Overview
Tavex, part of Tavex Group, is a leading Bulgarian company in precious metals and foreign exchange trading. Tavex offers high-quality physical gold and silver products, including investment coins and bullion. Focusing on investment gold and silver, the company collaborates with leading refineries. Today, Tavex is a trusted and preferred partner with 1,500,000 transactions annually. Its parent company Tavid is present in twelve European countries.
Tavex’s expansion led to the need for an up-to-date solution to streamline the classical methods of managing employment documents, processes and relations. As the company grew, it became clear that the traditional techniques for employment archive keeping were inefficient, outdated, and time-consuming. By leveraging sHRedy, an electronic employment record, Sirma helped Tavex boost its HR efficiency by digital transformation of its employment processes and relations. Two years later, the project won the prize for an ICT Project Successfully Implemented in a Company Outside the ICT Sector at the prestigious 2024 BAIT Awards.
Challenges
Tavex’s primary motivation for implementing an electronic employment record was to optimize and automate its HR administrative processes. The company also needed to improve its information management by centralized document storage, digitalizing employment paperwork, and improving document administration.
Before implementing sHRedy, Tavex was facing the following problems:
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Inefficient paperwork administration: The HR department struggled with slow processing of employment documents, which hindered its overall productivity. All paper documents had to physically pass through Tavex’s HQ for validation, signature and distribution to employees countrywide. Searching for lost documents while transporting them among offices was common.
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Increase of administrative costs: The reliance on physical documents generated additional expenses for paper, printing, storage rooms, consumables, courier services, and, most of all, employee wages devoted to administering paperwork.
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Low level of transparency: The lack of centralized access to information made data management and interdepartmental communication challenging, contributing to the overall inefficiency.
Following extensive research, Tavex opted to implement Sirma’s electronic employment record sHRedy due to its ability to fully automate employment processes, ensure legal compliance, and deliver reliable performance. The solution’s potential to eliminate employment paperwork, optimize operational costs, and enhance information management further reinforced their decision. The promise of easy and flexible implementation also significantly motivated the company’s choice of the platform.
Project Scope
sHRedy brought about a complete digital transformation of Tavex’s key employment operations. Through its centralized platform, it automated essential HR processes, including employee appointments and resignations, absence management (such as sick leaves and vacations), work time tracking, and document delivery (annexes, declarations, etc.). It digitalized all employment documents and streamlined procedures to align seamlessly with Tavex’s internal workflows. Additionally, all company employees were provided with a modern self-service portal via a mobile app, enabling them to efficiently manage their administrative relations with the company.
The implementation fully integrated with Evrotrust, an official provider of qualified trust services in the country. Thus, it ensured remote issuing of a qualified e-signature, two-factor authentication (2FA), electronic registered mail, and qualified electronic time stamp. It further guaranteed all functional and technical aspects of data security by building role-based access control, profile authentication, session control, separate instances for each client, storage files encrypted with personal keys, etc.
The project further aligned with all legal requirements of the Labor Core, the Ordinance on the Type and Requirements for Creating and Storing Electronic Documents in the Employee’s Employment Record, the Electronic Document and Electronic Certification Services Act, eIDAS (Electronic Identification, Authentication and Trust Services), and the Personal Data Protection Act.
“The whole process took approximately three months, as the communication with sHRedy’s team was excellent throughout”, said Maria Saveva, Chief HR SEE at Tavex.
Key Results
As a result of the project, the need to exchange paper documents was eliminated, significantly enhancing document traceability and minimizing the risk of document loss. The HR team was empowered with a handy assistant and the opportunity to work remotely.
More specifically, the achieved results consisted of:
- Boosted HR efficiency—Process automation increased HR efficiency, reduced manual workload, minimized errors, and accelerated administration times, allowing the HR department to focus on more strategic initiatives and better support employees.
- Better data management – By consolidating all documents in a single digital repository, the HR department could quickly and easily retrieve the needed information without sifting through physical files.
- Optimized expenditure – Expenses for couriers, paper, printing and physical archives storage were significantly reduced, and in some cases brought to zero.
- Enhanced information security—Encryption, session control, and role-based access control significantly reduced data security.
- Guaranteed compliance with legal provisions—By aligning with all due requirements stemming from the legislation in force, sHRedy minimized the risks of legal non-compliance.
- Improved employee experience—Employees were empowered with a modern self-service portal via a mobile app, which let them manage their administrative relations with a few clicks.
- Reduced carbon footprint—The company streamlined its use of paper, consumables, and energy, thus meaningfully enhancing its environmental impact.
Maria Saveva, Chief HR SEE at Tavex shared: “Process automation significantly accelerated the processing of employment documents.” Further, “After sHRedy’s implementation, the employees’ access to information was essentially improved.”
Conclusion
The introduction of an electronic employment record can bring distinct benefits to businesses. As one of the first legitimate electronic employment records in the country, sHRedy helped Tavex resolve key challenges related to its HR efficiency, administrative cost optimization, and employment information management. It also enhanced information security and the company’s environmental footprint. Finally, it diminished legal risks and transformed the organization’s way of working.
Contact us to learn more about sHRedy – the first legitimate electronic employment record in Bulgaria.
