When selecting a payroll and HR solution for your company, you need to take two things into consideration: the risk tolerance of your business and the main purpose the technology would serve your enterprise.
The Purpose of Payroll and HR TechnologyWhen you implement the perfect payroll and HR technology for your business, you can manage all employees efficiently as well as make better strategies to help you understand the overtime being paid in every department, the sick time used every year, the bottlenecks of all recruitment processes, keep track of compliance related needs and their impact on your business as well as the top performing employees in the company.
Risk Tolerance for BusinessesMaintaining compliance and avoiding any errors in payroll is very important for every business and usually takes a lot of employees in a business, a luxury that small sized businesses do not have. If you do not have the right HR technology, it will be difficult to achieve this and increase your exposure to future risks.
Things to Look for in Potential PartnersSmall businesses need to keep in mind the following three things when they are looking for a potential payroll and HR partner:
- 2 Reporting and Compliance
- 3 Trusted Expertise
UsabilityAny business, when looking for a payroll and HR system, should select one that makes your life easier. It should be easy to use. When you are selecting a system, you should consider how easy the software is to implement, how user friendly it is, the integration it offers and employee self-service.
Reporting and ComplianceCompanies need to provide reports to various departments, their employees, accountants and involved agencies, making reporting a very important part of running your business. When you look for a payroll and HR software, you need to make sure it comes with ease of reporting.
Trusted ExpertiseThere are a lot of vendors that will provide you with payroll and HR software at a significantly lower price. When you are finalizing your system, you need to make sure your vendor can deliver the expertise that is needed. To do this, look for the following traits in your vendor:
- Listens to your feedback
- Comes with security
- See if your vendor updates alongside your business