How a Self Service Payroll System Will Save You Time and Resources
How much time and money does a self service payroll system really save?
Studies have shown that portals like self-service payroll cut HR tasks by up to 50 percent and regularly reach ROI within 3 years of their adoption. The time and financial savings of these programs can’t be underestimated. Study the ways they save companies the most in time and resources to maximize your own use.
Self Service Savings Are Significant
It’s not surprising to see firms like The Cedar Group hailing the praises of self-service payroll. These programs free up the time of talented human resource staff and allow employees to do their own busy work. Changing addresses, checking available vacation hours and the like can be easily completed during breaks, before or after shifts or even from the comfort of home, depending on the program.
Freed from these annoyances, your HR team can get to work on the assignments making the most difference to your company. By itself, redirecting your specialized workers to what they were trained to do results in a tremendous spike in employer appreciation and productivity. Though these kinds of benefits can be difficult to measure, business owners now have a rough idea of how satisfaction impacts bottom line.
How Much Is a Happy Attitude Worth?
Thanks to big data, big businesses have been able to estimate the financial impact of dissatisfied middle-management employees. Gallop polls indicated the overall cost of unhappy American workers runs $300 billion each year just in lost productivity. The poll didn’t touch on the cost of replacing workers who get fired due to poor performance or in finding new people to fill the positions of the 2 million workers who quit each year.
The study additionally found nearly all of the managers surveyed – an astonishing 95 percent – didn’t prioritize the number one factor in job satisfaction. By far, being involved in meaningful work and focusing on the impact your employees make in people’s lives is the richest source of pride and job appreciation. What’s being called a “disengagement crisis” can be alleviated through small policy changes like the addition of a self-service payroll portal, allowing your employees to get away from administration and filing duties and stay focused on the tasks they feel make a difference.
The Keys to the Castle
A self service payroll system can be custom designed to give employees access to all kinds of information. They can check their earnings, their tax information and how many sick days they have left. They can also put in requests for changes or manage changes themselves. What they’re able to do and how much oversight is needed depends on your company policies and comfort. You don’t have to choose between keeping information under lock and key or giving your staff free reign over their personnel files.
Working with HR can go a long way in determining what information you can safely allow your employees to change on their own. Other issues – like requesting time off or tapping into retirement funds – may be things best left to office staff for the purpose of keeping accurate accounts.
Smart business owners take advantage of the latest technology in ways known to increase productivity and improve job performance. Research is giving us pointers on how best to do that, and it’s become clear workers need meaningful work to keep them happy and engaged. Free your HR team up from the mounds of paperwork bleeding significance from their days, and keep your other employees feeling more in control, with help from a self-service payroll system portal.