SaaS-based compensation solutions offer layers of valuable data that go way beyond just pay.
By Aaron Hurst and Jayson Saba
When all else fails, trust payroll data. The reality is that in most companies, there is no single source of truth for people-related data. Often, companies either have multiple HR systems or rely on spreadsheets to make sure they are reconciling all of the different data sources. In these cases, payroll data becomes the most trusted source. It is hard for a company to mess that up. Plain and simple, if they do, they will either hear it from employees or from the IRS. While the holy grail is a single application for HR, payroll, workforce management, time and attendance, and talent management, most companies aren’t quite there yet. In fact, research from Sierra-Cedar’s annual HR Systems Survey report shows that 98 percent of companies still rely on Microsoft Excel for reporting and analytics, and less than half (43 percent) have embedded analytics in the HR management system (HRMS) of record. Nonetheless, the same research shows that 99 percent of companies have a payroll system in place.
A former boss used to say “Let’s worry about two things first: pay our people, and keep the company out of the papers. Then we can do all the fun stuff.” Obviously, she was talking about accurate pay and compliance.
One of the most important aspects of human capital management is handling payroll processing. It’s the lifeblood of every successful organisation. Payroll is challenging enough when we have to worry about a couple of legal entities in two or three states, each with their own tax rules and regulations. However, these challenges start to grow exponentially when companies grow in scale and begin administering payroll on a global scale. The problem is largely one of compliance. Every country has its own economic conditions, currencies, and laws about how employees can be compensated. Companies must manage their payroll in a way that not only keeps employees compensated and engaged with their jobs, but also measures up to various national and international challenges of payroll processing.
Thought leaders are the informed opinion leaders and the go-to people in their field of expertise. They are trusted sources who move and inspire people with innovative ideas, turn ideas into reality, and know and demonstrate how to replicate their success. We certainly have a great group of thought leaders and innovators involved in our association, as demonstrated by the outstanding group of thought leaders, industry experts, and best-selling authors who speak at our Thought Leadership Councils (TLCs), as well as the people who attend them.
The HRO Today Services and Technology Association provides members with the opportunity to connect with other professionals, share best practices and content on our website, discuss and set industry standards within the HR and outsourcing industry, and to learn. Learning through our TLCs continues to be a member favourite and attract a large audience via the live webcasts and our on-demand TLC library. The TLC functional categories are designed as a member benefit for networking, engagement, and to strengthen the relevance to HRO Today magazine, our events, and HR(O) in general.
The following monthly TLCs support this effort and are held the second week of each month:
by Elliot Clark
This is a signature issue among politicians and a classic example of corporate greed. I love people who cannot pass a budget in any year decrying the earnings of the world’s most accomplished business people. However, it is an issue of some merit and one that HR and board compensation committees had better grapple with soon. After all, the best solution to a business problem is a business solution, not a legislated solution that is likely to backfire.
According to an AFL-CIO report, the average ratio of CEO compensation to average worker compensation is 331:1. That may sound outrageous, but that CEO may have as much if more impact on company performance than 331 average workers. And yet, it still does not feel right. Moral ambiguity aside, the biggest problem I have with CEO compensation is the potential for that 331X impact to be mostly negative. Why the heck do these men and women make so much money when the results are not there? That is the crux of the problem.
Global payroll trends focus on compliance, cloud integration, and growth growth growth
By Bill Hatton
No tree grows to the sky, the old saying goes. But trees do grow rapidly under certain conditions. In the case of global payroll, that is exactly what’s happening, and the industry is growing to the Cloud, if not to the sky.
A new study shows concern over affordable healthcare during retirement.
By Sandy McCarthy
For all workers in different stages of their careers, the challenge of retirement adequacy is one that employers and employees face head on through their benefits strategies. Now more than ever, employees share more cost and make more informed choices for their health and wealth benefits. Mercer research shows that 70 percent of employees believe they are primarily responsible for ensuring an adequate and secure income in retirement.
Predictions for next year across five HR sectors.
By Amy L. Gurchensky
Across the board, 2015 was an exciting year for human resources outsourcing (HRO) and services. Cloud-based human capital management technologies, private health insurance exchanges, robotics process automation, cloud HR services, and robo-advisors all made an impact on how HR drives business forward.
Tough competition, stagnant economy, and some great new tools
By Bill Hatton
What do HR pros in Europe need to know about recruiting and RPO in the next year to prevent being blindsided? We put this question to Jan Mueller, Managing Director, EMEA Solutions, Futurestep, based in Munich, Germany. Jan has been in recruitment for almost 20 years and in the RPO industry for 10 years. He generously shared his insights with HRO Today Global on the state-of-the-market in Europe:
We know that the readers of HRO Today Global magazine turn to us as the go-to resource in the industry-a resource that delivers trends, insights, and the top resources for all of their human resources operations and service needs. In our 2016 Resource Guide, we showcase providers and product vendors across 14 sectors of HR services.
Here you will find providers of everything from recruitment process outsourcing (RPO) to benefits administration to multiprocess HRO, not to mention a treasure trove of HR technology, consulting services, and other ancillary products. We hope that our 2016 Resource Guide will serve you well as a starting point in your search for an appropriate vendor.
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