Payroll systems are a business’s financial integrity. With a well-managed payroll system, companies can have a transparent and accountable financial system within the organization. Earning for making a living is the sole reason that motivates employees to pursue jobs. So, imagine what could happen if a company fails to deliver its payroll accurately and on time. It may result in employee dissatisfaction, and shortly, they will start quitting their jobs. As a major driver of organizational revenue, losing staff may soon lead to business closure. Thus, accurate and time-bound payroll systems are the one that protects a company from losing its valuable asset, the workforce.
Having an integrated payroll system can be a boon for a company that wants its payroll to be accurate and timely. Software like Cloud Oracle and Maximo contributes to the deployment of effective payroll systems. These systems enable workforce management to be more efficient and productive.
As a reliable source of information, The CEO Views aspires to be a leading media platform sharing trending topics about various industries and business phenomena. This article from The CEO Views magazine highlights the significance of payroll systems in organizations and the contributions of software like Oracle and Maximo in establishing such systems for better employee satisfaction and retention. The upcoming editions of the magazine will feature articles on technology, finance, healthcare, and other industries.
What are Payroll Systems in a Company?
Human Resource administration has drastically transformed since the adoption of technologies within organizational operations, including Human Resource Management. While payroll processing is a routine transactional activity, poor design and implementation of payroll systems can cause damage to employee and organizational well-being. A lack of IT infrastructure and software deployment often results in organizations failing to deliver their payrolls on time.
Payroll systems are one of the first and most frequent automation of HR activities. While it adds no value to a firm’s competitive advantage, pay slips are the most scrutinized documents of employees, and any incorrect payment can lead to employee dissatisfaction. Many studies have shown that organizations with enterprise resource planning implementation issues are likely to have poor payroll systems.
Continuous monitoring and feedback from employees can help organizations design thoughtful payroll systems. In a modern-day business context, empowerment is preferred over control. Through accurate and timely payment of salaries, companies can cultivate engaged and empowered employees rather than poorly controlled and underpaid ones.
Why Is It Important for both Employers and Employees?
As stated earlier, payroll systems are important for employees because they ensure timely and accurate payments. This timely receiving of salaries can offer them a range of benefits-
- Ensures Employee Financial Well-being: Effective and systematically operating payroll systems deliver exact salaries on time. It maintains the financial well-being of employees, securing their economic status.
- Automate Calculations: Through a payroll system, payments are automatically calculated, reducing the burden of human resource administration.
- Employee Self-Service: Cloud-based payroll management systems like Cloud Oracle enable employees to look for required payment-related information without contacting the payroll team.
- Employee Satisfaction & Retention: A well-played employee is a happy employee. When they receive their salaries accurately and on time, it boosts their trust, morale, and job satisfaction.
Payroll systems are also a boon for employers. Let’s find out how:
- Calculate Wages Automatically: The payroll system automatically computes the payment for each employee depending on their hours worked or salary to avoid errors in wage calculations.
- Detailed Recordkeeping: Payroll systems maintain detailed records of employee compensation, benefits, tax deductions, and other payment-related information.
- Timely Payments: Through a payroll management system, employers can pay salaries on time to avoid employee dissatisfaction.
- Compliance Assistance: Payroll management software can incorporate new laws or changes to existing laws into the payroll management system to ensure tax compliance.
- Processing Taxes: The best and most effective payroll system can process all payroll taxes at the state, local, and federal levels.
- Data Security: Payroll systems can protect confidential employee payroll data, including salary, taxes, and personal details.
Cloud Oracle: Your Ultimate Payroll Assistant
Cloud Oracle HCM or Oracle Payroll is a complete, unified solution with the HR process to enable configurable and compliant payroll worldwide. It is integrated with Oracle Fusion Cloud Human Capital Management, allowing businesses to manage their payroll systems globally. It ensures compliance with international labor laws and taxes, streamlining the payroll process. This cloud-based payroll system management software has features like data analytics, global forecasting, and data corrections for efficient payroll management across diverse workforces.
Maximo Software: Integrating Payroll System into Asset Management
IBM’s Maximo software is an effective asset management application that can be connected to payroll systems. As the organizational workforce is a valuable asset of any organization, Maximo’s Application suite is designed to be integrated with any payroll system. This software solution delivers intuitive dashboards, predictive analytics, and automated workflows all in a single solution, serving as a centralized operations hub that keeps any business running. By integrating Maximo into built-in payroll systems, workforce management can be made more efficient.
