CloudPay’s March Digest: Insights from Our Partner Network
Mar 30, 2017 | Topic: Strategy
With the first quarter of 2017 drawing to a close, many payroll teams are busy satisfying their year-end tax obligations and benchmarking their performance against last year’s Q1 KPIs. How did your payroll department’s quarterly performance stack up?
If the answer is “not so well,” it’s time to embrace the best thing about the dawn of Q2: A fresh start.
Springtime is a great time for payroll teams to revisit their processes, strategies, systems, and staffing measures to make sure they are fully optimized for efficient, effective operations over the rest of the year. As you move into the next quarter consider incorporating the helpful advice and guidance below – which we’ve rounded up from a few of our strategic partners.
Hire Top Payroll Talent with Timely Insights from GPMI & EY
All of us at CloudPay are firm believers in the power of technology to improve payroll-team performance, which is why we deliver our managed services through an innovative cloud-based platform. Ultimately though, a solution is only as effective as the individuals that use it.
If your team is struggling to keep up with the demands of paying employees around the globe, it may be time to bring more staffers into the payroll function. Yet in order to attract candidates with high-performance potential, you need to understand what attributes and experiences will help new hires deliver value to your team.
In their March 2017 issue, our partner GPMI’s Global Payroll Magazine (to which our CEO contributes original content) featured a piece on ‘Attracting the Ideal Payroll Professional.’ The article, crafted by Ernst & Young’s Colleen Dooley and Jeff Brown, advises payroll leaders to develop a coordinated recruiting strategy that prioritizes the ideal ‘candidate profile’ for each role they’re seeking to fill.
The competitive nature of the job market forces organizations to first understand what they are looking for before they can understand where and how to source candidates. It is important to tailor the search process not only to the company culture, but also to the specific roles and responsibilities of the global payroll position. In doing so, companies may abandon traditional requirements in favor of a candidate’s experiential advantages, thus expanding the population from which to source.
Workforce Spotlights Proven Strategies for Boosting Motivation
Once you’ve hired employees, your next objective is ensuring that they succeed. That means providing the resources – technological and otherwise – that individuals need to understand their responsibilities and execute on expectations. It also means motivating them to rise to their high-performance potential!
Yet motivation can be tricky business, as what inspires one employee to do their best may not work for another. So to keep motivation levels (and staff retention rates) high across a growing payroll team, managers can’t apply a one-size fits-all approach. Rather, they need to understand the different strategies and tactics that appeal to different individuals.
According to a new piece from Workforce, psychologists have identified three elements proven to motivate people: autonomy, value, and competence. Employers who know, respect, and enable these elements are more likely to develop people who care deeply about their work. Workforce provided takeaway lessons on each of the three motivating elements:
- Autonomy: To instill independence, check in less often and/or solicit growth feedback
- Value: To instill meaning, illustrate the ‘hidden impact’ of employees’ work and/or illuminate employees’ path upward
- Competence: To instill confidence, celebrate small wins and encourage people to ‘fail forward’
OneSource Virtual’s Reminder: ‘Use Your Resources to Your Advantage’
In an ideal scenario, new employees in your payroll function can do more than deliver on benchmarked goals and KPIs – they can deliver actionable business intelligence to the enterprise. The most mature global payroll departments are highly automated, enabling them to cultivate high-quality data that can help shape the future of their organizations.
Yet Payroll isn’t the only administrative function capable of being strategic. Human Resources and Benefits Administration are also becoming more important to the cross-functional objectives of many multinational organizations. Just like Payroll, however, HR and Benefits employees will struggle to deliver strategic value if not armed with quality data and intelligent process automation.
Our partner OneSource Virtual (OSV) reminds us of that in a recent blog post that asks ‘Does Your Team Have Time to Be Strategic?’ With a focus on Benefits, OSV highlights how certain day-to-day tasks – which may not individually be that time consuming – can pile up to leave professionals with little room on their schedules for proactive activities.
There's no denying that the daily tasks around benefits administration are important. But if those tasks are keeping your team from more strategic work, it's time to [lessen] some of those tactical and transactional burdens of benefits administration and let you use your resources to your advantage.
CloudPay welcomes new technology providers into our Partner Network on an ongoing basis. Contact us to find out whether your software providers partner with us, or to learn if your organization is a smart fit for a strategic alliance with CloudPay, a leader in global payroll.