Payroll Management: How to work smart and stay compliant?

Human resource management is undergoing a paradigm shift.
The size, preferences, and the temperament of the talent pool is constantly changing along with evolving technology. These changes bring opportunity, along with challenges in adapting to this change. While organizations that wait will struggle to attract, develop, engage, and retain top talent, the ones that will embrace technology and mobility will stay competitive.

HR leaders, along with CIOs, should work together to design inviting, differentiated experiences for the human resource. This can positively result in improved job satisfaction, productivity, and ultimately revenue.

This statistic shows the number of freelancers in the United States from 2017 to 2028. It is projected that in 2027, 86.5 million people will be freelancing in the United States and will make up 50.9 percent of the total U.S. workforce.
Source: https://www.statista.com/statistics/921593/gig-economy-number-of-freelancers-us/

Bringing transformation to payroll
In a competitive world, HR Leaders should leave no stone unturned in the struggle to streamline operations and reduce costs. More often, the key to doing so is digital technology that can help cost reduction and increase flexibility.

Capabilities needed to streamline the payroll process 

• Advanced payroll flowsPayroll flows are not standard. There are different flows for full-time employees, annual bonuses, and off-cycle payrolls. ONE BCG has enhanced the payroll solution's flows, making it easy for companies to configure and meet specific needs. You can run payrolls for multiple states at multiple rates and various types of wages.
  
  
• Dashboard viewThe payroll solution’s dashboard provides a picture of all the processes running in payroll—where work is in the flow, where any errors have occurred, what payroll employee is assigned to each step, etc. The dashboard gives decision-makers the visibility needed to manage payroll effectively, and the ability to drill down into processes to quickly act to solve problems.
  
  
• Full IntegrationThe payroll solution shares a data structure with all other product components. That means that payroll has seamless access to employee information; employees do not need to spend time in manual data entry from various systems, nor do administrators have to manage cumbersome integrations.
  
  With these tools and capabilities, the solution can help HR streamline payroll processes to increase efficiency and effectiveness and help ensure accurate and timely payrolls. Consult with our payroll experts to streamline your payroll process.