From the top down, a payroll system can appear to be a fairly straightforward process. Employees work. Employees get paid. But that macro-level viewpoint often ignores the intricate nuances of how employees actually experience payroll on a daily basis.
An employee’s paycheck is not just the product of a payroll process. That paycheck is the source of an individual’s livelihood. It’s food on the table. A roof to sleep under. A child’s education. And because of that, the process of getting that paycheck to your workforce matters immensely. We’ll be exploring this paradigm shift in more detail during our upcoming payroll webcast.
If your current payroll process isn’t helping to create a positive employee experience, there’s more at risk than just an inbox full of nasty emails. But how can you know that it’s time to upgrade your payroll system? The signs that it’s time for a change are likely already in front of you.
Inaccurate or Late Paychecks
A staggering 78% of American workers are living paycheck to paycheck. Allow that to sink in for a moment.
Once you fully acknowledge the impact of an employee’s paycheck on their day-to-day life and couple that with this shocking statistic, one thing becomes glaringly clear—payroll cannot afford to make mistakes when processing and delivering employee paychecks.
To truly put your people first, opt for people first payroll that does the same. At the bare minimum, employees expect to be paid accurately and on time. A powerful and flexible payroll solution will be able to consistently support your payroll team and your employees in meeting this very reasonable expectation.
Poor Customer Service
Your payroll team will undoubtedly be well-trained on how to get the most out of your payroll software of choice. After all, complimentary training and education materials for life should be part of the deal if your organization has selected a best-in-class partner for HR and payroll. And when someone in your department has a question regarding one of your payroll services or features, terrible customer service shouldn’t get in the way by creating frustration and disengagement within your payroll department.
If you’re currently experiencing customer service woes with your payroll service provider, you’re not alone. According to a recent study, 84% of today’s decision makers have experienced customer service issues, and they are now 56% more likely than just three years ago to say that customer service is more important than product functionality. Finding yourself among that majority of dissatisfied decision makers is another clear sign that it is time to upgrade your payroll system.
When it comes to understanding the connection between compensation and the employee experience, your payroll department should be your greatest asset in strategic decision making. However, far too many organizations only look to this powerhouse of a department for the payroll services they provide to employees and not the actionable insights that they can provide to leadership. Often, this is less of a conscious decision and simply a result of payroll teams being too bogged down by administrative overload to focus their time on becoming a strategic asset within the organization.
When your payroll department is empowered with a payroll system capable of lifting the weight of administrative burden, they can begin to allocate more time to analyzing reports and taking strategic action. Features that support employee self-service and take pressure off of your team, like allowing your workforce to view their pay information and access their tax documents, are vital to unlocking the full potential of your payroll department.
High Hidden Costs
Many organizations make the decision to stick with their existing payroll system not because it continues to exceed their expectations, but because the cost of upgrading payroll systems seems too high. But what are the hidden costs associated with outdated payroll services?
Inefficiencies may be the first and most apparent source of additional costs related to an outdated payroll system. For example, the inability to automate many payroll processes can result in unnecessarily high costs. According to the American Payroll Association, payroll automation can help you reduce payroll processes costs by as much as 80%.
Is It Time to Upgrade Payroll?
With so much at stake and with just as much to gain, it’s time to take a hard look at your current payroll software. Does it meet your business needs? Does it exceed them? Learn how UltiPro Payroll is doing more than just the minimum in order to radically transform your company.