Cloud technology has revolutionized HCM and core HR processes, putting you back in control and allowing you to focus less on transactional tasks and more on strategic data. Payroll outsourcing technologies provide you with opportunities—the opportunity to lead within your company and among your industry peers, for instance. Similarly, they ensure that you will have a voice in the future of your payroll organization and the technologies acquired.
You’re also presented with several options for how to leverage this technology. What are the critical characteristics that best meet your company’s needs and create the optimum payroll application for the future of your business? The market can be confusing when it comes to the cloud, but these are the fundamental characteristics you should be considering:
- Multitenant- Multitenant cloud providers focus their resources on new functionality and improvements while legacy providers must maintain their aging systems through constant versioning of divergent code lines. It’s either you or them. Let’s make it you.
- Unified Systems- A unified system consists of one platform with service layered on the same foundation eliminating the need for multiple integrations. This is a Business Process as a Service – or BPaaS - model. Payroll processes are executed in a single application, without the need for separate spreadsheets or data warehoused in separate technology, providing you with valuable, real-time information and reducing errors and failure points.
- Analytics- Since payroll accounts for 15 – 50 percent of your company’s operating expenses, it’s the best impartial, unbiased and real payroll data available to you. A proper cloud application should provide drill-down capabilities, standard reporting and big data analytics, allowing you to build reports that improve your business’ ability to make actionable decisions.
From on-premise services to cloud technology and everything in between, finding the right solution for your payroll outsourcing needs can seem like a daunting task. What’s important is that you evaluate what is right for your organization. Identify administrative burdens that can be handed off to a service provider, determine the processes that need to remain under your control and decide which technology will provide all of these things in a single, unified solution.
Don’t allow your fate to be governed by someone else. You can learn more about BPaaS, how it works with revolutionary cloud-based HCM platforms such as Workday and how it stacks up against traditional Business Process Outsourcing (BPO), in this BPaaS infographic.