Global Payroll Data and its Importance to the CFO and CHRO
As it can be in life, so it can be in business: objectives and charters seemingly unrelated or even at odds with each other can be, as the cliché goes, two sides of the same coin. As the non-cliché goes, they can be complementing hemispheres. It’s often the case in the C-suite, as the Accenture-advocated idea of whole-brain leadership shows us. And it’s certainly the case in human capital management, as 3Sixty Insights’ concept of concrete and abstract HCM shows.
What’s more, one kind of data can be comparably valuable to different stakeholders in the C-suite whose concerns might be seen, alternately, as left-brained vs. right-brained. Such is the case. certainly, when it comes to the needs of the chief financial officer and chief human resources officer. In a multinational enterprise, global payroll can be the source of that data — as long as it’s available and manageable, which only the right technology can really make happen.
This is the epiphany that came to mind for me, having had the pleasure of co-presenting a webinar last week with Conrad Wilson, data and analytics lead for Immedis, the Ireland-headquartered provider of technology and support for global payroll. Tiffany Appleby, vice president of global alliances and partnerships at Immedis, was our host and moderator. Our topic really made me think: “Payroll Analytics: How global payroll data provides the CFO and CHRO with insights for better decision-making.”
During the webinar, Conrad shared several examples of easily accessible reporting, available in the Immedis system, that help CFOs and CHROs lead better-informed. For example, one thing the CFO needs is to mitigate risk with payroll. It’s usually an organization’s largest expense by far, after all. Setup and variance reports can help with this. As for the CHRO, one thing he or she needs is tools to monitor and drive diversity, equity, and inclusion — ever more a critical component in workforce planning worldwide. And, in the Immedis system, a CHRO will find diversity and inclusion reports and a movements dashboard, both helpful in this regard.
A prerequisite to all this is that an organization sort out its global payroll in a manageable fashion, of course. This usually means outsourcing global payroll, at least to a degree, and deploying robust technology to handle it. Only then will a global enterprise capture the related data in modern ways that ensure its availability and easy presentation to decision-makers such as the CFO, CHRO, and other C-suite stakeholders.
What are all five things the CFO and the CHRO each need to improve their decision-making, and how can well-aggregated, well-presented global payroll data help? To find out, you’ll have to view the webinar — now available on-demand. You’ll probably want to do so anyway, as Conrad and I covered much ground, discussed many intriguing tangents pertinent to the topic at hand, and addressed several smart questions and observations from the audience. It was a real honor to be a part of this production.
Editor’s note: This blog was originally published on the 3Sixty Insights blog, on April 14, 2022.