Payroll Data Forensics: Uncovering the Info You Need to Enhance Global Payroll
Sep 2, 2014
For multi-national organizations, the ability to gain insight into crucial business processes and operations across the enterprise is essential for success. And this is especially true regarding payroll. As the payroll system contains key information about the company and its biggest expense – its people – it is critical that companies be able to leverage this information to make smarter business decisions. But the ability to access this data is only one step to achieving the insight that leads to operational efficiency; the company must also understand how to dig deep to reveal the most useful information.
A company’s payroll system provides key insight into several key factors about the business, such as number of new hires and leavers per month, current headcount and the overall expenses involved with employing workers around the globe. But to get the information that can truly shape business decisions and optimize costs, you must be able to perform effective data forensics to identify the metrics most important. As a result, the company will get a clear view into the real costs of their people strategy, ensuring they deploy talent across their global operations most cost effectively.
How can this be done? The answer is with a robust SaaS- based global payroll reporting functionality that serves as a centralized repository for all payroll information. Typically, organizations use a variety of payroll platforms across different regions and offices. This disparate approach makes it nearly impossible to identify important trends about the company and its payroll costs and processes. With access to comprehensive payroll data and enhanced reporting capabilities, however, the company can easily slice and dice this information to better understand current processes and expenses.
An effective global reporting solution gives the company the ability to put its payroll operations under the microscope, giving a clear view into current factors and enabling it to respond in real time. As such, the company will be able to:
- Reveal hidden costs: Payroll, and the amount of money the company spends on it, is often a mystery to the executive suite, especially given the added costs of employee taxes, insurance, pensions and liabilities. By uncovering these expenses, the company can identify ALL costs associated with payroll and identify areas to save.
- Uncover important trends: Robust reporting will enable the company to identify key trends before they turn into larger issues. For example, by analyzing turnover rates by country on a monthly or quarterly basis, the company can see the impact that leavers have on performance and respond accordingly.
- Operate at the pace of business: Payroll can serve as a system of record, offering a real-time view of the company at any given time. With the right tools in place, the company can mine this data effectively to access relevant information, identify processes that need to change and implement the strategies that lead to improvement.
For many organizations, payroll continues to be a mystery, with companies having no clue about the real expenses of compensating their global employee base. A robust reporting solution utilizing a common SaaS technology platform, will give the company the tools it needs to dig deep into this multitude of information and implement the strategies that lead to ongoing improvement. As a result, executives, managers and HR and payroll professionals can act as data forensics experts, uncovering the answers to their biggest payroll challenges.