What is a company’s greatest asset? Without a doubt, it is the people. However, its greatest asset also represents its largest expense
The very data systems used to ensure those employees receive compensation for their hard work hold a wealth of critical data about the company’s operations. For multi-national organisations, this data provides insight into key factors, such as the costs of hiring in different regions, realtime headcount across the enterprise and how the company can operate more cost effectively.
Despite the benefits of using payroll data to drive business decisions, many companies neglect to leverage this information. Part of the reason is that the majority of multinationals use a patchwork of payroll platforms requiring manual processes to pull relevant payroll data together.
Moreover, most payroll platforms do not have the capability to provide such insight in an up-todate, easy-to-consume format. As a result, HR and payroll professionals have to dig through vast stores of data to get actionable information. However, today’s leading payroll providers understand the need for a robust reporting capability that can help professionals at all levels of the organisation access pertinent information to guide their workforce decisions.
As multinational organisations continue to face significant challenges, such as an increasingly competitive business environment and a still volatile economy, they must be able to respond and adapt to changing market conditions as rapidly as possible.
Critical data
Though often overlooked as a source of record, the company’s payroll contains crucial information about the true costs of employing and compensating people around the globe. While payroll may never replace the human capital management (HCM) system, such a solution can provide key details that the HCM system does not, enabling companies to dive deep into the financial aspect of HR. As many multinational companies still lack a centralised reporting capability for their HCM, they continue to miss out on key data, even for crucial statistics such as headcount.
Equipped with the insight from the payroll data, professionals across the business can access the information needed to drive operational efficiency while reducing costs. With robust global reporting functionality, senior business leaders can leverage data across the enterprise to gain a better view of profit and loss, the expenses surrounding payroll taxes and benefit deductions and the overall costs of operating their business around the globe.
For example, they can analyse critical aspects such as the total new hires and turnover rates trending over the past 12 months and what those numbers reveal about the company. They can also access data into the pay elements, such as employee payments and deduct, and how they have changed year by year. As a result, they can use this information, often unavailable through any other source, to guide continuous cost optimization.
Additionally, regional and business unit leaders gain greater insight into the costs associated with hiring for specific positions across their various regions and make betterinformed decisions about where talent should be placed. For instance, if they are looking to hire more engineers, they can look into their global payroll records to ensure they hire engineers in the locations with the lowest costs. The solution is also useful for HR and payroll managers and practitioners, as they can create audit reports and access other key data that give them the tactical information about the workforce they need on a day-to-day basis.
Advantages of leveraging payroll data
The right solution will offer on-demand, real-time reports that enable all levels of the organisation to make immediate improvements. Other advantages of leveraging the company’s extensive payroll data to drive operational success include the ability to: Identify hidden costs
Often times, companies do not understand how much they spend on payroll, given the numerous costs associated with employee taxes, insurance, pensions and liabilities. With an in-depth reporting function, the company can uncover the hidden costs of payroll and respond accordingly.
Spot important trends
With robust reporting, the companies can recognise key trends before they turn into larger issues. For instance, by looking at turnover rates and the number of leavers by country, and analysing this data on a monthly, quarterly or yearly basis, the company can better see how those factors impact performance and the ability to meet revenue goals.
Operate at the pace of business
The data included in the payroll system provides a glimpse of what is going on in the company at any given time. With the right tools to mine this data immediately, such as intuitive and engaging dashboards that provide the relevant information, the company can easily identify what needs to change and implement the processes that lead to improvement.
For multi-national organisations to operate efficiently and cost effectively, it is imperative that they leverage the immense amounts of data created by their payroll function. But rather than digging into this wealth of data themselves, they can facilitate the process by working with a global payroll solutions provider offering comprehensive reporting capabilities. With instant access to vital statistics about the costs of payroll across its different countries, regions and legal entities, the company can make better informed decisions regarding its finance, talent management and HR functions and ensure continuous positive results.
Contributed by CloudPay
www.cloudpay.net
What is a company’s greatest asset? Without a doubt, it is the people. However, its greatest asset also represents its largest expense
The very data systems used to ensure those employees receive compensation for their hard work hold a wealth of critical data about the company’s operations. For multi-national organisations, this data provides insight into key factors, such as the costs of hiring in different regions, realtime headcount across the enterprise and how the company can operate more cost effectively.
Despite the benefits of using payroll data to drive business decisions, many companies neglect to leverage this information. Part of the reason is that the majority of multinationals use a patchwork of payroll platforms requiring manual processes to pull relevant payroll data together.
Moreover, most payroll platforms do not have the capability to provide such insight in an up-todate, easy-to-consume format. As a result, HR and payroll professionals have to dig through vast stores of data to get actionable information. However, today’s leading payroll providers understand the need for a robust reporting capability that can help professionals at all levels of the organisation access pertinent information to guide their workforce decisions.
As multinational organisations continue to face significant challenges, such as an increasingly competitive business environment and a still volatile economy, they must be able to respond and adapt to changing market conditions as rapidly as possible.
Critical data
Though often overlooked as a source of record, the company’s payroll contains crucial information about the true costs of employing and compensating people around the globe. While payroll may never replace the human capital management (HCM) system, such a solution can provide key details that the HCM system does not, enabling companies to dive deep into the financial aspect of HR. As many multinational companies still lack a centralised reporting capability for their HCM, they continue to miss out on key data, even for crucial statistics such as headcount.
Equipped with the insight from the payroll data, professionals across the business can access the information needed to drive operational efficiency while reducing costs. With robust global reporting functionality, senior business leaders can leverage data across the enterprise to gain a better view of profit and loss, the expenses surrounding payroll taxes and benefit deductions and the overall costs of operating their business around the globe.
For example, they can analyse critical aspects such as the total new hires and turnover rates trending over the past 12 months and what those numbers reveal about the company. They can also access data into the pay elements, such as employee payments and deduct, and how they have changed year by year. As a result, they can use this information, often unavailable through any other source, to guide continuous cost optimization.
Additionally, regional and business unit leaders gain greater insight into the costs associated with hiring for specific positions across their various regions and make betterinformed decisions about where talent should be placed. For instance, if they are looking to hire more engineers, they can look into their global payroll records to ensure they hire engineers in the locations with the lowest costs. The solution is also useful for HR and payroll managers and practitioners, as they can create audit reports and access other key data that give them the tactical information about the workforce they need on a day-to-day basis.
Advantages of leveraging payroll data
The right solution will offer on-demand, real-time reports that enable all levels of the organisation to make immediate improvements. Other advantages of leveraging the company’s extensive payroll data to drive operational success include the ability to: Identify hidden costs
Often times, companies do not understand how much they spend on payroll, given the numerous costs associated with employee taxes, insurance, pensions and liabilities. With an in-depth reporting function, the company can uncover the hidden costs of payroll and respond accordingly.
Spot important trends
With robust reporting, the companies can recognise key trends before they turn into larger issues. For instance, by looking at turnover rates and the number of leavers by country, and analysing this data on a monthly, quarterly or yearly basis, the company can better see how those factors impact performance and the ability to meet revenue goals.
Operate at the pace of business
The data included in the payroll system provides a glimpse of what is going on in the company at any given time. With the right tools to mine this data immediately, such as intuitive and engaging dashboards that provide the relevant information, the company can easily identify what needs to change and implement the processes that lead to improvement.
For multi-national organisations to operate efficiently and cost effectively, it is imperative that they leverage the immense amounts of data created by their payroll function. But rather than digging into this wealth of data themselves, they can facilitate the process by working with a global payroll solutions provider offering comprehensive reporting capabilities. With instant access to vital statistics about the costs of payroll across its different countries, regions and legal entities, the company can make better informed decisions regarding its finance, talent management and HR functions and ensure continuous positive results.
Contributed by CloudPay
www.cloudpay.net
