3 ways an integrated HR and payroll solution can enhance workforce visibility
For HR and payroll teams at growing organisations, having visibility of their workforce is critical to confidently manage the end-to-end employee lifecycle, from hire to retire.
Employee visibility not only provides reassurance to leadership around tracking and controlling payroll costs, but also gives you a lens into all activities within an employee’s tenure – from recruitment and onboarding, to learning, performance and finally leaving the business
However, a significant challenge many HR and payroll teams face is that their workforce data is spread out across multiple systems and applications. They’re unable to quickly and easily gain a detailed understanding of their workforce, which limits their strategic planning and ability to communicate critical insights to business leaders.
A modern, integrated HR and payroll solution can help overcome this challenge. Here are three ways it can help you gain faster, more enhanced visibility of your workforce.
1. Easily access HR analytics to make informed decisions
To help you make informed decisions, your HR and payroll platform should offer accurate and timely insights into everything from recruitment to performance measurement and employee retention.
According to 2021 Deloitte study of HR professionals, 52% said that the lack of systems to produce data prevent them from getting the information they need to understand their workforce. However, 53% said that their business leaders’ interest in workforce information has increased.
An integrated HR and payroll solution can offer customisable end-to-end reporting that enables you to analyse key employee data in real time. Integration centralises this information, so you can access key HR and business metrics at any time to surface more meaningful insights – all from a single system.
With better insights into your HR analytics, you can make informed decisions that help promote employee development, reduce churn, boost workplace engagement and enhance recruitment strategies.
2. Save time with a single source of truth for people data
From employee holidays and absences, to training and recruitment, people management generates a lot of data. Using separate systems to house this information inevitably leads to inefficiency and impairs your ability to provide valuable insights.
Acting as a single source of truth, an integrated HR and payroll solution can eliminate disparate data sources. This reduces the time taken to compile employee data, and system-driven insights help support HR and payroll’s role as a key contributor to strategic business planning.
With this information available from one place at your fingertips, you’re better equipped to make faster, more informed decisions, meet all the relevant regulatory reporting requirements and ensure your business pursues a strategy that enhances people experiences.
3. Quickly generate in-depth reporting
Many legacy HR and payroll solutions fail to provide the in-depth payroll reporting that’s increasingly demanded by both internal and external stakeholders.
HR and payroll systems must now be able to provide a full and detailed history for compliance and audit trails, including visibility of changes to positions and salaries. Visibility of historical changes to awards and pay conditions of each employee is also often needed to easily manage legacy pay conditions and minimise the risk of underpayments.
By consolidating all your workforce data in one place, an integrated HR and payroll solution can provide the aforementioned visibility your team needs to stay on top of compliance requirements. Generating in-depth reports is quick and easy, allowing you to track key workforce metrics and keep your business leaders informed with timely and relevant data.
HRIS solutions to help you manage the employee lifecycle from hire to retire with confidence and accuracy.
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