When decision-makers are considering a new system or software solution, one of their first questions is often something along the lines of, “How much of a difference will this actually make for my business?”
In many contexts, it’s quite the lofty question, and requires department heads and executives to think about a variety of use cases and potential benefits. It’s worth the time to think about these elements, though, in terms of the ways you can make “How much of a difference will this make?” translate to “Here’s where we’ll capture our return on investment.”
In this spirit, now that we’ve covered several other key groups in our moments that matter series, we’re taking a look at the benefits and improvements that human capital management technology can offer to you directly as HR and payroll professionals. After all, you're the folks who are going to interact with an HCM system the most, so why shouldn't you know all the ways it'll help with your daily lives? Spoiler alert – there are a lot of them.
Unifying payroll and HR functions
These days, a large portion of human resources and payroll processes take place with the help of technology. Things like paper time cards and printed checks have become much less common, with digital, streamlined workflows taking their place.
However, without proper planning, strategy, and unification, a business can quickly find itself with a myriad of software systems to maintain and manage payroll and HR. Siloes can pop up between these platforms, creating inefficient workflows – not to mention major complexities for HR and payroll users as well as the IT team that oversees all these applications. In short, if it's not built right, the technology that's meant to help you becomes a giant administrative time sink instead.
So how do you keep yourself from getting bogged down and instead focus on the parts of HR and payroll that make the biggest difference for you, your organization, and its employees?
Focusing your efforts on a unified HCM system can eliminate disparate payroll and HR applications and instead put everything in a single place for you to manage. That means whether you're onboarding new employees, managing the yearly performance review process, submitting the latest pay cycle, or filing taxes, you only have to consult and use a single software system, and all the functions and features you need will be right there at your fingertips.
Moments that matter: Recruiting and hiring
Chances are good that any HR pros reading this already know that recruiting and hiring are two of the biggest obstacles you deal with. After all, in the current employment landscape, it’s getting very difficult to attract the right talent for your open positions, not to mention create a hiring and onboarding process that is simple and streamlined. And this isn’t unique to your business, either – research from consulting group XpertHR found that building, maintaining, and planning for the workforce are among the top 10 challenges that HR teams face today, EBN reported.
Thankfully, this is another area in which HCM technology shines and supports you as you define and execute these processes, taking stress out of your day-to-day and helping you focus on strategy instead of keeping the lights on. These systems come with robust recruitment, talent acquisition, hiring, and onboarding features, among many others. Building off your knowledge and expertise, these capabilities help your HR team:
- Automate the application process to help get candidates into the recruiting pipeline as quickly as possible.
- Improve candidate screenings, so you don’t waste time on individuals who simply aren’t the best fit for your organization.
- Track candidates’ progress, since an HCM means stakeholders inside and outside of HR can see exactly where potential new hires are in the recruitment and hiring process.
- Support engagement during onboarding, and help new hires feel welcome and motivated.
- Retain top talent by providing potential paths of advancement for every type of employee.
- Maintain compliance through automated tracking of leave and entitlement hours.
Now this may all sound like it’s only of interest to HR, but HCM can do a lot to help payroll out through these processes as well. Just think how much easier life would be if every employee being hired and onboarded automatically had the right deductions, taxes, and time rules set up for their particular position. Turns out it’s not a pipe dream – a strong HCM system can automate these processes during hiring too through position management options that get selected when employees are hired and associate them with the right kinds of time and pay rules.
Payday made easy – and compliant
Speaking of payroll, payroll professionals have their own set of challenges, including reporting for new hires, verifying time and attendance for the payroll cycle and ensuring that taxes are properly remitted. One of the most pressing hurdles here involves observing all compliance rules for employee paychecks. Even a single, small error can throw things off balance and put the company at risk for noncompliance fees and penalties. There's simply no room for mistakes.
Now that compliance rules are among the top three concerns for both HR and payroll teams, a system that introduces automation and helps your company keep in step with current rules and regulations is a real asset.
An HCM system can help alleviate key compliance risks, including those related to state and local taxes, so your payroll team can breathe easy come payday. The right solution can also simplify payroll processes across the board – including post-payday processes like reconciling payroll and GL accounts, reviewing payroll alerts, and filing compliance reports – so your payroll people can spend less time checking for manual errors and more time on the high-value tasks that truly matter.
Conclusion: HR and payroll moments matter too
Overall, this only scratches the surface when it comes to the ways in which industry-leading HCM technology can improve the working lives of HR and payroll professionals. From initial recruiting and hiring to talent acquisition and producing paychecks, a unified HCM platform ensures you have all the tools and resources you need to manage the moments that matter across the employee lifecycle. To find out more, check out our eBook today.