SD Worx operate across Europe as part of the Payroll Services Alliances, and are experts when it comes to European payroll requirements and GDPR, Europe HR services, training and consultancy. Join the 65,000 organisations worldwide who have chosen SD Worx for their payroll services to find out how you can integrate payroll data into your business strategy today.
How to create a global business strategy using payroll data-Reading time: 3 Minutes
Business leaders are always searching for dynamic new ways to improve their business strategy, but there's one source of data which still remains largely untapped. There is a wealth of potential strategy ideas to be found in a place businesses already have unrestricted access to - their payroll system.
So, how can both large and small companies start utilising payroll data today to breathe new life into stale strategies?
Make business decisions in a more informed way
There is so much to be learnt from taking a fine-toothed comb to payroll data. By looking at outgoings in this way, a business can benefit from a far more accurate yearly forecast, and better prepare themselves for change that could happen naturally by looking at how this has affected payroll data in years gone by.
Hire the right people (and keep them!)
By looking at payroll data for their employees, businesses will be able to take a step back and assess where there are patterns that link to their staff turnover. They will also be able to analyse in a measured way the success of employees in particular areas of the business. Companies will now be able to consider whether or not, for example, employing more members of staff on a full-time basis will be beneficial to the company as a whole, rather than continuing to employ greater numbers of temporary staff.
Once they've got the right people on board, businesses can use payroll data to consider how to retain the hardest-working members of their workforce via benefits schemes or greater holiday allowances. Payroll data analysis can ensure such important strategies are not based on guesswork, but real numbers.
Prepare yourself for the challenges of using payroll data
There are some considerations that have to be taken into account when using payroll data, such as GDPR payroll data restrictions. It's important to ensure that in the process of using payroll data to create a more streamlined business, employee trust is retained and laws are considered. This is quite a complicated process - but there are ways to ensure you meet the requirements.
Talk to the HR experts
When it comes to GDPR, HR will be able to talk you through how you can handle global payroll data responsibly to ensure you don't put yourself in a compromising position. To succeed in creating a streamlined business strategy based on the power of payroll, you'll need a good team behind you so you know the rules when it comes to international strategy, and in other areas such as general data protection regulation, payroll information, tax and legal.
A simple solution
The best way to take the headache out of data protection payroll legislation and human resources, is to consider outsourcing payroll services and HR to an external provider. Choosing a trusted worldwide provider of payroll, legal support, general data protection regulation, HR and consultancy services, such as SD Worx Global, will ensure your business thrives and can benefit from years of experience in this sector.
How HR analytics helps you work smarter
Already a key concern since the beginning of COVID-19, operational efficiency stays top of mind. A recent employer survey by SD Worx, showed that over half of European companies (55%) plan efficiency projects in 2021. Understandable, but don’t just concentrate on doing things right. Doing the right things is just as important. And HR analytics could well be the glue between efficiency and effectiveness. Check the opportunities in 3 HR domains.
How payroll reporting can power-up your staff planning
We often talk about how payroll technology can improve the efficiency of the HR and payroll department itself, but what about the efficiency of the organization as a whole? It’s vital that global organizations are run as efficiently as possible – however, this isn’t only the concern of the finance department in today’s data driven business landscape. With potentially easy access to a broad and detailed selection of employee data, the HR and payroll department can ensure that the organization’s staff planning is accurately informed to better control staffing costs and improve efficiency across the business as a whole.
The benefits of big data in HR and payroll
Big data and analytics have now entered numerous industries, including healthcare, financial services and retail. Despite many HR and payroll providers now using big data as part of their services, the industry has predominately been slow on the data uptake, in comparison to adoption within others. HR and payroll is largely an industry that relies on human intuition, rather than data and statistics, however, providers have started to see for themselves benefits of big data and analytics, and thus are beginning to implement these into their services.