Cloud-based payroll systems and outsourcing have emerged as transformative forces, fundamentally altering the way businesses handle their payroll procedures.
When engaging with HR, Finance, or payroll professionals, a common objection revolves around the difficulty of persuading executives to invest in a global payroll solution. Overlooking the fact that payroll not only serves a critical function but also has the potential to act as a corporate strategy driver, especially when consolidated into a unified system and integrated into the organisation’s HR and Finance systems.
Presently, numerous global payroll professionals manage many disparate systems, recognising the inherent issues with such a fragmented structure. Yet, when these separate, siloed operations are centralised into a single source of truth, the genuine power of payroll as a driving force for organisational growth is unleashed.
Let’s delve into how the consolidation and integration of payroll can elevate business performance.
1. Enhanced reporting & analytics for superior forecasting and workforce planning:
The amalgamation of data from various sources often poses a significant challenge for HR, payroll, and finance teams. Manual efforts and time constraints associated with compiling information hinder efficient reporting. However, consolidating data into a unified system eliminates these challenges. With instantaneous access to comprehensive reports, organisations can gain actionable insights into payroll costs in each location, including items such as Gross to Net, employer costs, and gender balance.
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2. Improved information exchange channels:
Integrating payroll with HR and Finance systems fosters greater connectivity between different business facets. This connectivity enhances information exchange, facilitating collaboration and sharing insights that were previously difficult, costly, and time-consuming to access.
3. Single source of truth, reducing the likelihood of errors:
Multiple systems often result in repetitive manual entries and unnecessary duplication, impacting the timeliness and accuracy of information. In contrast, an integrated system provides a single set of up-to-date data, ensuring consistency across all areas of the organisation.
4. Increased employee engagement through reductions in error:
Integration of payroll with HR and Finance systems significantly reduces instances of incorrect payments. Achieving high accuracy ratings, for key deliverables across global payroll, fosters employee trust and satisfaction. Employees can focus on their jobs without concerns about payment accuracy, freeing up HR and payroll professionals to address other aspects of employment.
5. Facilitates compliance, lessening the risk of fines or penalties:
An integrated global payroll solution improves data accuracy, easing compliance with in-country regulations. Securely updating sensitive employee information in one system minimises the risk of fines and instils confidence in data security and compliance.
6. Offers organisations a way to manage risk and plan:
Consolidated global payroll enables real-time processing, allowing companies to address challenges as they arise. Predictive analytics identify future risks by analysing past payroll data, highlighting trends, and informing long-term strategies. Variance reporting provides insights into planned outcomes versus actual results, aiding in risk management and decision-making.
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As organisations encounter evolving challenges and changes each year, the need for a consolidated and integrated payroll solution becomes increasingly apparent. The Zalaris PeopleHub solution provides a comprehensive solution that allows organisations to track expenditures across countries, jurisdictions, tax years, and pay periods. By analysing fluctuations and trends, organisations can make informed decisions, demonstrating the agility and accuracy needed to succeed in a dynamic business environment. To experience the benefits first hand, request a demo of our solution and discover how a consolidated and integrated payroll solution can empower your organisation.