October 14, 2020
One of the most important factors in maintaining a satisfied workforce is efficient payroll management. Reconciling data between several different sources increases the risk of misstatements which can result in instances of payroll fraud and drain time and resources. Consolidated company data allows HR managers to ensure financial statement accuracy, stay on top of compliance matters, and increase employee satisfaction.
Every HR department is inundated with employee details and manual handling of such tasks leaves a lot of room for errors. An automated payroll system is able to process monthly salaries, wages, and overtime reports efficiently resulting in increased accuracy. When paychecks are accurate and delivered on time, it has a positive impact on employee engagement as well.
Both employee motivation and confidence in their employer builds when they gain visibility into their schedules, accrual balances, and leave requests. When an employee has control over their crucial information at work, they can not only confirm the accuracy of their hours but understand what their paychecks will look like in real-time. Personal information such as an address, bank account details, and emergency contacts, can be updated from any device.
Employees will be able to view the company directory effortlessly and search and filter to check the availability of a co-worker for a particular project. This transparency will encourage them to spend less time contemplating wage accuracy and focus their efforts on delivering stellar work.
Efficient Decision Making
Manual payroll reconciliations require a considerable amount of time and resources due to their high volume and respective process nature. HR cloud-based software solutions allow HR professionals to utilize their time to make data-driven decisions on effective policymaking. HR admin can save time, stay on top of outstanding tasks, and understand key business reports, all with the click of a button.
Effective Document Management
Automating HR processes improves effectiveness and efficiency in organizations by linking data sources from different modules into one consolidated dashboard. A single integrated system allows HR professionals to store and manage employee files electronically and improve compliance and procedures by automating corporate policies and work instructions. Managers can access a single organized database to receive alerts and push notifications when important records are about to expire so the necessary action can be taken to avoid penalties.
HR cloud based software also eliminates administrative-intensive tasks when it comes to onboarding and offboarding. New hires can upload required documents such as passports, residency visas, and ID cards at the touch of a button. Employees can take advantage of technological tools such as virtual tours to familiarize themselves with their new environment and view the bios of co-workers and management even before they step in the door.
Employers also benefit from automated HR systems because they can send customizable offer letters and contracts and send welcome emails including login credentials for the onboarding portal. Once new hires upload the required documents, managers can request, review, and approve them in a short period of time.
Automated HR systems are helping companies better manage employee information such as payroll and benefits data. Cloud-based systems offer a user-friendly, centralized, and above all, secure solution to help businesses streamline all their employment processes.