It is often said today that data is the new oil – it’s extremely valuable, especially in international business. But, as organisations expand, their databases grow and this can impact the workload of the HR and payroll professionals, distracting them from their vital roles and left to drown in never ending streams of data.
As the HR and payroll department has to deal with more and more data, back office tasks and ensuring data compliance can become somewhat overwhelming. So, how can payroll teams extract the value from this new commodity to empower their operations, rather than becoming overworked due to the repercussions the ever-growing database?
The payroll professional sometimes needs a helping hand, and turning to a payroll provider can be a saving grace. A global provider can work in multiple regions, assimilating the data of each country to save the department having to manually provide a global report from the individual regional data. When the data is seamlessly presented on a single dashboard, the process becomes much less taxing for the payroll professional as the information is accessible and digestible by all.
Additionally, in conjunction with the support of ever-advancing technology, some of the pressure can be taken off the human payroll professional so they are able to focus on the important tasks at hand. Today, it is possible to automate back office tasks, leaving technology to do what it does best, sorting through data sets that would take days for humans to work through and keeping large spreadsheets up do date.
Not only does this lessen the workload, but it reduces the risk of human error and thereby ensures compliance with the multiple data privacy laws and legislations, such as GDPR, that differ in each country and locality. Today, non-compliance poses significant threats with huge fines and brand damage at risk, so using technology allows the payroll department to rest easy, reducing their stress and improving their all-important work-life balance.
In today’s global business landscape, it isn’t enough to simply avoiding drowning in data, organisations need to use it to their benefit. Working from this single dashboard, the payroll department can have a clear view of their global data, without having to sift through the individual locations, thus empowering the data within the organisation.
In fact, utilising technology can make payroll data even more powerful, unlocking its power and even introducing it to the boardroom. With AI powered predictive analytics, it is possible to gain insights on employee churn, attrition and absence. These insights give the board the power to plan into the future based on the data of the past and, in this way, they can implement time-saving and cost cutting methods to ensure the business is running as efficiently as possible.
It’s vital that the payroll professional is not overwhelmed by the data fuelled business landscape today. Although daunting, the use of data can truly unlock their potential and ensure that the business as a whole is efficient, compliant and with seamless global operations.
To learn more about SD Worx and its Power of Payroll campaign, download its white paper on unlocking the power of payroll here.