The Power of a Paycheck: What to Look For When Choosing a Payroll Solutions Vendor
This is the first blog in our industry payroll mini-series. Over the course of the next few weeks, this mini-series will look at payroll across multiple industries and provide insight on the impact it can have on an organization.
A department that is often taken for granted by so many is payroll services. In today’s digital world, it is expected that our pay is correct, on time, and deposited into our bank accounts every week or other week without fail. If not, you end up disgruntled and spending half of your day on the phone with your HR & Payroll team trying to sort out what happened.
According to a Workforce Institute at UKG study, 49% of employees say they will leave a company if their paycheck is wrong more than twice.
What many do not realize is how complex the payroll process is, especially for hourly employees, or how easily payroll can be disrupted if a company does not have the correct payroll solutions in place. The need became alarmingly clear when the pandemic hit. According to a McKinsey study, North America is 6 years ahead of the average adoption rate when it comes to products/services that are partially or fully digitized. The digital transformation acceleration spanned across all industries last year. One of the industries that was hit the hardest was distribution and trucking. The accelerated growth of online fulfillment and onsite order-pickup and delivery is testing distribution centers like never before. That is why it is so important to have a complete payroll solution that is unified and able to seamlessly handle changes in payroll, like the accelerated digital transformation over this past year, with ease.
5 features that your payroll solutions should have to ensure your employees get a perfect paycheck every time
Not all payroll solutions are created equally, and that is why it is so important to find a payroll vendor who can deliver on these key features:
1. Ability to make real-time updates and gain access to the information you need
Your payroll solution should make your life easier, not harder. When browsing complete payroll solutions, ensure that you are able to update and complete payroll in real-time without having to waste time submitting work to a service bureau. Real-time calculations and processing allow you to complete payroll on your own schedule anytime, anywhere. This in turn, should allow you to access the information you need to customize reports, anytime you need it.
2. Flexible pay rules
Can your current payroll solution fit all of your organization’s unique needs and requirements? Choose a vendor that can support any payroll scenario, such as shift differentials, employees with multiple positions, locations, currencies, and more. Different industries call for different needs. For instance in trucking, workers get paid by the number of trailers they deliver versus hourly. Payroll is not one size fits all, and your payroll software should not limit your capabilities.
3. Compliance updates
No one wants to spend hours researching federal and local legislation. Ditch the manual processes and find a payroll software solution that can deliver automatic legislative updates and prepare your organization with all the reporting forms you need to meet IRS requirements.
4. Empower employees with self-service tools
Along with having tools that empower your HR & Payroll professionals, your payroll services should also empower your employees. Now your retail employees can easily access everything they need, including the ability to swap shifts with co-workers. Your payroll software vendor should be able to provide a mobile app that allows employees to access key information, such as previous pay stubs, management of personal information and direct deposit, ability to view their benefits, and more.
5. Having one unified platform
One of the most important steps in delivering a perfect paycheck every time is having the right vendor. Having a unified, end-to-end vendor that can deliver a perfect paycheck, as well as other components of human capital management, such as recruiting, talent management, benefits administration, HR, and more is vital. If a vendor cannot deliver their HCM and workforce solutions in one platform, the data may not be able to flow and sync properly with one another, causing discrepancies. Allow your payroll software to work for you, and not the other way around. Choose a payroll software that can streamline and automate your data for you.
While having the above features is definitely a great starting point when determining what your organization needs for payroll, there are of course other factors and features to consider. Be sure to follow along in the coming weeks to get valuable industry insights, like how manufacturers are elevating their payroll process, from our industry experts. For now, take a moment to look over our HCM buyer’s guide to find the best-fit solution for your organization.