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Tactical, strategic and data-driven
In 2024, payroll departments are undergoing a significant transformation. While ensuring employees are paid accurately, on time, every time remains the top priority, sophisticated payroll data analysis is enabling the function to be both tactical and strategic. Our eBook explores how.
The power of payroll data
Payroll technology has been helping payroll professionals in terms of automation and compliance for years. Today, it’s also helping payroll professionals contribute in other, more strategic ways. The key to this is data.
Perhaps the richest source of in-depth and accurate data sits at the point where your operations, finance and HR teams meet – that is, payroll. Data by itself is not enough; we need to be able to mine that data and produce insights from it.
For example, data held within payroll software can help payroll and HR professionals:
Unlock demographic, seasonal, or functional patterns
Spot deviations or anomalies in real time
Anticipate future resourcing needs, and facilitate cost forecasting and auditing
Track progress towards DEI goals. When combined with powerful analytical tools, payroll data can help track pay inequality and guide decisions about how to close gender pay gaps
Bolster employee engagement by offering unique benefits like access to earned wages
Prevent payroll fraud by providing auditors with access to well maintained records that are easy to navigate
How can payroll professionals ensure they are part of this transformation?
There are three essential elements that need to be in place to enable the payroll function to evolve into a strategic contributor:
Data integrity: Since most data processed by payroll originates from other sources (time & attendance solutions, HR, benefits, compensation solutions, etc.), it’s critical that this is received in a timely manner, but also that it is accurate and formatted correctly.
The right payroll talent: Most payroll mistakes are made because the payroll team genuinely don’t have the knowledge or training that they require to do their job. Analytics specialists need to understand data and know what the right tools to use are when cleaning, extracting, combining, analysing, and/or visualising datasets.
The right technology tools: The only way to eliminate duplicate data entry, reduce the possibility of errors and deliver timely and consistent pay is with effective automation and integration. With companies often using multiple software solutions, seamless integration and the ability to mine data from those solutions is critical.
Keen to learn more? Download our payroll eBook now by completing the form.