The second quarter of 2019 included plenty of reflection on the challenges and developments of the past year, and how they have impacted global payroll and human resources teams around the world. From tapping into the power of advanced data analytics to adopting the right technology to managing evolving compliance regulations, multinational companies today are relying more on the insight and innovation made possible by leading solutions like CloudPay and those of our partners.
BambooHR on the Strategic Power of Data
The value of employee data and its potential to inform key business decisions is widely accepted at this point. Yet, a majority of companies are only beginning to leverage the insights gained from that data to improve workforce management and other aspects of their business.
A recent blog from BambooHR cites reports that while 58% of human resources professionals believe HR analytics are very important, just 16% view themselves as experts in using HR data. Moreover, 82% of organizations expect to either begin to use or increase their use of HR data in the coming years. So while business and HR leaders understand that collecting and analyzing data about their human capital is important, it’s clear that most remain unsure of how to make the most of it.
BambooHR’s blog offers tips for collecting and managing employee data via HR software and identifies key applications of that data, for example, to provide ongoing analysis to help maintain alignment between employment policies and employee values, or to enable compensation analysis to help ensure fair pay. Underscoring every promising use and benefit of HR data analysis is the potential for teams to leverage the insights obtained to improve workforce management, as well as their leadership role within organizations.
“Collecting and analyzing employee data will help your HR department see opportunities for improvement at your organization. If you’re wondering why high-performing employees are leaving your company, or why you’re having a hard time recruiting quality new hires, gathering data on employee satisfaction, compensation, and performance can help identify gaps. And once you know where the gaps are, you can create a plan for improvement.”
Ultimate Software on Technology as Competitive Advantage
The pressure to adopt the latest technology is as universally felt by business leaders as the fear of adopting the wrong kind. Too often, the resulting hesitation to make any technological advance leaves companies at a disadvantage, coping with legacy systems that, at best, make work difficult for employees and, at worst, stunt growth and future success.
A recent blog from Ultimate Software explores the gamble that is technology adoption among multinational companies, as they adapt to the digitized overhaul of global business. Recognizing the reality that a number of companies have failed primarily due to their investment in the wrong technology, Ultimate looks at the upside of how successful early adopters can serve as guides for companies looking to follow a more secure path toward better technology.
“Fortunately, early-adoption case studies offer opportunities to gauge the effectiveness of new technologies. The following tech trends are revolutionary, rapidly maturing, and have been successfully applied broadly across industries. From these examples, we can all learn how to leverage emerging technology to better serve our employees and customers.”
The blog focuses on artificial intelligence (AI), analytics, natural language processing, and blockchain as the innovations poised to substantively impact the future of work. Citing multiple examples of how globally recognized enterprises are already using these still emerging technologies to improve their services and, notably, their security, Ultimate makes a compelling case for exploring how these and more proven advancements can benefit companies of all kinds.
Workday on the Changing Role of Payroll
A multitude of factors are implicated in the nascent elevation of payroll from backroom essential to strategic resource within global companies. Everything from evolving workforce expectations to challenging compliance regulations to the value of payroll data analysis has business leaders across regions turning to the function with newfound interest. And sharp payroll leaders are taking advantage of that focus to improve the function through new technologies and enhanced employee experiences.
In a recent blog, Workday recounts a conversation with CIPP at its Elevate London event, in which they discussed how developments in payroll processing and technology could support teams looking to play a more strategic role in their organizations. Touching on topics ranging from systems integrations and the implications of GDPR on payroll teams to employee self-service capabilities and robotic process automation, the conversation clarified that technology is playing a key role in shaping the future of payroll.
“I think that the advent in technology will allow payroll professionals to be more strategic. It will give them the time and space to really examine the data and to identify patterns around cost, spend, absence, and other critical lines within payroll that can shape other business decision-making. I think any technology that frees payroll resources up to spend more time on the more strategic elements of payroll is a positive thing, and that includes the assurance of compliance and legislation, such as GDPR.”
Although the full benefit of technologies like blockchain and artificial intelligence is to be determined for payroll, others like RPA and integration have proven themselves worthy of adoption by payroll teams of all sizes. Although their research showed just 21% of survey respondents had integrated HR and payroll systems, and only 11% had integrated finance and payroll tools, both speakers expressed confidence that the trend toward integrated, automated functions has only begun.
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 potential strategic alliance with CloudPay, a leader in global payroll.