3 Ways to Make Your Payroll Payoff in 2018

January 8, 2018

Like most companies, you’re pumped. Ready to tackle those new initiatives and take your business further in 2018. What’s probably not new however, is the need to stay within budget, to cut costs whenever and where ever possible, and to make amazing things happen without stretching yourself thin.

While often overlooked, your payroll processes (and HCM partnership for that matter) can be an integral component to helping achieve company goals. A small step with a significant impact.

So, how does payroll factor into New Year corporate initiatives? Take a look at a few ways innovative payroll processing can be a game changer for your HR Department and for your employees.

1. Time Saving Capabilities

By now you’ve heard the pitch that ditching manual processes and switching to online payroll can free up hours of processing and eliminate costly, time-consuming errors. So we won’t go there. But, don’t discount the self-service features for employees can be just as much of a time saver? Take the pressure off of payroll administrators and cut down on the mundane middle-man questions by offering on-demand, real-time access to individual payroll information. Today’s employees, whether mobile, remote, or in-office, look for companies with the ability to provide independent, DIY features to get them the answers they need, when they need it.

2. Full Integration

Payroll is a social function of HR. By that we mean, it should play well with other services you’ve implemented. Time and labor tracking, benefits, and compliance systems should be interacting with payroll regularly, and seamless integration is the key to this collaboration. This again, saves time and reduces processing errors, but it is also the only way to obtain a transparent view of your HR solutions at work. Many companies assume payroll is a siloed system, when in fact, it’s a much more powerful entity that can impact decision-making, corporate structure, and company directives.

3. Forecasting & Analysis

Intelligent payroll is just that, a smarter way to do business. Data and reporting capabilities offered through intuitive payroll not only provides real-time access to company and employee information, it can help project corporate needs. Overspending, processing inaccuracies, ebbs and flows in payroll as it relates to seasonality of work – customized reporting capabilities should show you exactly what you need to know. As HR executives assume their place in the boardrooms, this insight becomes a valuable tool when making mission-critical decisions that impact the entire organization.

It goes without saying that the biggest way payroll pays off is, of course, by saving your company money. And, while the aforementioned are cost-effective benefits, the payroll and HCM partner you choose shouldn’t be a budget buster either. Look for a partner that offers the HR services you need now, but with the flexibility to grow as your company evolves. There’s no need to shell out the big bucks for superfluous solutions. A true HCM partner is one that customizes a solutions package and online payroll services that meets your company’s individualized needs without breaking the bank.

Netchex partners with businesses to offer flexible payroll processing with full client support, and complete integration. We make it easy for you to keep the focus on what’s really important – running your business.

Switching to a new HCM partner shouldn’t be a difficult process. Transition your payroll, HR, benefits, time & attendance, and compliance tasks to Netchex and our friendly staff of experts are on hand when you need us.

Learn why more companies switch to Netchex after using ADP, Paychex, and Paylocity, and how upgrading from payroll from manual processes can help HR solutions payoff in 2018.