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ISSUE 6
period. This is immensely useful to organizations that deal with seasonal employment trends and require advance planning to ensure they have the requisite workforce. Payroll data gives the business the time and space needed to plan for an aging workforce and provide skills development and training to their replacements or new hires well in advance. This is invaluable as the average cost of hiring a new employee is currently around $4,700 – and this is a cost that excludes the additional fees of training, recruitment and finder’s fees . Visibility into the timeframes of employees aging out of the workforce can help companies better strategize budgets to ensure they maintain the talent pipeline. Multinational organizations can use the data to gain insight into workforce planning across metrics such as: Country-specific labor cost comparisons The impact of currency exchange on total compensation Regional benefit cost variations Compliance costs, and Local market competitiveness It’s information that gives companies the space they need to optimize their global footprint and plan workforce expansion, consolidation and compensation.
“ Every line item provides insight into an employee, how the business is approaching specific hires, employee costs and productivity. If managed correctly, this richly layered data can become a business advantage. ” makers can see gaps in performance or areas of substantial cost savings, they can better plan expenditure and talent management. Payroll data can optimize labor costs. The visibility provided by year-end payroll data allows the organization to evaluate the Total Cost of Workforce (TCOW) and marry this insight to patterns across overtime, shifts, variable pay, vacation time and more. Decision-makers can then see which departments have unusual labor cost patterns or use the data to optimize staffing levels over a specific
Enhancing productivity and performance
Finally, payroll data is a window into productivity. Companies gain valuable insights into workforce effectiveness
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