How payroll reporting can power-up your staff planning-Reading time: 4 Minutes
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.
So, how can the HR and payroll professionals ensure that they are maximising the potential of the valuable data that lies at their fingertips?
Working with a global payroll provider streamlines the payroll process and opens up access to a host of valuable data including employee churn, attrition and absence. With the data for the entire global business presented on a single dashboard, AI-powered predictive analytics can spot trends that may be missed by the human eye as well as removing the potential for human error. The insights extracted from these trends of the past can be used to inform the business decisions of the future, from recruitment and talent acquisition to ensuring that employees are working in the most productive way possible. In fact, combining these HR insights with analytic technology can immediately improve the efficiency of the HR department as it reduces the workload of the employees, allowing them to focus on running the complex payroll operations.
Additionally, when this is combined with core-HR data, the department has access to an even greater pool of information – further empowering the insights and deepening the potential understanding of the organization. For example, with access to trends in staff turnover and absenteeism, a specific understanding of staff-planning can be developed as issues become visible: these could be internal, with de-motivated or understaffed departments, or external, in recruiting the right staff at the right time.
A Powerful Global View:
With this clear view across the organization as a whole, staff-planning informed by core-HR and payroll data can become more accurate than ever before. When looking to make sure employees are working in the most efficient way possible, HR and payroll teams can look to this powerful and global overview of data to assign work more intelligently. This will not only maximise productivity but staff happiness as employees will be assigned to work on what they do best: in this way, informed staff planning benefits the wellbeing of the business and the staff together.
The organization will no longer waste resources on unnecessary recruitment but can rather focus on managing the workforce to maximise the potential and satisfaction of their employees. With efficient staff planning such as this, the business is able to immediately optimise its resources well as forecasting staffing requirements into the future. Having a clear inventory of current staff and where they are in the career lifecycle can be extremely powerful and means that the HR department can better predict possible upcoming long-term leave, retirement or staff turnover that may inform the recruitment process of the future.
Ultimately, an efficiently run organization with satisfied employees will also be more attractive to potential future hires. So, having a more informed staff planning process will improve efficiency of the organization both today and into the future too.
At SD Worx, we are here for you if you need help with your human resources management. We offer HR and payroll solutions to more than 60,000 businesses worldwide - get in touch to find out more!
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.
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.