To learn more about SD Worx and its Power of Payroll campaign, download its white paper on unlocking the power of payroll here.
Do you know how powerful your payroll is?-Reading time: 2 Minutes
Payroll data. How often do we stop and think about how important it is to a business? Although payroll is often viewed as a back-office function, it is an essential part of any organisation, and is much more than just payslips.
By collating and analysing payroll data, organisations can understand various aspects of the business—from employee engagement to employee attrition, among others. HR analytics and payroll data is valuable and should not be overlooked, especially since the data can provide accurate predictive insights for businesses.
In a recent SD Worx survey of 1,500 HR and payroll professionals from nine European countries, we learned that 87% of business leaders around Europe are asking HR and payroll teams for payroll data to make informed business decisions. Payroll is changing from an administrative function to a core part of the business decision making process—its value continues to grow.
In the SD Worx survey, it was also encouraging to see that two thirds of respondents in France used payroll data for employee appraisals, and Ireland (54%), Austria (53%), the UK (52%), and Germany (46%) utilised the power of payroll in providing information for the boardroom on performance, retention and employee churn. By understanding the power of payroll, organisations can begin to reap the benefits, and will gain a better insight into the knowledge that the HR and payroll department holds.
So, how can organisations understand the power of payroll? For multinational organisations, it’s often difficult to gather data, as employees are dispersed around the globe and there are often multiple disparate payroll systems in place. However, by using an international payroll services provider, businesses can collate and analyse the data much easier, and can gain better—and clearer—insights. These insights can be shown on a single dashboard, rather than multiple spreadsheets that are hard to decipher.
Working with an international service payroll provider is easier than ever before, with one contract and partnership providing a global payroll offering. With a simple setup and frequent communication available, organisations can have peace of mind that their payroll is in safe hands.
For example, business leaders can use payroll data to make informed decisions on international expansion, and can get insight into employee engagement in various locations. Alongside using international payroll service providers to collate payroll data, organisations can also use these providers to ensure that they are compliant to various laws and regulations in different countries and regions.
It’s clear that there are various benefits to understanding—and embracing—the power of payroll, but some businesses still have a long way to go.