HR and payroll are both two crucial factors in keeping your company running smoothly and building a positive relationship with employees. Due to this, it’s important to get your foundations right.
Why is it important to get your HR and payroll foundations right?
HR and payroll play a huge role in driving a successful business. Even if a business is considering making significant changes to their company, payroll and HR help keep employees satisfied within their role and what their company provides them.
Despite this, payroll is often overlooked when it comes to businesses updating their systems. Due to this companies have problems with accessing high performance tools and organising payroll operations.
Trouble accessing these softwares can lead to difficulty in working out how much and when employees should be paid and could generate significant costs due to manual payroll processes.
Research by Middlesex University of London found that £1.5 billion of holiday pay and £1.2 billion of wages are unpaid each year. Getting your payroll and HR foundations correct will minimise these figures and help people get paid what they’re entitled to.
The benefits of getting payroll foundations right:
Legal compliance
Undertaking payroll and HR activities require you to stay compliant with rules and regulations. Failing to stay compliant can result in penalties, fines and legal actions. Getting your foundations right will minimise compliance risks, costly mistakes and even risk of your businesses closing.
Employee retention
HR and payroll play a huge role in retaining employees. Paying employees correctly and on time, as well as providing bonuses and benefits can help create a positive working environment, helping to retain employees and reduce staff turnover.
Improved accuracy
Automating and integrating payroll and HR softwares will improve accuracy of tasks as it will be easier to compare and analyse data. Doing this will help reduce mistakes, helping you stay compliant with rules and regulations.
Increased efficiency
Automating and integrating payroll and HR softwares will also improve efficiency as it frees up more time for staff to complete critical tasks. This is due to automated payroll and HR software being able to manage functions such as payroll, payslips and recordkeeping.
Better insights and analytics
Integrating payroll and HR software allows businesses to keep up to date with the latest data, helping make reporting more accurate. This gives businesses the opportunity to make better business decisions and understand if any payroll or HR mistakes have been made.
Finding the right tools and technology for workforce management can be challenging. However, integrating your payroll and HR softwares can help provide real-time views of your costs across your organisation, as well as helping you stay compliant with the latest rules and regulations.
At PayEscape we have continued to focus on technology enhancements to help with the integration of your company’s systems. We provide HR, payroll and time and absence management software to help you manage your workforce all in one place.
Read our blog to learn more about integration and operations and how they could help your business.
How can PayEscape help you get your HR and payroll foundations right?
Here at Payescape we make sure your payroll is compliant and that your employees are paid correctly and on time to help the overall performance of your business.
Book a demo with Payescape today to see how we can help you lay the right foundations for your HR and payroll.
