Do you know you can use your payroll services resources as a source of insight? Payroll has the power to shine a light on your largest resource and overhead: your people. For example, research by Sage and IDG has found that companies with more effective data grow 35% faster.
In the past, people saw payroll as a repetitive administrative task, but that's changing. Innovative technology is transforming payroll into a key business resource, you just need to know how to get the most from your payroll services resources.
Analyze employee pay
Compensation for employees isn't just a business expense, it's an important consideration that will save money and drive efficiency in the long term. Payroll professionals must use and understand the large amounts of data available to them if their businesses are to keep up with the competition.
Use your payroll reports
Payroll reporting is key to the success of your business. Not only can it contribute to growth, but also the productivity of employees. Businesses with more usable data increase productivity by 10%.
When you combine payroll data with information about your performance culture, skills, behavior, and experience, this resource can help you see what's affecting the performance of your business
Get help from payroll professionals
Payroll services allows you to understand and make better use of your company's biggest capital investment—your employees. After all, the wages your business commits to the workforce have a direct impact on your bottom line.
Make more of your payroll data
One of the best payroll services resources at your disposal is your data about payroll. It can bring immediate financial benefits. It can provide a monthly snapshot of your company's health and help you make better decisions. How? Well, businesses are required by law to keep live payroll information, so there is no chance of you making decisions based on old news.