Rethink, reimagine, redesign payroll with SAP SuccessFactors
What are some of the biggest payroll challenges that businesses face today? First of all, there is a lack of development for payroll and payroll staff, Rizing has identified in an e-book titled Rethink, Reimagine, Redesign Payroll with SAP SuccessFactors.
Organisations are missing out on development opportunities that would elevate payroll administrators to become analysts who can generate improved processes and business models. This in turn, said Rizing, is widening the gap between administration and decision-making.
Multiple hours are spent processing every payroll cycle, because payroll processing relies heavily on accurate data. Half of organisations experience data quality issues and require the data to be scrubbed during the payroll cycle, said Rizing, citing a Hackett Group study.
While it may once have been enough to put a paycheck in someone’s hand or in their bank account, employees today want to understand the elements of their pay and deductions.
Organisations that focus on the adoption of service delivery applications often see higher levels of employee engagement and system adoptions, increasing the number of people each HR administrator can support, said Rizing.
Lastly, while some payroll organisations may be focused on efficiency and process improvements, overall payroll time data have not been used to provide analysis that enables actionable workforce decisions, Rizing pointed out. What organisations can do then, is to converge information into a transparent system, allowing their business to be better managed.
Also in the e-book, Rizing addresses how organisations can reimagine payrolls, identify new trends in payroll, explain how the cloud offers distinct business advantages, and makes the case for choosing SAP SuccessFactors Employee Central Payroll, among others.
For more insights on how organisations can re-examine the basic elements of employment to better engage the workforce, download the e-book here.