Flexibility has become a mandatory requirement for all businesses as 2020 reveals the unpredictable nature of the world. Flexibility is more than just making quick decisions in business but also about ensuring that every department of your business can quickly adapt to changes – including payroll functions.
Even though payroll functions are an essential part of your business’s overall transformation, it may be hard to know where to start in the current business environment. This article highlights three crucial phases of payroll transformation to help your business move from complexity to simplicity and increase your flexibility.
1. Optimisation
Payroll optimisation is all about having the most effective yet simple solution to suit your business needs. Creating automation is the key to taking your payroll function to the next level. Payroll optimisation replaces manual paper-based tasks with highly effective e-workflows & smart automation.
Are you still relying on manual inputs for timesheets? If so, this is the right time to consider modern tools for workforce management.
Change your business by optimising the payroll process. Some of the biggest advantages include reduced risks, increased productivity, and greater accuracy. Empower your employees and let them access payroll information on demand.
2. Visibility
The finance and management teams of your company need immediate access to fully transparent and accurate payroll data. That’s where visibility comes in handy. It’s all about letting your team integrate and extract data for better forecasting, accurate modelling, and reporting. On the other hand, integrating payroll data with HR systems helps your company with more advanced HR benchmarking and reporting capabilities.
3. Agility
Being flexible in business is essential to take your small business to the next level in this highly competitive business environment. The final phase of payroll transformation involves deploying more agile processes to seamlessly deliver pay while responding to changes in regulation and scope. Agile payroll involves the ability to adapt to your employees’ demands by offering modern payment methods, flexible payroll schedules, and flexible working benefits such as the option to work from home or a four day week.
Migrating your payroll system to the cloud is one way of increasing agility. It lets you scale the business as your workforce requirements change. The process also helps achieve a 20-40% savings in payroll costs. You should also continually refresh your payroll expertise and create a plan to upskill and build talent with a focus on extracting more insight from your payroll system.
The most important thing is to start small for early wins and larger pay-offs in the long run.
Most experts say that digital transformation is a marathon and not a sprint. In fact, the same is true when deciding to transform your payroll system. But when you break the process into these three important phases, you can definitely expect early wins before you progress to more strategic stages that will pay-off big in the long run.
The article above provides information on three important payroll transformation phases to help take your small business to the next level.
Learn how PAY plus HR can support your transformation by contacting us today.