In the 6th blog in our Payroll Services Alliance (PSA) series, F2A, Ascender, Seresco and SD Worx discuss the benefits of data in the payroll industry.
The rise of technology has undoubtedly aligned with the rise of big data in all industries, including the HR and payroll sector. However, what benefits does data bring to the payroll industry? Our Payroll Services Alliance discusses below:
F2A believes that as in many other areas, even in the field of payroll, data usage is an indisputable value for both companies, which can strictly control labour cost and properly assess their employees, and government institutions and trade associations that know employment trends and strategy. It is not a new concept that the domain of the data, as a consequence of computerisation started in the 1970s, attributes value and power to those who hold it.
Ascender agrees, adding that the immediate benefits for data in payroll includes the ability to manage resources and budgets, allowing companies to build a future knowledge base. In addition, data can be used to aid the analytics within an organisation, providing a consistent workflow which allows business leaders to evaluate the complexity easily.
Alongside Ascender and F2A, Trianon believes that technology in payroll should go beyond payroll processing and have the goal of simplifying HR processes with an end-to-end approach. The right technology should help the client and the payroll provider to be more effective and reduce errors that are due to multiple data entries from different sources. Another benefit of technology in payroll is data, because payroll is in the heart of HR’s processes and thanks to smart data analytics, companies can really leverage their activity and add more value to the business.
Seresco argues that nowadays, the real-time data is changing extremely fast and companies need to know how to clue information immediately. Managers, CEO’s, FEO’s have to make a decision in seconds, and they need the correct information in order to not be mistaken. Thanks to technology companies, executives can get quick access to strategic information related to payroll, through common channels or platforms within the organisation, both for employees and executives and functional company areas.
The information and collaboration is the present and the future of all areas into a company, and related payroll is mandatory. To keep improving internal processes in an efficient manner and adapt companies’ culture to new generations of employees, companies must be able to offer immediate access to information.
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