Forward-thinking organisations are using payroll analytics to understand trends, support business-critical decision making, and ultimately improve profitability.
This is especially true for businesses spread across multiple geographies who need to manage a global workforce, formulate accurate forecasts, and create data-led strategies for future growth.
Plus, as the single largest business expense, utilising payroll data can also help organisations to identify any payroll errors and save on operational costs.
It’s no wonder that companies with more effective data grow 35% faster. However, despite the exponential benefits of using payroll data to inform business decisions, 81% of organisations don’t use it to its full potential.
If your organisation is going to stay ahead of the competition, it’s essential to take control of your payroll data. Here’s how to do it…
5 ways to take control of your payroll data
1. Identify your needs
When it comes to taking control of your payroll data, firstly you need to identify your needs and develop a strategy.
What is it that you want to accomplish by taking control of your data? Do you need better visibility? A more streamlined payroll process that eliminates mistakes? Or maybe you need a global payroll solution to support your expansion?
Whatever it is you want to achieve, having a clear vision of your payroll goals will help you to understand what it is you need to get you there, be it an expert payroll provider or the implementation of new software.
2. Use software to automate payroll processes
Another important step to taking control of your payroll data is using payroll software to automate manual payroll processes.
Doing so not only saves time and improves productivity, but also reduces the risk of human error - which can help ensure compliance and data security.
Crucially, moving from a local payroll to global payroll solution also makes good business sense for organisations expanding internationally, helping businesses to deal with reports in different languages whilst ensuring compliance and employment regulations are met in each location. Which leads onto our next point...
3. Ensure a single point of data
If you want to truly take control of your payroll data, choosing to move from manual to automated payroll isn’t enough. If your organisation is still using different software for each location, it could still result in complicated processes and data mistakes.
By using a single, consolidated platform, payroll managers can easily control payroll processes across the globe, have end-to-end visibility and benefit from instant access to all their payroll data. This leaves much less room for error - especially if the number of countries your business is operating in continues to grow.
Such visibility makes it easier to gather insights and spot trends and enables everyone in the business to see the bigger picture. The result? Payroll becomes a strategic advantage rather than just a back-office business function.
4. Make sure everyone is aligned
If you are going to get the most out of your payroll data, you need to ensure that everyone involved is fully aligned and on the same page.
Any organisational changes can create conflict between different teams and different locations - especially if your business is expanding internationally and needs to allow for differences in languages and business practices, too.
Therefore, if you are considering implementing new payroll processes, it’s essential that everyone involved is completely prepared and aligned if you are going to achieve success.
5. Ask for expert help
Finally, one of the best ways to ensure that you truly take control of your payroll data and can utilise it to make informed business decisions is by enlisting the help of an expert payroll provider.
Outsourcing your global payroll can help you to develop an efficient, compliant payroll system for both your domestic and international needs and ensure that you have real-time access to the information you need.
When you work together with a payroll provider, they will establish a partnership with you and will work together with you to achieve the performance you desire and ensure that you can utilise your payroll data to create strategies for future growth.
Are you ready to take control of your data?
As global payroll experts, at activpayroll, we deliver local and centralised payroll solutions in every corner of the world.
Our global payroll services offer many strategic advantages, including alignment of global resources, global methodologies, performance metrics, and the advantage of group reporting - meaning that you can take control of your data and use it to achieve your business goals.