30 April 2020 - Reading time: 3 Minutes
If you’re running a small business, you’re probably spinning a lot of plates. One such plate is HR and payroll for your employees - undeniably too important to ignore. No matter how much time your business can devote to HR operations, it’s important that the processes in place are the most efficient possible.
Whether a large multinational or a small business with fewer than 50 employees, investing in an HR and payroll offering can have a markedly positive impact on the business. In fact, small companies face many of the same challenges as larger organisations. From ensuring compliance to maintaining an efficient payroll procedure, there are a multitude of ways that small businesses can transform their HR and payroll operations. Here are four ways your business can benefit.
Do you know all the rules and regulations of the country - or countries - you operate in? What about the HR laws of the region you’re thinking of expanding into? If one of your employees works remotely and from a different country, do you know whether you are being compliant with the necessary laws of both regions?
In today’s data-powered world, both governments and businesses around the world are becoming increasingly focused on privacy and data protection. This has resulted in new laws and legislations being introduced on a regular basis. From the headline making GDPR which revolutionised HR operations around the world, to local and regional laws such as IR35 in the UK, it’s a lot to keep on top of.
Being compliant with all HR and payroll laws and legislations is no simple feat. HR and payroll providers live and breathe regulations and compliance, and can ensure that your organisation is following all the laws it needs to. Combining a broad overview with a specific local expertise, this is a certain way of ensuring compliance within your organisation’s HR and payroll operations.
As the business begins to expand, you might not be a local in the country you are working in, which means that you might be unaware of certain country specific declarations such as tax filings and any in-country reporting that’s needed. This is where HR providers can help.
From the compliance conundrum to having a balanced global and local understanding of your data, a third party provider can unlock the power of your payroll with their expertise. Tailoring their support with the knowledge of relevant regions that can expand and contract with your business ensures data such as employee churn, engagement levels and recruitment costs can truly contribute to the business strategy and minimise and issues small businesses may encounter. When empowered by technology such as AI and predictive analytics, every piece of HR data is useful, from its ability to provide advanced insights into employee productivity to its power to minimise your workload.
When focusing on growing your business, the last thing you want is to be bogged down with mundane administrative tasks. To claw back some crucial time, and reduce the amount of spreadsheets and manual tasks that your employees need to complete, the solution lies in dedicated HR offering for your business.
Instead of being worried that a human error is going to cause a catastrophic mistake in the business, HR processes can be automated and you can be safe in the knowledge that HR and payroll isn’t at risk. With time consuming and monotonous tasks such as ensuring spreadsheets are up to date and compliant managed by technology will free up the human employees to enhance their contribution.
Costs are important for any business owner. But for small businesses in particular, accurately calculating costs can be the difference between the success and failure of the company. With reduced admin tasks and more accurate predictions informed by accurate global and local data, HR and payroll providers can help to keep unnecessary costs to a minimum. In this way, a dedicated HR offering can offer just as much (if not more!) to smaller businesses as well as large international businesses.
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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.
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The clock is still ticking on the UK’s exit from the European Union and we’re still in the dark about the terms of its departure or what impact Brexit will have on employment both in the UK and the 27 remaining EU member states. With or without a deal and faced with this level of uncertainty, HR and payroll teams need to stay up to date with their HR Brexit planning and be ready for all scenarios.11 October 2019
A recent SD Worx survey revealed that over half (57%) of European employees have the freedom to take a holiday when they choose. Although this can improve the work/life balance and autonomy of employees around Europe, it can leave departments a little stretched over the summer – a popular time to travel and enjoy the sun with friends and family. This can particularly affect the HR and payroll department – a business function that never stops.5 August 2019
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So, how can the HR and payroll professionals ensure that they are maximising the potential of the valuable data that lies at their fingertips?
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