6 Ways To Grow Your Business By Modernizing Your Payroll and Human Resource Processes

Putting greater focus on finding inefficiencies with your payroll and human resources efforts will help decide if you need a change from your status quo. The following are ways you can decide how your in-house team or outsourced team is currently helping you simplify processes and save time and money…

Syncing Human Resources and Payroll Systems

An integrated HR payroll system is a solution that merges payroll and HR activities for maximum efficiency. By integrating all of your workforce management activities into one platform, you can say goodbye to spreadsheets and disconnected HR systems, and support your employees from hire to retirement. Integrated organizations can also view their payroll data in real-time instead of waiting for batch processing to see changes and updates. An Ernst and Young’s Global Payroll Survey revealed that payroll leaders have begun to view payroll and HR as an integral component of deciding the overall value for each of your employees. Having a single employee record across payroll, scheduling, performance, and beyond will help build better employee experiences and productivity.

Digitize Your Data and Information

Documents don’t need to be stored in paper format. Further, there are several drawbacks to keeping all that paper. Paper documents take up a lot of space and companies often incur additional expenses just for storing boxes full of documents that are rarely accessed. Paper can be damaged in storage by moisture, heat, mold/mildew, etc. Retrieving paper documents is time-consuming and inefficient. Digitizing the data and reducing or eliminating paper documents saves effort and time. Digitizing data and information in cloud software can help payroll teams minimize disruption to continued operations and pay their people accurately and on time from a remote environment.

Mobile HR and Payroll Solutions

You can empower your employees. Employees can take charge of their own work life. It will give your employees direct access to view and manage their own data and activities. This not only empowers them but also reduces the administrative burden on payroll and HR. Changes to pay can be displayed at any time during the pay period, so employees can also get answers to potential payroll-related inquiries. For employees, the flexibility in being able to access their earned wages ahead of the next payday means they can better respond to unexpected circumstances, reduce their reliance on loans, and have more control and oversight over their personal finances. Employees today are looking for more pay flexibility as many people were furloughed, laid off, or had a salary reduction. Mobile HR and payroll solutions can empower employees to take control of their records and reduce the administrative burden on your in-house payroll team.

Manage Compliance With Technology

Payroll and HR compliance is a power- phrase that means getting your payroll done correctly and it involves more than simply issuing employee paychecks on time. Compliance may not be the rock star of tasks, but it is the one that is necessary to keep the team together. In every country, laws and regulations exist to make sure that companies are conducting business with a certain level of standards. Many organizations lack adequate talent or resources needed to keep up with constantly changing compliance requirements. Understanding and applying legislative changes is time-consuming and many organizations will need to scale the team as the business grows or adds contracts. Technology that automates tax calculation can help teams save time, reduce risk and scale more easily. Organizations that operate globally or plan to be in other regions will need to stay on top of changing legislation in multiple areas. Technology can reduce compliance risk.

Modernize Your Payroll and Refocus Your Talent On Business Growth

Having your Payroll and Human resources done by a team of experienced professionals is a wise choice. They can navigate employee benefits, HR admin and payroll, risk management and so much more so your team can focus on your core business. Plus finding and keeping talent for an in-house department is a significant challenge. Talent is increasingly difficult to find, it is taking up to 4-6 months, on average, for an organization to find credentialed payroll and HR talent. Modernizing your organization’s approach with the changes laid out in this post will help increase your company’s productivity, reduce cycle time, and provide better results.

Centralizing Your Records

Sharing resources—a well-planned centralized payroll department holds data used across the organization in one place, allowing all staff to access it. This makes it both faster and easier to undertake organization-wide activities. Payroll records are a form of documentation that must be maintained by an employer for all individuals in the workplace. This includes the number of hours worked, average pay rates, and deductions for each employee. Storing appropriate employee records in one place, rather than in several locations, will help save time and reduce the risk of losing important information.

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About Payroll Partners

As a leading payroll provider, we offer comprehensive solutions designed to fit your business. Our knowledgeable and experienced staff offers confidential and reliable assistance for every aspect of payroll. Count on us to deliver accurate and timely payrolls while accommodating your unique needs. From meeting your basic payroll requirements to management reports, and/or tax pay and file services, we can do it all.
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