PERFORMANCE BASED REMUNERATION SYSTEMS MAKING PAYROLL OUTSOURCING A NO BRAINER. | Ronalds LLP

Payroll is a crucial part of running a business and needs to be carried out correctly and strategically. This is not only because it requires accuracy when scheduling out paychecks, but also poses a huge risk of wasting money, through unclear reward systems. 

According to recent studies 71% of small and medium sized enterprises expect management-led demand to change the frequency of paying employees over the next five years, with the introduction of radical alternatives to the traditional pay cycle.

Though this shift is an attempt to improve employee satisfaction during appraisals, it radically increases the need for continuous monitoring of data to best analyze the performance metrics of each employee to facilitate strict performance based remuneration methods.

HOW RONALDS LLP WILL MAKE THE SHIFT EASIER FOR YOU

  1. Actionable business insight –  Rather than calculating attendance, timesheets and wages traditionally, we shall use artificial intelligence to collate volumes of data and make predictions based patterns that shall provide actionable insight such as identifying high-risk leavers or critical data gaps impacting productivity.

Would your payroll officer be able to amass and drill down to this level of analysis? Certainly not at speed, if at all.

  1. Improved employee experience – Your HR department shall be paperless and enquiries on payroll reduced by 75%. What a simple and beneficial innovation! 

With our automated systems individuals shall be able to securely access their cloud hosted Payroll and HR data anytime from a connected device, self – serving their enquiries and requesting leave instead of your HR/Payroll officer manually handling such requests.

  1. Productivity – Our automated systems will track employee time and attendance, while verifying information given on relevant timesheets giving your teams time to focus on strategic thinking and planning to accommodate the demands of the emerging workforce. Our systems shall bring accuracy and agility, taking care of repetitive or manual tasks to free up payroll teams.

        We guarantee 100% elimination of the risk of paying redundant positions

  1. Compliance and Accuracy – We are always one step ahead of changing legislation to ensure people are paid correctly on time, every time.

In a nutshell, the workforce is changing and now is the time to consider your organization’s future payroll strategy. To meet the demands of personalized payroll and continue to attract talent, 78% of professionals say that payroll needs to evolve and innovate – so what are you waiting for?

Contact us for more information on how this can be a reality for your organization.

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