3 Sobering Facts about Payroll for National Payroll Week
Did you know that September 7-11, 2015 is National Payroll Week? Established by the American Payroll Association in 1996, National Payroll Week is dedicated to celebrating wage earners and the payroll professionals who ensure they are paid properly. And with 150 million earners in the U.S., that’s no small achievement. Even with all of the automated tools available to HR and payroll today, getting the paycheck right is still a complex process for some.
Drawing on early insights from our upcoming Workforce Management Trend Survey, let’s take a look at three sobering facts about payroll, and how automated timekeeping software—like our own EmpCenter suite—can improve payroll accuracy:
- 20% of organizations surveyed still use spreadsheets to manage time and attendance processes. Manual processes are more prone to errors, particularly when data has to be rekeyed multiple times. Automated timekeeping software captures precise work hour data and sends it to payroll—no spreadsheets needed. A robust solution like WorkForce Time and Attendance can also perform complex gross pay calculations, ensuring that all overtime and shift premiums are applied correctly and consistently. The result is fewer errors and greater payroll accuracy—often saving large organizations millions of dollars annually by eliminating overpayments and streamlining administrative processes for HR and payroll.
- 1 in 2 payroll managers don’t learn about payroll errors until an employee complains. Imagine being alerted proactively when there’s an error, before it actually becomes a problem. That’s what automated timekeeping software can do for you. So errors can be identified before checks are cut—reducing manual work for payroll professionals, as well as employee complaints over dollar amounts.
- 45% of survey participants report poor integration between workforce management and other systems, such as core HR and payroll. Tight integrations between your core HR, timekeeping software, and payroll allow the fluid exchange of data, so there are no discrepancies that can lead to errors. So mistakes like accidentally compensating an hourly employee for unpaid sick days are a thing of the past, and managers can easily verify vacation accrual banks totals before approving paid time off requests. The result is greater satisfaction, accuracy, and efficiency for the whole organization—while also reducing a common source of headaches for payroll.
For more detailed statistics about timekeeping practices and other workforce management trends, look for our 2015-2016 Workforce Management Trend Survey, to be published at the 2015 HR Technology Conference & Exposition in Las Vegas next month. In the meantime, you can still download the 2014-2015 Workforce Management Trend Survey here on our site.