Although the majority of organisations around the world view payroll primarily as a means to remain compliant, calculate accurate net pay and pay employees on time, in reality, there is a lot more to it than that.
Accelerated dramatically by the Covid-19 pandemic, today’s pace of change (especially as far as technology is concerned) is enabling organisations to become much more agile. It enables us to redesign the way we work, streamline processes, boost efficiency, and save not only on time, but resources too.
Ultimately, this leads to saving the company money and improving the employee experience at the same time.
This is why the digitisation of the payroll office has become so critical. The pandemic saw entire workforces being sent home to work remotely, and practically overnight. In many instances, individuals became increasingly productive, as no time was wasted on travelling to and from work. Moreover, flexibility was improved, as payroll and HR practitioners had the ability to now work at any time and from anywhere.
However, one of the most compelling motivations for adopting a cloud payroll and HR solution is the dramatically increased productivity across the entire organisation. By adopting cloud-based solutions, which are available on demand and accessible from anywhere and at any time, employee self-service is facilitated, which, in turn, means businesses can collaborate internally with their colleagues and leverage off them to become more independent.
Bear in mind that when it comes to the younger generation in particular, they do not necessarily favour structured work hours, in fact, quite the opposite. Many organisations learn the hard way that when they attempt to micromanage Gen X, Y and Z colleagues, they are actively blocking one of their greatest assets – their employees’ ability to work autonomously with an innovative mindset.
Regardless of the size of the organisation – from the smaller SME’s to their enterprise counterparts – business disruption, even for merely a single hour, can cost tens of thousands of rands. Even worse, in the event a company is unable to process its payroll or alternatively have to spend hours conducting thorough data backups, the business can grind to a halt, something no organisation can afford.
In addition, with true cloud software, worrying about ransomware is a thing of the past as these solutions have built-in protection for this type of attack. This greatly reduces the chance of a disruption occurring.
Moreover, harnessing the power of true Software-as-a-Service (SaaS) enables organisations to reap the benefits of true agility. It allows for a single payroll and HR application for all staff members across the organisation, and one that has a single instance installation, as well as a single set of data for all employee records.
This doesn’t matter whether employees are paid monthly, weekly, or bi-weekly, and irrespective of the tax system in any particular country, or the currency that they are paid in, having varying databases on different platforms can make consolidation a major headache, with far too much time and energy wasted on merging data.
Another major benefit of having a SaaS payroll and HR solution in place is that adding a good analytics tool to the data, and then measuring the greatest cost in the business, will give your payroll legs. It will enable the organisation to use one single data set to measure productivity, gauging the true cost of resources over multiple data points, and giving the business actionable insights into the pain points that would normally be hidden within data that is difficult to interpret.
Remember, even when the Covid-19 pandemic is a thing of the past, organisations will have to adapt to whatever the ‘new normal’ will be. With every staff member having a smartphone, tablet or laptop, HR teams will need to have the ability to automate, streamline, and adopt more real-time and digital-first operations, instead of relying on the processing of forms and manual transactions.
Evaluate your payroll and HR software solution because today, more than ever, it is critical for organisations to look for ways to lower costs, boost efficiency and streamline processes – ultimately to become more agile and adaptable in the future.
This article was published in partnership with PaySpace.