Payroll is one of the items HR should have an air-tight process around. Compliance is hard enough to keep up with--from changes to overtime pay guidelines to keeping up with local laws. Without knowing the basics and the changing industry, you may struggle to find a solution that doesn't snatch up all of your time and energy.
But this doesn't have to be a pain! There are both short term and long term solutions to simplify your payroll. The list below includes industry facts and strategies intended spare your future pay-related headaches.
- Only 34% of people think that traditional HR is ready for the coming challenges.
- Payroll is the most outsourced function among businesses in the US and Canada at 42% of companies letting someone else manage their pay.
- Moving forward, 40% of businesses plan to cut down on the amount of vendors they buy software from (meaning they want one HR platform with several offerings).
How can you simplify your own payroll?
Traditional HR is rapidly changing and the majority of businesses are modernizing because they recongnize that consolidating all the usernames and accounts and platforms is a sure-fire way to make payroll and HR as a whole, easier.
1. Try Out a Modular System
Maybe you have traditional HR down pat, but still find yourself spending exorbitant amounts of time on payroll. Maybe you've modernized your HR platform, but have a separate account and username for time management, benefits enrollment, payroll, and compliance. Maybe you're somewhere in between. A modular system allows you to choose which aspects of HR to include in one place. This includes payroll. Modular platforms are broken into the major aspects of human resource management, and allows the user to pick, swap, add, and subtract any aspect of HR he or she wishes to manage. SaaS companies that offer these platforms will handle everything for you.
2. Track Employee Information
Sounds simple enough. You know what you're paying your employees, you know their personal information, and you know what their performance reviews say. So why do you need to track? Tracking means more than just knowing employee information. Tracking helps you glean insights from employee behavior and performance. Knowing employee time information now lets you know if you are complying with ACA, how each employee relates to the benefits you are managing, and what employee metrics are most pertinent to company efficiency. Having comprehensive employee information means that you can make better pay-related decisions.
3. Trust a Platform With Your Information
We know it sounds scary. You're not alone. 73% of organizations still use excel over concerns of data privacy. With encryption technology, your information stays secure and could stump a supercomputer until long after you are managing people (way over 1000 years). Your information not only has the power to simplify payroll, but also to simultaneously comply with regulations, integrate with other systems (like accounting or a POS), and create actionable reports that display and analyze key business metrics.
HR is modernizing, and companies are finding that cloud-based platforms help to cut down on the countless hours spent on payroll. For those that are wary of jumping in head first, a modular system allows for companies to choose which aspects of HR to manage on a single platform and modify those offerings at any time. Tracking Employees now goes beyond just knowing their time sheet. You can see benefits, performance, salary, and many more all in one place for every employee. Information is power, and trusting a platfrom helps you save time and money by bringing HR to a single platform.
To find out more about how you can simplify payroll and find a solution that works, try out a demo.