Are the majority of your costs spent on payroll? We found an easier way.
Payroll for a mid-size company can account for up to 70% of total business costs, according to research from Paycor.
We’ll say that again — 70%. That’s a big hunk out of the pie!
HR management systems are the gateway for employees and managers to account for productivity, ensure workers correctly input their time, and manage overall employee needs.
By effectively managing payroll and HR, owners and managers can rest assured that their most vital asset — their employees — are well cared for and properly compensated. How does a company achieve the best results? By choosing to streamline payroll and HR systems.
Features companies use when choosing to streamline payroll and HR systems
Gone are the days of the punch clock on the wall, or worse — paper time cards that take hours to decipher. Did you know there are new ways to streamline payroll and HR systems and that these tools do far more than keep time?
Here are a couple of interesting features that companies today seek out when shopping for a new payroll and HR system.
Engage and foster trust with employees
New payroll programs now allow companies to print personalized messages to employee pay stubs. You can add a sincere word of thanks, offer a helpful financial or wellness tip, or perhaps even appeal to employees’ humorous side. Whatever you choose, it will show that you care.
Keep track of flexible schedules and employ freelance laborers
Focusing on flexibility and work-life balance is a rising trend — and with good reason! The Corporate Executive Board, which represents 80% of Fortune 500 companies, discovered that employees who believe they have good work-life balance work 21% harder than those who wouldn’t agree.
This was reported after researching 50,000 global workers. Flexible work schedules and the option to work remotely can be a great way to help employees achieve this balance.
Fact: Employees who believe they have good work-life balance work 21% harder than those who wouldn’t agree.
These arrangements can be great for everyone involved, but they can also create more work for HR and payroll personnel since they require additional visibility into cost, quality of work, and remote productivity management. A streamlined HR and payroll system can keep track of all the variables involved with flexible work schedules, remote workers, and freelance contractors, creating less work and more job satisfaction for all involved.
Can payroll and HR systems achieve both efficiency and ease of use?
Yes. These two elusive desires can be achieved when deciding to streamline payroll and HR systems. Connecting time and pay into one software solution reduces the amount of manual re-entry of data, thus increasing accuracy. Essentially, reducing the amount of steps between when an employee clocks in and when payroll is finalized reduces room for error.
Not only does this benefit the company by saving costly errors, it develops better rapport with employees, and helps them feel secure in the knowledge that they will be paid accurately for their work. Furthermore, managers get to avoid the daily headache that comes from fixing punch errors and micromanaging employee needs, such as viewing benefits or paid time off balances.
Payroll, HR insights, and analytics: Your new best friend
If you think these other options and developments are intriguing, get a load of this: a company can mine their payroll and employee data for a forecast of workforce needs. Also, analytics connect employee data from different places and condense the information into reports. This can help a company how workers are spending their time and effort — and why. Getting a clear picture of workforce needs and trends is easier than ever before.
If you are looking for a more efficient way to manage all the spokes in the wheel of running a business, consider your options to streamline payroll and HR systems. You will be glad you did.