiency.
Common Asset Management Woes
You may have faced the same challenges on employee assets over and over again, but couldn’t trace back the reason to any particular reason.
See if you can identify your common asset hassle down here.
#1 Employee Resignation
When an employee resigns, recovering assets can become a daunting task. Instances of employees leaving with company-owned laptops, mobile devices, or other valuable resources are not uncommon.
In some situations where the resignation was involuntary and company-induced, there are chances of the employee taking or destroying company property out of spite, and yet leaving without paying any damages.
When these dismal situations arise, as HR you’re in a fix.
#2 Inadequate Supply and Incorrect Stock Taking
Insufficient inventory levels and inaccurate stock-taking procedures can lead to disruptions in operations and increased costs.
If your asset, IT and admin teams do not have regular maintenance schedules, compare estimated new joiners data and ensure the purchase of new assets to provide, there can be a dearth of assets, and new joiners won’t be able to start working which can paint a bad picture about the efficiency of HR processes in the company.
#3 Lack of Control on Company Assets Allotted to Employees
Without proper controls, assets allocated to employees may be misused, lost, or neglected.
You may have also encountered employees absconding wherein their assets are idle, and their whereabouts unknown.
When there’s a lack of control over assets, employees can end up getting two, or three assets of the same kind, and get personal use of them.
This hoarding reduces the assets available for other employees and hence needs to be monitored carefully.
#4 Remote Working Scenario
Now that a lot of companies are working remotely, the chances of some employees abandoning your assets or damaging them are higher.
Without proper centralized master control and decentralized regional/team-wise controls, it’s impossible to trust an employee with your company asset and recover in case of an exit.
Checkpoints to Protect Company Assets Allotted to Employees
Given the endless list of possibilities for you to incur damages to your assets, it becomes imperative to have step-by-step control, well-defined policies and agile management to ensure your and your employees’ interests are protected.
Here are a few remedies that have worked well for our client companies.
#1 Define Clear Policies and Procedures
Establishing comprehensive policies and procedures governing asset allocation, usage, and recovery is vital. Regularly communicate these guidelines to employees and conduct training sessions to ensure compliance.
When an asset provision or collection request comes through from you, or the exit management team, all relevant stakeholders need to know their course of action, and how their action synchronizes with others.
It’s wiser to have training sessions and regularly check in on the asset collection team’s progress.
#2 Enable Admins to Manage Assets
Empowering designated administrators with the authority to update asset details, change asset status, and allot assets streamlines the asset management process. This reduces dependency and ensures timely actions.
#3 Multi-Level Clearance: Ensuring Compliance
To maintain a strong control environment, you need to implement a multi-level clearance system for asset-related transactions. This system ensures that asset management processes are subject to multiple checkpoints, minimizing the risk of fraud, errors, or unauthorized access.
When an employee joins or leaves or asks for a new asset, they will need to seek multiple levels of approval. You need to be able to see the chain of actions, track the dependencies if any and take action accordingly, without any blame game in the team.
#4 Accurate Reporting and Maintenance
Accurate reporting and maintenance of assets are vital for efficient operations, financial management, and regulatory compliance.
Proper documentation, including asset purchase records, maintenance logs, and depreciation schedules, allows you to track the value and condition of assets over time.
#5 Implement an Asset Management System
Deploying a robust asset management system enables you to efficiently track, monitor, and maintain all company assets. Such a system should provide real-time visibility, allowing for proactive decision-making.
FlexiEle’s asset management system helps you accomplish all these checkpoints. The best part is, it’s integrated into the HRMS, so fetching details, updating and monitoring are simpler than ever.
The teams concerned can
- Take action on the status of assets, with rights and module privileges appropriate to their role,
- Upload purchase invoices of new assets,
- Upload images of assets and
- Tag assets to their respective users in the HRMS
- Provide step-by-step clearance and No Due Clearance at the time of full & final settlement
On the other hand, employees who need their assets serviced don’t have to wait for your maintenance session. They can now
- View their assets
- View the status of asset collection/provision
- Request for maintenance/service
- Ensure the prompt return of assets
Your days of staying in the dark are over. Get FlexiEle, the most robust tool that takes care of all your asset management needs, and ensures your interests are protected at no extra cost.