Labor is often the single largest cost of any business, which is why accurate time tracking is crucial. But accuracy can be compromised when HR departments use manual workforce management procedures, which can lead to errors, resulting in higher costs, lower productivity, increased liabilities and ultimately reduced profits.
Thinking of finally using an outside payroll provider? Or do you have one already but are in the market for a new one? Either way, it’ll take some research to find a new service that matches the unique needs of your business. It’s a given that cost and security will be a major part of the decision-making process, but there are other considerations you should weigh before making the move. Here are six must-have features your new payroll provider should provide:
Managing and processing payroll isn’t just a complex and time-consuming task, it’s a downright challenge. According to a study, 40% of small business owners rank bookkeeping and tax preparation as their least favorite parts of their job. It’s easy to see why more companies are outsourcing payroll to professional Human Capital Management (HCM) agencies, which use the latest software systems. If you’re still handling payroll in-house, here are five key benefits your HR departments and businesses will enjoy by switching to an outside provider:
Accurately tracking time and attendance is very important for all organizations, no matter the size of the business. It’s also very complicated. The growth of the gig economy has many companies using freelancers along with full-time employees. And often, in-staff employees work outside of the office…and outside of normal work hours. All of this has made keeping tabs of employee work time more difficult than ever.
Are you currently struggling with a payroll system that’s siloed from your HR database? If so, you’re not alone. Many organizations find themselves using different kinds of software (or even vendors) that do not play nice together. The result is more time spent scheduling, tracking and reporting time manually, resulting in higher labor costs and a higher probability of error.
HR has changed dramatically in the past decade, evolving from a focus on information storage to a more strategic process that involves everything from operational management to recruitment to workflow optimization and more. The expectations placed on Human Resource teams to handle all of the new demands are high. And if your business is still using legacy HRIS systems, they may be impossible to consistently meet.
It’s one of the great juggling acts company owners, managers and HR professionals have to perform every year: assembling a time-off calendar that satisfies each employee, while ensuring day-to-day operations carry on without a hitch. Regardless of the size of your company, it’s easy to drop the ball by allowing too many vacations at once or not having policies in place regarding seniority, rollover time, or blackout dates (to name a few). Here are some time-off management tips to keep your company culture up and your stress levels down:
You’re in business because you care deeply about the products or services you provide to your customers or clients. And if you’re like 99 percent of business owners, you also do it to make money, and to ensure that next year is more profitable than this year. Smart business owners and HR managers know that one of the keys to success is keeping a sharp eye on expenses, and employees – both in terms of their time and their productivity.
Summer in the city might actually feel a lot cooler this year, thanks to a new law that gives workers in the City of New York more flexibility in their work schedules. Specifically, a new law that takes effect on July 18, 2018, will permit workers to make temporary work schedule changes to accommodate qualifying personal events.
Selecting a quality payroll provider is one of the most important decisions a business owner will make. There are multiple ways to go about it: You can thumb through the phone book; search online; get a recommendation from your accountant; or pick a payroll company at random and hope for the best.