Payroll: Do you know what’s costing the most time and money?
Payday makes employees want to stand up and cheer. Payroll is a different story — it makes HR pros want to rip their hair out.
Running payroll is a long and frustrating process, complete with roadblocks and costly mistakes. At the end of the process, time and money have been wasted and HR is exhausted. And then the process starts all over again.
This never-ending cycle can be a nightmare — but it doesn’t have to be. The infographic below, compiled by Namely, an all-in-one HR platform, could help you improve procedures to save time and money.
Some of the highlights:
- 25% of payroll leaders spend more than 50% of their time on day-to-day payroll activities
- In 2013, the IRS issued 6.8 million penalties to U.S. employers for payroll tax mistakes, totaling $4.5 billion
- 45% of companies plan to move payroll to the cloud in the next 2-3 years, and
- 31% of companies want payroll solutions that integrate with other HR software.
Check out the full infographic below to see how to save time and money with a streamlined payroll process.
Source: Namely
