Payroll professionals are the unsung heroes of the workforce. They’re the reason we get paid accurately and on time. Many do not realize the complexities of the payroll process: maintaining compliance with ever-changing legal regulations, addressing all errors to ensure accuracy and post-payroll requirements such as tax filing and adjustments to wages. The payroll process is the gift that keeps on giving – until a mistake is made.
Processing payroll efficiently and accurately is crucial to engaging and retaining employees. If mistakes are made, the aftermath will not only cause your employees distress but can be costly to your bottom line. Employees place an enormous amount of trust in their organization’s payroll department to compensate them correctly come payday. The pay many employees receive is the essential foundation of their livelihoods. That’s why it’s incredibly important to have the right technology in place to avoid these potential problems, and where a partnered workforce management platform can streamline efficiencies and maximize productivity.
Why Combine Payroll and Workforce Management?
Combined with the right workforce management technology, payroll processing doesn’t have to be complicated. Eliminate error-prone and manual paper-based procedures by automating processes and streamlining systems into one unified solution. Your company will have full control from source (time capture) to net (payment services), and increased transparency when it comes to paying employees. Below are a few of the most significant benefits to consider combining payroll and workforce management.
1. Promote Better Engagement
Employees will look to leave an organization if multiple paycheck errors are made during their tenure. That doesn’t leave much room for error when it comes to retaining your workforce. Payroll has a profound impact on employee engagement. With a unified pay and workforce management system, employees have access to self-service options where they’ll have complete visibility into the decisions that impact their life-work balance and improve their financial wellbeing.
A unified pay and time experience empowers employees to feel financially secure since they can access their pay, timekeeping information and schedules from any device. This easy access can help ensure accuracy and transparency within organizations, leading to greater trust and higher levels of engagement from your workforce.
2. Minimize Risks Associated with Compliance
Deloitte’s recent survey shows that 81 percent of organizations have outlined compliance as the top area of focus for improving their payroll provider services. Compliance is a complex issue, and constantly changing regulations expose payroll to the risk of noncompliance, which can lead to costly fines, damage to credit ratings and, in extreme cases, imprisonment. If your company crosses state lines or operates globally, the rules around payroll become even more complicated.
Combining payroll and workforce management in one system helps organizations stay compliant with complex union rules, taxes, garnishments and ever-changing employment laws. With automatic updates for regulatory changes and notifications of potential compliance issues, your team will always be one step ahead.
Payroll and workforce management as a combined system help keep organizations in compliance from source (timecard accuracy, scheduling regulations, etc.) to net (check distribution, tax filing, wage adjustments, etc.).
3. Eliminate Antiquated Paper-Based Processes
A survey from Deloitte indicates 67 percent of payroll departments view technology limitations as one of the biggest challenges when it comes to processing employee pay. With modern technology and a unified system in place, managers have complete visibility across critical business functions. This saves valuable time in being able to address timesheet errors early in the pay cycle and allows time records to be validated sooner. Real-time updates are received when any changes are made to a time record.
Instead of spending time searching for errors with manual paper-based procedures, embedded analytics from a cloud solution place the errors right in front of you for a quick resolution. Modern automation technology and a scalable platform can accommodate any state, federal and company regulations while seamlessly growing with your organization as you expand.
Payroll’s impact on employee engagement is something that cannot be overlooked. And with payroll being as complex as ever, unifying it with a top-tier workforce management system is a transformative step that organizations can take to ease the burden and risk of the payroll process, while maximizing the employee experience.
Questions? Ask the Experts at Quanta
No matter the size of your business, effectiveness and efficiency is key. While having a top-of-the-line software solution is important, simply having one doesn’t run your business. At Quanta, we provide more than just the right software solution; we provide the right service.
If you’re looking for HR peace of mind, wish to retain top talent and feel fully supported, we’d like to help. Book a 5-minute fit call with us to schedule a personalized demo of our HCM platform or speak with one of our payroll experts for general inquiries.
