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Payroll and Human Resources: The Benefit of Integrating and Streamlining Functions
oleh Eden • Rab, 21 Des 2022 07:12AM
Integrating and streamlining payroll and human resources functions can bring significant benefits to companies. Automation of HR and payroll tasks can increase efficiency, reduce workload, and improve data accuracy and security.
Traditionally, companies differentiate payroll and human resources (HR) systems. Because both are indeed different disciplines even if closely connected. There are times when employee data, working hours and attendance, time off requests, and payroll systems are stored, tracked, and accessed through different tools and platforms.
Lano pointed out, there are a lot of challenges with this conventional system. Low data transparency, ineffective data maintenance, wasted resources, and a slow and complicated process that makes employees unhappy are some of the most significant.
Nowadays, many have changed. A lot of companies are starting to see that both payroll and HR responsibilities are becoming more strategic functions. According to GlobalHR, the functions of these two departments have a significant impact on companies’ performance.
Moreover, there are more multinational companies established now than ever before. The thing about multinational companies is that they may have an operation base in many countries, and there are hundreds, even thousands of employees to manage. Payroll and HR professionals will have an even broader challenge in such companies.
Spark adds that people in the payroll and HR departments may need to meet many expectations and risk being pulled in several directions. For example, to meet leaders' expectations, comply with legal regulations, and ensure a better employee experience.
All those facts above are only some of the reasons why nowadays, more and more companies try to integrate payroll and human resources systems. According to Paychex, integration can happen in terms of staff allocations, and also in organizing and using technology tools. Overall, integrating and streamlining these two systems aims to increase efficiency.
If you are wondering how integrating and streamlining payroll and HR functions will impact your company specifically, here are more details:
Reduction in Administrative Work and Increased Efficiency
Integrating and streamlining payroll and human resources systems will help to automate various HR and payroll tasks. Mostly to reduce the need for paperwork needed to store and access employee data, consolidate reporting, and update employee information. This will significantly improve operational efficiency in both divisions.
Improve Data Access, Accuracy, and Security
Using automation in information systems for streamlining payroll and HR means there will be a centralized location for storing and accessing employee data. The information will also be automatically processed. This will reduce the risk of errors and protect sensitive employee and payroll information.
Easy to Customize as Needed
The good thing about using technology is how it can be customized to meet the specific needs and requirements of an organization. The information system for payroll and HR can be scaled as the organization grows. This can help ensure that the system remains relevant and effective over time.
Provide Better Analytics and Comprehensive Reporting
Software or systems will make it possible for business leaders, HR, and payroll professionals to access analytics tools. These analytics tools provide comprehensive reports to help organizations better understand their workforce.
Helping Data-Driven Strategy and Decision-Making
By having access to comprehensive analytics and reporting, business leaders, HR professionals, and payroll professionals can have better insights into workforce trends and patterns. This will help organizations develop more effective strategies and make data-driven decisions related to HR and payroll.
Support Higher Compliance Level
By using technology to integrate and streamline payroll and HR data, organizations can have tools and features to help organizations stay compliant with regulations related to payroll and HR. This can minimize the risk of non-compliance and potential fines or penalties.
Offer a Better Experience for Employees
Besides making things better for payroll professionals and HR professionals, streamlining HR and payroll can also provide a better employee experience. Employees will find it easier to access their own payroll data and have an enhanced process to input and request functions. This can lead to increased employee satisfaction and retention.
Improve Business Resilience
Automating various HR and payroll tasks will help organizations become more resilient in the face of unexpected disruptions or changes. Software integration, data analytics, and reports can help minimize the impacts of such events, mainly on HR and payroll processes.
Also Read: Improve Business Efficiency with These 5 Payroll KPIs
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