GLOBAL PAYROLL MAGAZINE
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when correlating payroll data with performance metrics. The data shows the revenue per employee across specific departments, labor costs as a percentage of revenue, overtime costs versus productivity gains (or losses), return on compensation investments, return on training investments, and the impact of incentive programs on overall employee performance. Payroll technology places all this data at the fingertips of the right people within the organization and helps align business strategies with workforce investments. Modern technology doesn’t just open the window to how companies can optimize their performance; it opens the door. The tools included in these platforms are sophisticated and capable, providing data analysis that delivers immense value. Companies can integrate payroll data with HR, finance and operational metrics to gain clarity into the health and performance of the business across multiple levels. Visualization tools can develop intelligent reports that inform strategizing and planning – real-time reporting tools can enable agile decision- making. The latter is an invaluable benefit for companies wanting to remain ahead of the competition and better manage how the business navigates disruption. Closing the door on the black box Traditionally, payroll data and insights have been challenging to access and analyze. Almost a black box thanks to the variable data streams, the complexity of the analysis, the silos, and the scale, payroll was just that – payments. Now, year-end payroll reporting is a single pane
of glass, providing a wealth of strategic insights that can be integrated into decision-making and used to optimize multiple facets of the organization. Companies capable of leveraging these insights effectively can make more informed decisions around their workforces, investments, operations and costs. And what is the road to fully realizing this potential? It is as simple as changing the view of payroll from an administrative function to a strategic asset.
Author: Rick Hammell
With over 16 years of experience in Global HR Operations management, Rick Hammell is currently the Founder and CEO of Helios, a new HCM and Payments platform. He is also the Founder of Atlas, an HR Tech company he established in 2015. Driven by his dedication to streamlining global expansion, Rick pioneered the innovative Direct Employer of Record business model, specifically designed to support companies with ambitious international aspirations, while fostering equitable opportunities for businesses to compete on a global scale.
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