The research shows that improving the efficiency of payroll management processes is important to 54 percent of organizations. New investments in payroll management are being driven by a demand by almost half of organizations (48%) for higher employee productivity. Only a small percentage (8%) have integrated payroll with talent management, but more than a fifth (22%) are planning to do so in the next 12 to 18 months in pursuit of time and resource savings.
“The great potential of human capital management cannot achieved without having in place an integrated payroll process that provides needed information immediately not only to HR but also to Finance and to the employees themselves,” said Stephan Millard, VP and research director at Ventana Research. “The research finds significant room for improvement, and suggests that organizations should assess the need for improvement in light of the importance of payroll for the financial well-being of the company and the morale of the employees.”
The research finds that operating efficiently and having information readily and securely available is essential both for management and review purposes and to support employee self-service. In addition, an overwhelming majority (88%) of organizations view of payroll analytics as important and almost half (48%) are planning to improve their efforts. Being able to access a range of information and metrics as needed is a critical evaluation criterion for new systems, according to the research. In shaping the business case, most organizations’ top considerations are being able to address audit and regulatory compliance issues (52%) and reducing the time required for payroll tasks (33%).
The insights this new research provides will enable Ventana Research to provide more accurate and insightful guidance on methods and best practices in payroll management and how organizations can gain the most benefit from their investments. This research-based expertise, not found in traditional analyst and consulting firms, will enable business units and IT organizations to improve their ability to work together using technology to provide the right information efficiently and effectively. The Performance Index analysis in the research also can help organizations to more accurately pinpoint areas of needed competitive improvement quickly.
To learn more about Payroll Management please visit www.ventanaresearch.com/payrollmanagement. The research was sponsored by ADP (www.adp.com) and Ceridian (www.ceridian.com), supported by our partner Business Finance (www.businessfinancemag.com). Ventana Research, a leading business technology research and advisory services firm, provides access to a free copy of the executive summary of the research report and other educational materials.
About Ventana Research
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