TLNT | October 10, 2019
By Raj Narayanaswamy, Co-founder and co-CEO at Replicon
Many businesses embarking on a payroll and HR transformation journey can easily get caught up in the minutiae – hyperfocusing on managing processes and restructuring payroll to the point where they fail to see the forest for the trees. As a result, most newly implemented HRIS and payroll systems fall short of their potential, unable to deliver on key overarching needs like support for complex time use cases (e.g., job costing), specific gross pay compliance needs like union rules, mobile workforce management, or the ability to support global location requirements.
Long story short: a business’s payroll transformation is incomplete without looking at the broader picture of time and attendance – and that’s achieved by using a single source of truth for time data across an entire organization. This way, all of a company’s teams can evolve together and stay agile as it adapts to market needs. And what exactly does that entail?
A single source for time and attendance
Meeting most payroll challenges can be exceedingly difficult when time-capture is housed in numerous, disparate systems across the globe. And time-capture is a central point in this discussion – without streamlining time and attendance, there is no gross pay information to feed to payroll. Investing in a centralized, scalable, single source of truth for time across the entire organization is one of the most fundamental components in an effective enterprise-wide payroll revolution. This sets a new standard for control over key factors like visibility and accuracy, eliminating data silos, and getting everyone on the same wavelength.
Leveraging AI technology
Intuitive and unobtrusive tech are highly valued tools within the evolving payroll landscape, encouraging faster adoption and increased data accuracy. Cutting-edge tech including face identification, geo-fencing, chatbots, and intelligent time clocks turn time tracking into an effortless conversation between workers and the technology they use every day. Liberating supervisors from tedious, manual error and exception checking can yield an upgraded experience with AI’s involvement, offering intelligent, configurable workflows smart enough validate data and flag exceptions in real-time. By using AI to streamline time tracking and automate workflows, businesses can accurately and securely capture time, meet any and all unique business needs, and get visibility where it counts.
Compliance and complex pay situations
Labor compliance is a non-negotiable fact of life when it comes to running a company, but surprisingly businesses around the world constantly make the news for million dollar plus violations. With globalization and increasingly dispersed workforces, maintaining compliance is more challenging than ever. Statutory compliance is already complicated enough, as businesses must ensure every local, regional, national, and international regulation is accounted for – but when compliance rests instead on specific collective bargaining agreements or local union rules, things can easily get overlooked. Further complications involving different attributes to capture or localization needs arise when businesses attempt to painstakingly customize workflows for each one. But manual solutions or local vendors are no longer a quick fix; today’s payroll teams require a comprehensive, up-to-date, out-of-the-box solution – one that works integrally with their time-keeping system to reduce errors and offer the flexibility to support any compliance need.
Digitally transforming payroll
Imagine a world where your time and attendance system is intelligent enough to harvest time based on employee activity or GPS mobile location, seamlessly route time reports through the proper approvals, apply all relevant pay rules, instantly flag any exceptions for supervisors to review, and access all gross pay data across every location – available at any instant. The first step to achieve this reality? Utilize a unified source of truth for time across time and attendance, and watch firsthand as the changes elevate your payroll to new heights.
Original Source: TLNT
Author: Raj Narayanaswamy, Co-founder and co-CEO at Replicon