ROI for Payroll, Time and Attendance, and HR Solutions
When deciding to automate your payroll, HR, or time and attendance process, the costs associated with implementing new software is a huge factor in the decision making process. But does your organisation understand the costs associated with manual processes, data entry errors, and potential audit concerns when you don’t have the right solutions in place?
Payroll accounts for up to 60% of overall operations for most companies. With a payroll technology in place, companies reduce paperwork and errors, increase compliance, and simplify complex calculations and procedures. Time and Attendance technology helps automate holiday, sick requests, and clock in/clock out times, and often allows for employee self-service. A company with 30 employees can save up to £28,000 per year on automated time and attendance solutions – imagine utilising that money for other projects and resources!
80% of companies face challenges related to HR compliance and incorrect or incomplete HR data. Automating HR can support new employees and refine employee procedures so everyone is on the same page. There is higher employee retention in companies that improve employee engagement, give timely and meaningful performance reviews, and allow for automated feedback. There is also a cost savings associated with HR technology due to fewer errors from manual processes. Automated performance reviews have been shown to reduce the time spent by each person involved (employee, manager, HR) by 20%. With reduced turnover, increased productivity, and less paperwork, everyone wins.
In smaller organisations, resources must be used wisely. When your team is freed up for strategic initiatives, and errors or compliance issues are alleviated, your team can focus on strategy and growth instead of administrative duties. Technology solutions for payroll, time and attendance, and HR can immediately impact an organisation as a whole by engaging employees and giving them access to self-service portals, automating time management, and ensuring accurate payroll, tax, and compliance. The money invested in technology pays for itself very quickly when you factor in the liabilities of manual processes, increased employee engagement and retention, and time spent on new initiatives.