Christina Yue, Customer Learning Manager |
In addition to facilitating timely and accurate payoffs, a strategic payroll process can return money back into the organization, enhance employee satisfaction, and deliver management insights. As Liz Bucko and Scott Klein from Oracle discuss best practices for the ongoing management of payroll using HCM Cloud to accomplish these gains, assess how fully your organization is utilizing its current payroll solutions and what potential yield is possible with an enhanced payroll strategy.
A strategic payroll process can reduce cost and bring money into your organization. By switching to paperless opportunities, organizations can significantly reduce cost while gaining benefits like increased security, easier recovery from disaster, and reduced manual entry errors. The savings potential is even greater when a payroll strategy ensures employees are leveraging tax sheltered elections, identifying the optimal payroll frequency for the organization, and reducing customizations that cost the organization through testing and maintenance.
Leveraging self-service as part of the payroll strategy gives the employee control. A cloud payroll strategy can enhance the level of payroll access for the employee, even a terminated employee. Features that convey to increased employee satisfaction include embedded videos to help employees understand their pay and easy-to-view historic withholding. By offering deductions for charities, organizations can track key metrics that may contribute to your organization’s qualifications for “great place to work” designations.
Maximizing reporting capabilities improves your organization’s strategic payroll process. Payroll strategy decisions can be driven by understanding how your organization’s payroll process measures on these metrics and more. In addition to increased automation, cloud solutions can provide dashboards and updates for key indicators.
View the full HCM Cloud Payroll: Making Payroll Strategic session for more information about Oracle HCM Cloud Payroll.