COVID-19 has accelerated the rise of the digital economy, and large enterprises are no exception. New software and technology have become more popular, and your enterprise business can use the right tools to stay relevant and rise above the competition.
Adapting to the quick-paced market and rapidly changing times entails using an integrated payroll and HR software. But what defines an integrated people platform? Let’s find out.
What is an Integrated Payroll & HR software?
An integrated payroll and HR system is a cloud-based solution that merges HR and payroll for maximum efficiency. The system automates the admin tasks of HR and payroll teams in a single online database. It can help organize employee records, payroll information such as salary and taxes, and enrollment for benefits or training.
With an HR Integrated Software (HRIS), you’ll benefit from an employee self-service portal that allows employees to update basic info and track attendance (like sick days and vacation leaves). Since enterprise software houses all events in a unified platform, it also contributes to flexible employee recruitment.
What are the Benefits of Adopting an Integrated Payroll & HR Software?
Management tools free HR staff from manual work to focus on things that matter, like employee engagement. But what are its other benefits?
An HR Enterprise software minimizes cost by seamlessly tracking payroll taxes, benefits, and claims. It is more cost-efficient than having HR teams perform manual work, leading to endless back-and-forth and higher expenses.
Using a holistic, all-in-one system will save your business from outsourcing and filing unnecessary paperwork.
Increased Productivity & Efficiency
Organizations use HR apps to manage costs and improve the engagement and productivity of employees.
Using an HRIS can contribute to productivity by addressing complaints related to compensations and benefits. Based on our State of HR Report, HR professionals consider labor relations and recruitment processes two of the most time-consuming tasks. After all, it involves finding the right candidate takes time.
HRIS helps ease these tasks by automating employee records for HR admins and letting HR teams use an innovative platform to make their job easier.
Improves Employee Experience
An integrated HRIS grants employees instant access to HR info and records, which they can access on their desktop or smartphone.
Having an all-in-one platform can easily improve employee experience by connecting employees to HR. Moreover, employees can conveniently track performance and attendance, taking away the time-consuming process of manual filing.
An enterprise system automates data encoding and minimizes human error. Integrated payroll systems provide accurate calculations of employee salaries, payroll taxes, and benefits. This results in little to no errors.
With everything being in one place, it’s easier to rectify payroll disputes (like overtime pay or missing bonuses), should they arise.
Easier Access to Insights & Stats
With everything related to HR in a single platform, it’s easier to pull up insights and statistics that can help inform employee evaluations. In turn, these metrics can then be used to make business decisions or company policy changes for the next period.
Enterprise softwares also safeguard company data through its stringent security system. Any data leaks or breaches can be costly to your large enterprise, but you can rest assured that an HRIS is equipped with robust security protocols that will prevent unauthorized access.
To learn more about how to protect sensitive info, read about the Data Privacy Act here.
How is HR Different for SMEs & Large Enterprises?
Even though an HRIS offers significant benefits, adopting the right system will depend on your organization's needs. And that’s why HR for SMEs are different from the demands of enterprise businesses. Let’s take a closer look.
Large enterprise businesses have a complex organizational structure, making it more difficult for their HR department to manage employees. As a result, they need a more flexible HR department that can adopt changes easily.
Duties & Responsibilities
Roles and duties are more granular in large enterprises. Since there’s a larger headcount, one or more professionals can perform the same role (for example, larger companies can have a team of accountants who work on the same job function) at the same time.
Recruitment & Retention
Large enterprises have more resources and budget, making them more adaptable to change unlike SMEs.
Given the recent wave of resignations, reducing employee turnover rates is tough for both small and big businesses. But enterprises tend to bounce back more quickly since they have more resources. As a result, they’re more adaptable to change despite incurring losses caused by low staff turnover.
Use Sprout’s Integrated HR & Payroll Software
Innovation is the solution to staying business growth-ready. With the right tools and software in your arsenal, you can maximize the potential of your workforce. Streamline your HR tasks with Sprout’s holistic ecosystem designed for the future of work.
Our all-in-one HRM Software provides your large enterprise with the right tools to seamlessly integrate your HR and payroll system in one place. Get started and fill out our sign-up form today, or check out our blog page for more related reading.