It’s perhaps the only business function that affects every single employee and is a standard need of businesses both big and small, regardless of industry. This week is National Payroll Week, and Ultimate Software is asking you to #PayItForward with our #PayrollCounts giveaway. In honor of the amazing professionals who process payroll, we’d like to give an extra paycheck to someone who brings their all to the workforce every day. Here’s your chance to recognize a co-worker who consistently goes the extra mile, is a great team player, or has really come through during crunch time! Simply tag your nominee in a comment on our Facebook, Instagram, or LinkedIn posts and share why you feel they deserve an extra paycheck. You can also make your nomination by replying to our Twitter post. To learn more about why we’re honoring payroll, read on.
Not wholly HR, not fully finance, payroll is its own separate entity responsible for a variety of crucial operating functions. Even the smallest oversight can result in costly ramifications, not to mention the immediate and far-reaching consequences of consoling a litany of unhappy employees (or perhaps the IRS). With this vital emphasis on accuracy and nearly non-stop calculations, it’s no wonder that on average, 35% of an entire HR department’s time is spent handling payroll inquiries alone. Thinking beyond the next processing date—much less evaluating year-over-year payroll trends—becomes difficult, if not impossible.
Fortunately, this oversight is changing. Business leaders worldwide are recognizing payroll’s full potential, and in 2017, 57% of executives agreed that employee compensation is becoming more important to them. It’s now understood that payroll’s function goes far beyond direct deposits and compliance; it holds a wealth of powerful data that can both actively guide decision-making and boost corporate performance.
Technological innovation is at the heart of this evolution, as unified, cloud-based HCM solutions provide a high degree of automation to streamline workflows and administrative overhead. Today’s best-in-class solutions have transformed payroll from its laborious past into a hassle-free, paperless, people-focused function where time collection, pay, and withholdings are calculated instantly, regardless of such complexities as overtime, tips, multiple job codes, or garnishments. Everything is in a single system of record, eliminating numerous inefficiencies and ensuring seamless integration between payroll and third-party providers.
Some solutions provide even further configurability. UltiPro®, for example, leverages the fastest payroll engineroll in the industry, processing a variety of different pay combinations based on unique business needs. Compliance needs are continuously updated, as are tax calculations.
The result? Administrative costs (and efforts) are dramatically decreased, accuracy is enhanced, and personnel are free to focus on serving their people and applying payroll’s wealth of business intelligence metrics towards pursuing long-term organizational goals.
Indeed, payroll is perhaps the richest source of human capital data in any organization, and trend analyses can do everything from determine appropriate salary ranges to target compliance issues or diversity concerns. Every single data point, from average 401(k) contributions to teams with disproportionate levels of turnover, can be used to glean a strategic understanding of the workforce and offer illuminating insights into trends and areas of improvement. Leaders are empowered to make deliberate, unbiased, data-backed decisions that maximize their organization’s growth and efficiency.
Finally, payroll can be used as an opportunity to connect with employees, building trust through real-time transparency and improving engagement through ease of use and mobile access. It is truly a powerful resource for every organization, ready to reach its strategic potential with a front seat at the executive table.
Every day, and especially this week, we honor the people behind payroll. The ones who are committed to ensuring payroll runs smoothly week after week, and hard-working people are paid accurately and on time, every time. So, help US #PayItForward and share on social how and why #PayrollCounts.