GLOBAL PAYROLL MAGAZINE
09
Year-end payroll reporting has become more than just a compliance requirement, it is a goldmine of strategic insights capable of informing business decision- making and enhancing strategic planning.
Global payroll reporting has immense value to offer an organization, providing insights into patterns in workforce expenses, productivity, and operational efficiencies. These insights can drive a company’s strategic planning and provide an invaluable competitive advantage. What’s even more interesting is that payroll’s capabilities are constantly evolving, becoming more influential as companies recognize the value it brings beyond simply paying employees correctly and on time. Payroll isn’t just wages. Yes, remuneration sits at the heart of the technology and its inherent capabilities, but the data payroll offers elevates the service to a key strategic business function. This is the data gathered from employee surveys, vacation days, pay rates, overtime, taxes, payroll processing costs, employee benefits and more. 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. Considering how payroll can be an expensive investment, it’s worth ensuring that the business is extracting every last drop of value from it. It’s also important to remember that the cost of a payroll platform is equally an investment in accuracy. The right tools will deliver the right data, which is key to transformative business decision-making. Understanding the strategic value of payroll data Payroll data can reveal previously unknown factors around the health of an organization. Are operations efficient or are there potential bottlenecks holding up productivity or even payroll admin? Can the business benchmark employee wages and benefits against those of the market to see how competitive it is, and how this data can support retaining and attracting talent? When decision-
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