The TruPay Journal - News, Articles & Reports

Why Avoiding Payroll Errors Is Your Most Important Job (Part 2 of 2)

Posted on Tue, Jan 23, 2018 @ 08:00 AM

Research suggests 49% of U.S. workers will start a new job search after experiencing only two problems with their paychecks. It's easy to see why avoiding payroll errors is job #1 for employers who want to retain top talent.

Payroll errors can undermine the entire employee experience

Improving the employee experience — ultimately to increase employee engagement — has become a major focus of many businesses. It’s one key reason organizations are making significant investments in benefit plans, rewards and recognition programs, physical workspaces, scheduling, and other work-life areas. Yet many payroll professionals are still burdened with manual processes and outdated technology. For example, an estimated 29 percent of payroll professionals spend the equivalent of at least one FTE a week on manual, duplicated data entry.

It’s ironic, because just one payroll error has the potential to encourage top talent to seek new employment, undoing a company’s tireless work to build an engaged workforce. Two payroll errors will drive nearly half of all employees to start looking for a new job elsewhere. 

Automation is the No. 1 solution for payroll challenges

Replacing legacy payroll tools and manual methods with a unified human capital management cloud platform can create a rock-solid foundation for all other initiatives aimed at improving the employee experience. An automated, cloud-based system can help companies improve payroll accuracy, process payroll more quickly, and ultimately leverage tremendous knowledge to take on a more strategic role in building engagement and mitigating risk within the organization.

The right system for time and payroll automation can reduce errors and costs caused by payroll leaks, increase efficiencies in payroll processing, and practically eliminate manual processes. It can also reduce errors and heighten compliance with labor and pay regulations, union regulations, and pay rules.

Payroll Errors

Three of the most critical advantages gained with the right automated system are:

  1. Complete automation, eliminating timekeeping errors, manual data transfer, and manual calculations.
  2. Automatically flagging exceptions that violate policies and alerting managers so they can take remedial action.
  3. Automating delivery of correctly calculated hours to your payroll system, so each employee check is cut right the first time.

We automate payroll and compliance so companies can empower managers to manage by exception — reviewing and approving employee time daily so pay accurately reflects time. This allows payroll professionals to run as many reports as needed — payroll register, labor distribution, general ledger, and more — before they finalize and submit payroll, which helps further ensure accurate results.

The same functionality gives payroll leaders the ability to proactively identify issues and collaborate among units and managers thanks to email alerts and a robust workflow that flags issues before they become trends. In the end, managers and supervisors save time on payroll problems and details so they can focus more on revenue-generating activities such as customer service or production quality.

Reducing Payroll Errors

   

Subscribe to Our Newsletter

Top 10 Posts