Payroll Metrics: Uncovering the data that leads to continuous improvement Payroll Metrics: Uncovering the data that leads to continuous improvement

Payroll Metrics: Uncovering the data that leads to continuous improvement
30 Nov 2015

In today’s shrinking business world, more companies recognise the value of expanding their global footprint to multiple countries. Whether to access hard-to-find labour, capitalise on the opportunities of new markets or ensure a 24-7 operation to meet increasing customer demand, global expansion has become the norm rather than the exception 

“It is important to identify the most crucial metrics. In the case of global payroll, that includes various data errors that occur throughout the process and missed calendar events. ”

Despite the new opportunities that open up to companies operating on a global level, there are numerous challenges as well.

Key among these obstacles is the payroll process. Compensating employees in multiple countries with different currencies and a slew of countryspecific and regional payroll regulations is one of the biggest challenges companies will face in their international expansion.

Further compounding this issue is the fact that many organisations continue to leverage a disparate approach to payroll, using a multitude of different providers, platforms and partners to conduct their global payroll operations. The result is often a lack of visibility into key trends or potential problems, preventing the opportunity to collect key information from across the payroll operation that leads to continuous improvements to the global payroll process.

Payroll metrics that matter

To access the necessary information to enhance payroll, companies must be able to identify, collect and analyse the key metrics that can lead to operational and quality improvements across the entire global payroll function.

As each payroll run consists of an enormous amount of data submitted by multiple users (payroll specialists, HR administrators, integration specialists, payroll approvals, treasury teams and more) as well as a plethora of systems (such as the HR applications, time and attendance system and expense system), it is essential that companies are able to analyse every aspect of the payroll process to ensure a consistent and compliant approach.

But to get to this state, it is important to identify the most crucial metrics. In the case of global payroll, that includes various data errors that occur throughout the process and missed calendar events.

Among the most critical errors are data input errors, which result from instances of incorrect or missing data. It is important to measure these as any data input error increases the amount of time it takes to process payroll.

In addition, the need to identify, communicate and reapply the correct inputs adds further time to the process. If companies neglect to manage, record and analyse data input errors routinely, there can be severe risks to the quality of the payroll output. Having access to such data each month enables companies to easily identify the countries and payrolls where there are issues, measure improvements on a real-time basis and ensure continuous improvement.

Companies should also track errors around new data input or the data that is provided after the initial data-loading period and beyond the payroll cut-off date. Such instances increase the time and effort to process payroll - tracking these occurrences will help to identify areas for improvement to minimize and eliminate them.

Another critical metric is the number of data output issues, representing errors identified in calculated payroll results. When such errors occur, the payroll must be updated and recalculated, jeopardizing the company’s ability to deliver timely compensation.

The same holds true for missed calendar events, such as data files being provided after their scheduled data input. These events represent a significant loss of elapsed time and severely disrupt the scheduling of the payroll run, especially when those responsible for the missed event are involved with multiple payroll deliveries. As such, the ability to gain real-time access to this information across an entire service or country team can help to recover time or better accommodate any delays to input.

When each of these issues can be measured accurately, organisations can work to address them and thereby reduce the time and costs involved in managing payroll.

So, what can multi-national organisations do to ensure they have access to the crucial payroll metrics that lead to continuous improvement? The answer lies in working with a global payroll provide that facilitates how they uncover and use these metrics effectively. The right solution is one delivered on a common, single platform that can bring all tasks and users together under a single process. Such an approach will provide complete visibility into the entire payroll process. As a result, companies will benefit from the information that empowers the individuals and teams who manage payroll and helps them achieve 100 per cent accurate and timely payments to each employee, all over the world.

Optimising payroll with the right metrics

As companies continue to expand internationally, payroll remains one of the biggest challenges to their global growth.

Optimising payroll with the right metrics

As companies continue to expand internationally, payroll remains one of the biggest challenges to their global growth.

However, when all payroll activities can be consolidated on a single cloud-based platform, the company will gain unprecedented visibility and insightful metrics from the entire process for every payroll run. As a result, they can identify errors or inefficiencies at any stage and work to optimise their processes in real time, rather than months after the fact. But to get to this point, companies must adopt the solutions that can deliver the real-time data that leads to continuous payroll process improvement

By CloudPay.

 

In today’s shrinking business world, more companies recognise the value of expanding their global footprint to multiple countries. Whether to access hard-to-find labour, capitalise on the opportunities of new markets or ensure a 24-7 operation to meet increasing customer demand, global expansion has become the norm rather than the exception 

“It is important to identify the most crucial metrics. In the case of global payroll, that includes various data errors that occur throughout the process and missed calendar events. ”

Despite the new opportunities that open up to companies operating on a global level, there are numerous challenges as well.

Key among these obstacles is the payroll process. Compensating employees in multiple countries with different currencies and a slew of countryspecific and regional payroll regulations is one of the biggest challenges companies will face in their international expansion.

Further compounding this issue is the fact that many organisations continue to leverage a disparate approach to payroll, using a multitude of different providers, platforms and partners to conduct their global payroll operations. The result is often a lack of visibility into key trends or potential problems, preventing the opportunity to collect key information from across the payroll operation that leads to continuous improvements to the global payroll process.

Payroll metrics that matter

To access the necessary information to enhance payroll, companies must be able to identify, collect and analyse the key metrics that can lead to operational and quality improvements across the entire global payroll function.

As each payroll run consists of an enormous amount of data submitted by multiple users (payroll specialists, HR administrators, integration specialists, payroll approvals, treasury teams and more) as well as a plethora of systems (such as the HR applications, time and attendance system and expense system), it is essential that companies are able to analyse every aspect of the payroll process to ensure a consistent and compliant approach.

But to get to this state, it is important to identify the most crucial metrics. In the case of global payroll, that includes various data errors that occur throughout the process and missed calendar events.

Among the most critical errors are data input errors, which result from instances of incorrect or missing data. It is important to measure these as any data input error increases the amount of time it takes to process payroll.

In addition, the need to identify, communicate and reapply the correct inputs adds further time to the process. If companies neglect to manage, record and analyse data input errors routinely, there can be severe risks to the quality of the payroll output. Having access to such data each month enables companies to easily identify the countries and payrolls where there are issues, measure improvements on a real-time basis and ensure continuous improvement.

Companies should also track errors around new data input or the data that is provided after the initial data-loading period and beyond the payroll cut-off date. Such instances increase the time and effort to process payroll - tracking these occurrences will help to identify areas for improvement to minimize and eliminate them.

Another critical metric is the number of data output issues, representing errors identified in calculated payroll results. When such errors occur, the payroll must be updated and recalculated, jeopardizing the company’s ability to deliver timely compensation.

The same holds true for missed calendar events, such as data files being provided after their scheduled data input. These events represent a significant loss of elapsed time and severely disrupt the scheduling of the payroll run, especially when those responsible for the missed event are involved with multiple payroll deliveries. As such, the ability to gain real-time access to this information across an entire service or country team can help to recover time or better accommodate any delays to input.

When each of these issues can be measured accurately, organisations can work to address them and thereby reduce the time and costs involved in managing payroll.

So, what can multi-national organisations do to ensure they have access to the crucial payroll metrics that lead to continuous improvement? The answer lies in working with a global payroll provide that facilitates how they uncover and use these metrics effectively. The right solution is one delivered on a common, single platform that can bring all tasks and users together under a single process. Such an approach will provide complete visibility into the entire payroll process. As a result, companies will benefit from the information that empowers the individuals and teams who manage payroll and helps them achieve 100 per cent accurate and timely payments to each employee, all over the world.

Optimising payroll with the right metrics

As companies continue to expand internationally, payroll remains one of the biggest challenges to their global growth.

Optimising payroll with the right metrics

As companies continue to expand internationally, payroll remains one of the biggest challenges to their global growth.

However, when all payroll activities can be consolidated on a single cloud-based platform, the company will gain unprecedented visibility and insightful metrics from the entire process for every payroll run. As a result, they can identify errors or inefficiencies at any stage and work to optimise their processes in real time, rather than months after the fact. But to get to this point, companies must adopt the solutions that can deliver the real-time data that leads to continuous payroll process improvement

By CloudPay.