3 benefits of an integrated
HR and payroll solution
Don’t overlook these significant benefits when considering HR and payroll software
How well you manage people and remuneration influences how your employees perform, your risk exposure, and ultimately, your bottom line. Adopting a modern human resource and payroll solution is therefore critical.
While changing back-office systems can be challenging, it’s easier when you prioritise connectivity. People and payroll are essential facets of your broader operation—all parts need to be working towards the same purpose to achieve success.
That’s why leading organisations prioritise enterprise software that ensures their people, processes and technology are in alignment. Modern solutions are user-friendly, enable a mobile workforce, and deliver greater compliance and auditability of your HR and payroll records.
Here are three important benefits of an integrated HR and payroll solution that you might not have considered:
Single source of truth
HR teams often use multiple point solutions for recruitment, training, learning and performance management. However, extracting, combining, and transferring information between systems can cause data to become out of sync, meaning HR professionals struggle to gain a holistic view.
That causes headaches when it comes time to create annual reports, deliver accurate FTE figures, and evaluate budget versus actuals. The consequences can be costly, for example, accidentally hiring additional staff thinking that you are within your approved headcount, when you actually are not.
The theory is best-of-breed tools are ‘best’ at a specific task. The truth is, superior enterprise systems are both fully-featured and interconnected.
With an integrated human resource and payroll solution, data is effortlessly shared within the team and between business functions. One, unified database may seem like a small thing, but it’s actually a big productivity and accuracy booster.
Less wasted time, more reliable results
Integrated HR and payroll solutions improve efficiency with e-recruitment, employee self-service functionality, fool-proof electronic forms, standardised processes, position-based approvals and delegation workflows, automated tasks and real-time information.
That reduces wasted effort. For instance, payroll teams might normally spend one to two days at the end of a pay period reconciling and uncovering problems. These may have occurred weeks prior during the data capture and processing stage, such as incorrect allocations to general ledger codes.
Sometimes, valid information is entered, only to find an account has been closed by the finance team because it’s no longer available for posting costs—meaning payroll has to start from scratch.
Connected enterprise-wide software ensures information is validated at the point of entry and flows seamlessly through to the financial system almost instantly—that helps you to identify problems sooner and eliminate lost time.
Total employee lifecycle management
HR and payroll departments generate and manage a lot of data about the most significant asset (and cost) within your business: your staff. Yet they’re commonly bogged down by processes—lacking the ability or freedom to consolidate and act on meaningful data.
Wouldn’t you prefer your people management experts spent more time focused on strategising for the future, developing talent, and initiating operational solutions to enhance performance?
Ideal enterprise solutions include analytical dashboards and tools that provide a big picture view of your workforce, and each employees’ career path—from the moment a person applies for a job through to their last day of work.
With comprehensive details about your talent pool, skills and competencies, high-achievers, and at-risk employees at your fingertips, it’s easier to make informed decisions. One example is being able to hire internally with greater confidence, reducing your cost of hire and ensuring promising employees feel recognised and stick around longer.
Integration benefits boost the ROI of HR and payroll software
Many HR and payroll teams have such a strong ‘can-do’ approach that it can hold them back. They’re so focused on getting the job done, that they fail to recognise the amount of manual effort, double-handling and broken processes they encounter day-to-day.
You can’t become an employer of choice, deliver value to your employees and fully leverage your resources if your talent management is disconnected and short-sighted.
Integrated solutions give HR and payroll professionals the tools they need to streamline tasks and build a more satisfied, high-performing and cost-effective workforce, while also making data more accessible and usable by the whole business.
Don’t wait until an oversight leaves you exposed or damages your employer brand: reap the benefits by investing in an integrated solution sooner rather than later.
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