Businesses be it small or large often maintain payroll and human resources as separate entities or departments. Nevertheless of late, an increasing number of organisations are realising the benefits of integrating payroll and HR functions for the very purpose of cost-saving, improved efficiency and streamlined admin tasks.
If still wondering the need to integrating these two functions, here are some prominent benefits why you ought to play the cupid:
1. Curbs Paperwork
Tracking applicants and data pertaining to new recruits as well as existing employees requires maintaining heaps of paperwork. The problem turns graver when processing payroll requires similar data. This is why integrating payroll and HR may facilitate managers to access the required data via a unified database or hub. For instance, when an employee applies for leaves and HR confirms the same on an automated attendance management system, the system automatically updates the payroll computations thus, shunning the need for additional admin and documentation work. When payroll and HR people use the same database, every information keyed-in by the HR is updated automatically in payroll thus, no room for errors and de-duplication. This means less work for HR crew, employees and fewer chances of blunders in documentation.
2. Reduced Administrative Time
Payroll and HR people often spend a huge amount of energy and time on mundane administrative tasks on a daily basis. This sways them from investing focus and time on other productive tasks such as streamlining recruitment and on-boarding process or improving payroll functions. A robust HR and payroll integration enables human resources personnel to key-in data such as benefits, staff reviews, taxation, payroll etc. all from a single dashboard or interface rather than hopping between multiple systems and filing cabinets saving them time and efforts. Eureka! Centralised payroll administration is just around the corner.
3. Intuitive Performance Tracking
A well-integrated performance appraisal software allows to effectively merge data pertaining to recruitment, training, pay structures, achievements etc. Since it automates the entire process of performance tracking right from the start, a business can never go wrong with appraisals and performance rewards. Brace for timely, spot-on and unbiased performance reviews with a cloud based performance appraisal software.
4. Improved Security and Accuracy
With fewer hands keying-in data, the entire data entry process becomes accurate and efficient thus, helping to avert costly errors along with saving great deal of time that goes into fixing them. Sensitive and confidential data such as that of personal contacts, compensation, benefits, etc. is also secure and safe.
Click here to learn about payroll confidentiality in India.
Businesses need to have detailed and accurate information pertaining to their employees. By integrating payroll with human resource functions, managers can make informed personnel decisions whilst improving employee engagement and satisfaction.