Unlock the power of your payroll data
If you’re making business decisions, HR or otherwise, without looking first to your payroll data, you could be missing out on valuable insights. Small changes in the business can create large changes in payroll, and an understanding of cost per employee or revenue per employee can help in planning future growth. Here are a few of the most powerful outcomes of payroll analytics done well.
Know the real cost of people
Staff and salary costs should be able to be easily broken down by individuals and departments across the organisation. When those figures are compared against others, such as organisational performance during a specific period, departmental effectiveness at various headcount sizes or even cost of absence, it becomes apparent just how valuable this data can be.
When decisions need to be made around hiring temporary staff to fill holes caused by absence, around settling on the perfect headcount figure for a specific department or around planning for the real cost of growth, payroll analytics will help shine a light on the relevant facts.
Putting a dollar value on employees
What does a staff member cost your organisation, on average? What has the business been able to do, in the past, in order to reduce such costs? More importantly, how can revenue per employee be increased?
Payroll data will help to reveal the various periods and trends during which cost per employee rose and fell. Revenue per employee might rise to a peak, for instance, during a period when staff costs are greatest. Cutting staff costs at that point could actually be damaging for the business.
Identify high performers
In analysing individual performance and staff members’ value to the organisation, payroll data is an essential ingredient. Once identified, such staff members can be personally managed to ensure they are unlikely to leave the business, to set their optimal pay rate and to create lookalikes in order to hire similar types of people.
Know costs in advance
Once your payroll data is being well managed, it becomes relatively simple to create predictive reports that show the exact costs of growth, or of various other potential situations and outcomes. Forward planning then becomes about much more than headcount, as real figures can be placed against other data sets in order to plan for the optimal outcome.
A payroll system that meets your needs
Identified by Gartner’s 2016 Magic Quadrant for Payroll BPO Services report as the world’s only Australian-headquartered ‘Leader’ in the payroll services space, Ascender is a trailblazer in the field of payroll data analytics and customised solutions.
The Gartner report particularly noted Ascender’s massive investment in technology, including our signature payroll platforms, the enhanced employee/manager dashboard and mobile app, and in particular, the Ascender Connect cloud platform.
Ascender Connect automatically merges IT, finance and payroll data and acts as a connection hub for staff and an integration hub for multiple solutions from third parties. It makes access to, and analysis of, your most valuable data a simple and transparent process.
The post Unlock the power of your payroll data appeared first on Ascender HCM.