Payroll Software
Because HCM is all about how you manage your people and your efforts to improve their productivity, you have to pay attention to your payroll and ensure their satisfaction. Employees are your most valuable asset — more specifically, their engagement, satisfaction, and wellness, as those three components lead to more productivity.
Nearly 82 million US workers say that they’ve experienced paycheck errors in their careers.
However, ensuring that happens is near impossible without the right payroll solutions. From ensuring on-time payments to giving employees easy access through direct deposit, your HCM software’s payroll functions should be a priority. Whether you are using outdated, unintegrated payroll software or are looking to adopt software for the first time, there are a number of benefits you can expect from a robust payroll software:
- Improved Accuracy — The fact of the matter is that coded software works more accurately than humans. Automated payroll can remove simple human error from your process.
- Improved Efficiency — At the same time, these processes happen in a matter of seconds rather than the countless hours it takes a human. When this software is integrated into your HCM solution under one roof, all systems speak to each other to further improve efficiency.
- Cost-Effectiveness — When immensely intelligent people within your organization are spending their hours on manual payroll work, your organization is not running as well as it could run. Payroll automation frees up these mundane tasks so your most important people can do their most important work.
- Increased Security — Rather than using paper records that are susceptible to various security threats, the right software solution encrypts payroll data to keep your company’s and your employees’ information secure.
- Simplified Processes — In reality, payroll should be simple. Yet over the years, it has evolved into a convoluted process that takes up too much time and energy. Automating the process simplifies your organization’s operations.
Tracking Your Payroll Data
Within your HCM solution’s payroll offering, tracking the right data is critical. When you have this technology in place, you can take your payroll data to the next level. In addition to simple payroll statistics (i.e. total salary), there are a number of key metrics you must be able to track efficiently to ensure employee well-being:
- Paid Leave
- Withheld Taxes
- Bonuses
- Overtime
- Freelance
- Payroll Processing Fees
- Training Expenses
All of these are indirectly related to your payroll, and having the wrong solution in place could force you to miscalculate one of these important metrics. Learn more about each metric in our full guide to payroll data.
Streamlined Onboarding
Another important aspect of HCM is onboarding — how are you integrating your people into your organization? Are your processes efficient, both for HR and new hires? Are your people able to come in and produce within the first couple of days?
If your onboarding processes are stuck in the past, chances are they look something like this:
- HR team prints and sorts new hire paperwork
- New hires fill out the paperwork on their first day
- HR collects, organizes, and documents paperwork by hand
- HR and new hires connect to schedule meeting times
- HR onboards new hires into the system and trains them on best practices
Before you recognize it, every new hire is taking multiple days just to get into the system, let alone meeting with their direct managers and team members and learning their daily duties. At the same time, HR’s responsibilities are spent on manual work, both preparing for the new hire and onboarding them.
Enter onboarding automation. When your onboarding is automated, HR wastes less time scheduling meetings, collecting paperwork, and documenting paperwork by hand. New hires also benefit by having the ability to onboard themselves with the help of automation before their first day, leading to three main benefits:
- Streamlined onboarding efficiency
- Immediate productivity
- Higher employee retention.
Streamlined onboarding is one of the many benefits that you can take advantage of when updating your HCM practices. For more on onboarding automation, read our full blog post here.
Benefits Administration
When was the last time you revisited your employer-provided benefits? Not just the benefits you’re providing, but the manner in which you’re providing them. Benefits administration is a core component of HCM, and if you’re not doing it correctly, it could be impacting your organization in more ways than you realize:
- Frustrated Employees — Forcing employees to navigate their benefits alone is bad enough, but when that process is manual and involves them sorting through paperwork and filling out forms manually, it becomes an incredibly stressful process. Don’t let your employees be part of the 33% who don’t understand the benefits available throughout the open enrollment process.
- Distracted Upper Management — Not only does a manual benefits enrollment process frustrate employees, but it also takes away time from upper management. Upper management, especially within the HR department, is expected to have answers to the various questions that are sure to arise throughout the manual onboarding process. Even small interruptions add up when they come from dozens of employees who are confused by the process.
Your employees are your biggest asset — why wouldn’t you do everything in your power to value them over everything else? If you’re in a position to afford it, rework your benefits packages to benefit your team as much as possible.
If not, take your benefits administration online to make the process more efficient, prioritizing your employees’ well-being and your time. By prioritizing a digital benefits enrollment process, your team has easy access to plan information whenever they need it. What’s more, when you can include brokers in the process, you can practically remove upper management’s involvement in benefits enrollment as your team has access to reliable experts. Benefits administration doesn’t have to be such a hassle every year. Next time open enrollment comes around, make sure you’re prepared by reading our guide to benefits administration.
Time & Attendance
Time is money, and when it comes to your time and attendance solutions, you can’t afford the possibility of mistakes. From purposeful time theft to misreported timesheets, time and attendance errors are incredibly detrimental every single year. At the same time, they’re nearly inevitable if you’re still relying on manual processes or unintuitive software.
In addition to accurate time and attendance records, upgrading your software also helps ensure compliance with labor laws by avoiding inaccurate reporting that commonly results from human error. Some other reasons to focus on your time and attendance solution include:
- Time Management — Employees spend less time inputting hours (ultimately resulting in accurate payments) and HR no longer has to track down every hour worked by every employee.
- Integration — Even for employers that have time and attendance software, you should consider upgrading your solution to an inclusive HCM system that allows for seamless integration between time reporting and payroll.
- Mobile Usage — Modern work happens on mobile devices, both in the office and away from it. Your time and attendance solution must allow employees to log hours and supervisors to approve payroll on the go.
Time and attendance solutions shouldn’t be viewed as a nice-to-have add-on to your HCM system — it’s a priority. Learn more in this blog post breaking down the benefits of time and attendance software.
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