Insight Leads to Action – Using Data to Refine Global Payroll
As technology advances, the world becomes not only more connected but more interconnected. Big data is a buzzword that's made it's way out of the tech field and into just about every market and vertical today. In fact, it's become more entrenched as the amount of data available to us has increased. Places where we thought big data was less relevant are actually ripe for enhanced performance, efficiency and change through analysis.
HR AND BIG DATA
As an example of this modern phenomenon, consider how today's cloud HCM applications offer HR management professionals the opportunity to house data in a single system. Once in place, that technology can improve HR administration and deliver insight into areas such as employee retention, recruitment and reward programs.
INTERNATIONAL PAYROLL AND BIG DATA
Looking at this from the standpoint of an organization with a global workforce, cloud HRIS means fewer barriers to implementing an effective global payroll solution. This includes the ability to glean payroll data. In a multi-country payroll environment, gauging speed, determining accuracy and spotting inaccuracies are among the many opportunities for refining payroll processes.
THE JOURNEY FROM DATA TO ACTIONABLE INSIGHT
But a set of metrics doesn't tell the whole story. Data leads to insight and insight leads to action. So where, or how, do you start?
- Define and Standardize - First things first. Know what you want to accomplish so that you know what data sets to include, how to configure your reports and how standardize metrics for comparison.
- Assign Accountability - To be effective, there must be accountability for results and the subsequent actions that need to take place.
- Tie KPIs to Results - Decisions based on learning create value. To get there, make sure you are able to measure how well you are meeting goals.
2018'S CRITICAL GLOBAL PAYROLL TRENDS
In 2018 and beyond, the power of analytics will be one of the trends associated with global payroll, but there are others to know about as well. On Wednesday, Jan. 24, the 5 Key Global Payroll Trends webinar, bringing together thought leaders from OneSource Virtual, CloudPay and NelsonHall, will help you learn more about this year's trends regarding global payroll, as well as the latest research, as you look for the best available solution for your company.