Combining core-HR and Payroll with Technology-Reading time: 4 Minutes
Today, in a data focused business landscape, the HR and payroll departments have a more important role to play within the organization than ever before. Payroll data alone has the power to inform global business strategy as it provides insights into staff turnover as well as statistics to inform the recruitment process based on how staff across the organization are performing. When collated by a global payroll provider, organizations have easier access to this data, opening up these valuable insights to the organizations and its board members.
So, what happens when you combine payroll and core-HR together with new technologies? The potential insights into business operations become greater and more valuable than ever when informing business decisions across all areas of the business.
Capitalising on core-HR
Core-HR is the information, in addition to the payroll data, on an organization’s employees, including job titles, training levels and employee absences. Just like payroll data, this data can be utilised within global business operations to provide insights into how to improve performance across the board. This is particularly valuable in light of a recent survey by Fosway, which revealed that 58% of businesses are looking to increase performance and profitability.
Although HR data is key in tackling this issue, nearly 90% of those surveyed, cited poor data quality as a challenge and just under 80% reported a lack of data integration across HR silos. So, organizations must capitalise on the data that they hold to crucially deepen their understanding of the productivity issues they face. For example, with a broad vision across the organization as a whole, core-HR data can reveal trends across absenteeism within departments and highlight exactly where the issue lies, be it internal or external. Identifying the problem is the first step in solving it.
So, when combined with payroll data, the possibilities are broadened even further, with scope to truly shift HR to a real strategic business function within the organization. Working with a global payroll provider with a core-HR offering places all of this data into an easily accessible place, meaning there’s no excuse for leaving its potential untapped. With these complementary data sets, the insights will be deepened and organizations will have the power to operate more efficiently than ever before.
Powering up with People Analytics
Additionally, organizations can take this a step further when HR tech is added into the mix. When combined with people analytics, the power of this data can truly unlock the power of HR as a whole within the organization. Further empowered by Artificial Intelligence (AI), this technology will be able to pick up on trends that humans may not always be able to spot as well as reducing the workload involved for the department.
With core-HR and payroll data combined and empowered by technology, these insights will be able to provide a basis for future planning within the organization, not only for efficiency with staff planning and recruitment but for employee satisfaction and productivity as well. When seamlessly extracting valuable information from a single HR dashboard, the power of the HR and payroll department is elevated into the boardroom.
This combination makes for a powerful offering for global organizations and providers broader than ever view across the organization. It can truly unlock the power of payroll and HR for the business as a whole without increasing the workload for the HR and payroll professional – instead, making them far more valuable to global business operations too.
To learn more about SD Worx and its Power of Payroll campaign, download its white paper on unlocking the power of payroll here.