Why do Employers Need to Invest in the Right Payroll and HR Technology?

Businesses around the globe in their constant pursuit to stay ahead of the competition and dominate the race, keep investing in new technologies and tools. But how about equipping the payroll and HR teams with cutting-edge technology which is faster and more accurate? Well, it certainly would require pumping up the budget a little, but more often than not, the investment in the technology is sure to pay-off significantly in the form of a transformed HR and payroll department, which would be more efficient and agile than earlier. 

Employers need to understand that investment in PAYROLL AND HR technology is a need and not luxury

In the absence of knowledge, a few employers consider payroll and HR technology a pure luxury. For employers with relatively smaller teams, a part-time resource can manually process payroll or manage benefits for their business. However, this is a very narrow view devoid of the knowledge of the various benefits of payroll software as an important payroll and HRIS technology. Payroll and HR technology can help employers automate their business processes, promote employee engagement by taming HRIS, and ensure fiscal health by way of tax compliance. It would not be an exaggeration to say that an investment in the right payroll and HR technology is an investment in the success of your business.

Let us now check in detail why employers should invest in payroll and HR tech:

1. It increases the administrative efficiency of payroll and HRIS

Managing payroll and HRIS with multiple standalone solutions and legacy tools is a very tedious job with lots of cross-functional complexities. It becomes even more difficult for growing businesses. 

An integrated HR and payroll software comes to the rescue of the businesses here. It takes care of the analysis of employee data, track leaves, processes payroll, provides MIS reports for various purposes, and a lot more at the click of a button. Thus, it increases the administrative efficiency of your payroll and HRIS. Additionally, managing a global payroll can be challenging for companies that employ remote workers and independent contractors abroad, and adhering to labor laws would only make things worse. In this case, the best solution is to invest in global HR and payroll services.

2. It saves time for your team for strategic tasks

Human Resources and payroll teams typically spend the majority of their precious time handling manual tasks, such as working on time-log spreadsheets, payroll calculations, maintaining and updating employee information, etc.

Introducing automation with HR and payroll software leads to a decline in the man-hours of your team that is involved in mundane and repetitive tasks. As a consequence, an increasing number of HR team members will instead end up tackling more strategic roles and responsibilities, such as analytical functions and getting more involved with organizational activities with greater strategic importance.

3. Real-time access to critical HRIS data via employee self-service portal

Taking care of employee queries eats up lots of time for the HR team. An integrated HR and payroll software can be the best companion for your HR in this regard. Yes, a good payroll solution comes with an employee self-service portal wherein employees update their personal details, check their paystubs with various details, manage their day-offs, etc. 

This allows employees to take care of the above-mentioned and many other human resources-related tasks that would otherwise claim the time of the HR personnel or management. Thus, payroll solutions with employee self-service can help businesses save labor hours and increase efficiency.

4. It Provides More Control on Crucial Organizational Data

Your organizational data with different layers of permissions to access the same is important. Payroll software does this for organizations in the most efficient and secure way. 

HR and payroll software provides real-time access to your organization’s database. You as an employer and your employees can generate and fetch the required data on the go. And to make the whole system secure and risk-free, you can define individual accessibility against proper login credentials and personal data of the employees. This helps you keep all the information in a single platform, exert control on the accessibility of this organizational information.

Because of the recent global pandemic and the changing dynamics of the business world, now is the time for employers to invest in payroll and HR technology. Nothing should thwart them from investing in a solution that can very well solve their biggest payroll and HRIS challenges. When Human Resources and payroll workflows are streamlined and automated, repetitive tasks make way for strategic initiatives. 

Investing in HR and payroll technology is sure to lay the foundation for your success. Investing in cloud-based payroll software has a number of benefits and the investment in it often pays off in the form of improvements in areas such as timely and accurate paychecks, employee retention rates, productivity, engaged workforce, reporting system, etc.