Accurately paying employees isn't as simple as multiplying hours or days by a set rate. Learn the benefits of integrating payroll and timekeeping.
An Aptitude Research Partners 2018 HR Impact Survey reveals that in making payroll decisions, organizations are looking for more than just calculating Gross to Net functionality and issuing checks or direct deposits. They also want services such as tracking legal and compliance updates, integration with other systems, and technical support.
Integrating payroll and timekeeping functionality in a single, unified solution can provide organizations with these services and deliver valuable additional benefits:
- Ensuring regulatory compliance: Compliance with complex wage and labor laws ranks as a top need, as noncompliance penalties can be costly in numerous ways. Integrating payroll and timekeeping reduces potential for errors that can result in noncompliance fines and a devalued reputation.
- Impacting the top and bottom line: Organizations with payroll and timekeeping in the same system exceeded their revenue targets by 7%, as opposed to only 3.2% of those without an integrated solution, according to the survey.
- Enhancing the employee experience: Accurate time tracking and payroll calculations are critical to employee satisfaction. Integrating third-party benefits with payroll also helps ensure correct deductions are taken for medical, dental, and retirement benefits, providing a better employee experience.
Download this informative piece to learn more about how an integrated payroll and timekeeping solution can benefit your organization.