Digitization is the future of payroll and HR processes, and many FinTech companies are producing technology to make your life easier. When these internal processes are streamlined, employees and executives get more time back in their day for more crucial tasks. Follow these tips to increase digitization in payroll and HR processes:
Focus on eliminating human error
60%-100% of incidents in the workplace are caused by human error, according to a report from the National Library of Medicine. If businesses were able to eliminate even half of these errors, they’d be on more profitable long-term trajectories.
Many businesses are still using paper records to keep track of payroll and HR processes, increasing the chance for double data entries and the loss of data due to a lack of backup services, according to Enterprise Talk.
If employees get the idea that their paycheck is inaccurate or the company struggles with HR processes like onboarding and training, they’re more likely to leave for another company.
Make the shift to cloud technology
Thousands of companies in the U.S. are making the shift toward cloud technology to increase data backup and storage to allow a remote or hybrid workforce to access data from anywhere. Cloud technology is also one of the best ways to automate payroll calculation, payment processing, tax estimation and other payroll deductions.
If you’re looking into budget and finances for cloud technology, consider the long-term savings of taking everything digital. You’ll no longer need to pay certain employees or outsourced wages and you’ll save money on system upgrades and new hardware.
Be more transparent about employee benefits
When all things related to benefits and pay can be accessed online or through an app, employees tend to have trust more trust in the organization and view accessing and using benefits as a positive experience vs a hassle. It’s a challenge when employees feel kept in the dark or misled about access to benefits and other employee perks.
Perception matters when it comes to building trust are rapport with co-workers. When employees feel more engaged and empowered, they are more likely to commit to meaningful goals and demonstrate leadership skills and creativity, according to an article from HBR.
At Payroll Office of America, we provide outsourced payroll services to help you easily manage time and labor, tax filing, insurance, compliance, and more. We can wait to help you create more sustainable and streamlined long-term internal processes. Visit our website or call 904-596-2847 to learn more.
