The horrors of payroll
As we step into the month of Halloween, we address the biggest nightmare of any organisation: Payroll! With the world more connected and impatient than ever before, it is critical for successful organizations to pay people accurately and on time. In the digital age, issues that previously stayed behind closed doors are visible for the entire world to read about, which can result in serious ramifications.
For many organizations, payroll is one of those back-office functions that largely goes unrecognized. A series of systematic processes – managed by a few ghostly, yet diligent payroll administrators – which results in a 100% accurate paycheck deposited into our bank account not one minute later than anticipated.
What could possibly go wrong? The answer: A lot.
For every single step in the payroll process there’s a possible misstep. Someone can enter data incorrectly – it might even be done by an employee processing their own changes through self-service. Maybe time entry is missing. An employee’s address could be wrong, affecting taxation. Or perhaps the taxes built into your system aren’t quite up to date or a compensation change was entered incorrectly.
The fact of the matter is that payroll relies upon the inputs of individuals across the organization who report to different departments with different key objectives.
Add to that the underlying effort required to maintain the system. Such as lifecycle management, security roles, governance, risk management, ongoing legislative updates, and the continuing education of payroll administrators to remain up to date on local, regional and national regulations. It becomes quite evident that payroll can no longer remain siloed or be considered a one-person job.
The scary thing about payroll is that getting it wrong can be devastating not only for your employees who were counting on that paycheck, but also for your brand.
We believe there’s a better way...
To look at payroll not as a standalone process, but as the output of a successfully integrated and orchestrated set of processes that run the business. And, that it may be time for your organization to rethink how payroll is done.
The main aim of the Payroll module is to bring structure into the compensation process, where all necessary functions are conducted with higher efficiency and reliability. This means functions such as generating payroll reports, pay slips, increments, processing loans and reimbursements to multi-currency transactions are dealt within a single platform. The organisation also has the capability to define specifications with regard to transactions to fit their policies with the configurable features available within the HR solution. The payments are simply made based on the employee information such as overtime, no pay and other attendance incentives captured through the absence and attendance modules in the system.
And here’s how it’s done through PeoplesHR Payroll…
- Configure earnings and deductions according to business requirements and policies.
- Remove uncertainties with segregated security associated with information sharing or third party involvements.
- Speeds up the stages in the process through automated and predefined logics, calculations and features.
- Comprehensive validation procedures to avoid human errors on data insertions from occurring.
- Built – in expertise within the system reduces the need of specialised professionals to handle the processes involved.
- Accurate, efficient and reliable payroll calculations that abide with the organisation’s policies and statutory fulfilment frameworks.
