If we have learned anything from the global fracas that 2020 has brought, it is that agility in an unpredictable environment is not just some buzzword, it is a code that the most successful companies such as UPS batteries will live by. Moreover, agility doesn’t just refer to the capacity to make quick decisions and change your approach on the fly, it is about making sure every aspect of your business is able to make needed changes and this includes the payroll department.
We have discussed many times why payroll is an important part of transforming a business, we are also fully aware that in the current scheme of things prioritising can be a difficult task. To make this task a little easier we have also compiled three of the most important phases of this adjustment that will allow your business to move from the complexities to the simplicities and improve the agility of your business.
Optimisation is important to cutting back the costs of business, but it must not end there. It is also about finding the best solutions for the needs of your business in the most simplistic form possible. Automation is very important and will ensure that your workers are all paid on time by handling most of the tedious and time-consuming tasks effectively.
For example, the RPA, or Robotic Process Automation, handles all the routine aspects of payroll management while your employees can handle the more crucial tasks.
Payroll optimisation also focuses on digitisation, which is the replacement of all paper-based documents into smart automation. Furthermore, if you are still relying on conventional manual input for time sheets, you run a high risk of simple human error and now would be as good a time as any to consider a more modern approach to this task.
There are many advantages to optimising your payroll processes and some of these include increases productivity, improved accuracy and reduced risks. You will also be able to leverage your digitisation process to provide better support to your valued employees who will be able to access their payroll information whenever they wish.
The finance and HR teams at work today need constant access to a clear and accurate payroll system. For this reason, the next most important point on our list is visibility. This involves helping your teams to extract and integrate the data at their disposal in a more effective manner. This will allow them to provide more accurate forecasts and reports as needed.
Being able to flex your business is not just a smart move; in a world where change is the only constant agility is imperative. This final phase of the process is all about introducing more agile processes that will allow you to deliver pay without a hitch while also addressing the needs set forth by the business size scope and regulations.
One way to do this will be to move all the payroll activities to the cloud. This will be a good idea in the long term as you will be able to scale your requirements as you progress towards your goals. In the future, you will be able to save as much as 15% to 35% in your payroll costs.
Start small for early wins and a larger pay-off
The best way to describe the process of digital transformation is a marathon not a sprint. This same logic applies to the process of transforming the payroll.Nevertheless, by breaking the process down into these easy to manage phases you will soon find that a few strategic initiatives will lead to greater pay-offs in the long run.