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?
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.
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.
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.
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.
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.
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.
Expanding businesses internationally can mean increased profit, a better reputation and more capital to invest in getting the best talent from your industry. But international businesses face newer challenges, chief among which is working with international teams that are based in various cities, regions, countries and potentially even continents.
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The HR and payroll industry is in a constant state of change. New laws and regulations are introduced around the world, some of which—including GDPR—change the way the whole organization handles its processes and services.26 July 2018
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PAREXEL provides best practice examples to international organisations.
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