How Global Payroll Data and your HCM Provide Insights for Better Decision Making
Human Capital Management (HCM) requires complex, multi-faceted decision-making. HR managers need to satisfy both the tangible and intangible needs of their company’s employees. To that end, they can use global payroll data to provide insights and make better decisions.
Immedis provides an analytics platform that streamlines global payroll. Our global payroll management application creates easy-to-read reports that aid HR managers in understanding operational insights. With that considered, our application helps in several ways, including:
- Mitigating Risks in Global Payroll
- Driving Diversity and Inclusion
- Understanding Key Trends and Movements
- Assessing Analytics’ Performance
And ultimately, our platform helps managers address the two sides of HCM: objective, concrete needs, as well as subjective, felt needs. It is an all-in-one payroll solution.
The Two Hemispheres of HCM – Objective and Subjective
To understand how analytics can provide better insights, we need to first take a look at the needs and goals of HCM. There are two categories of goals here: objective, tangible goals, and subjective, intangible goals. Neither are necessarily more or less important than the other.
Objective goals are specific and measurable.
They are the kinds of things you could point to or reference in a court of law.
- Processing global payroll on time.
- Giving union employees 40 hours.
- Calculating union staff overtime.
- Complying with FLSA, OFCCP, etc.
- Combatting buddy punching.
- Managing benefits costs.
- Reducing open requisition time-to-fill.
- Keeping audit trails of annual reviews.
- Tracking training for compliance.
- Gaining inefficiency and productivity.
- Handling local tax laws and social security.
Subjective goals are not measurable but are no less important.
They are the kinds of things that you and your employees can feel, and therefore make an impact on worker productivity and satisfaction. They include:
- Decreasing staff anxiety over pay.
- Flexible scheduling for work-life balance.
- Providing benefits selection consultation.
- Ensuring recruiters are good brand ambassadors.
- Cultivating trust with continual performance feedback.
- Building a learning-focused organization.
- Facilitating internal mobility, IP retention.
- Building strong lasting employee-employer cultures.
Reaching both objective and subjective goals is crucial for any HR manager. They keep the workforce satisfied and on track.
Global Payroll is Simultaneously the Most Concrete and Most Abstract Domain of HCM
Payment is the ultimate signifier of an employee’s worth as an employee. That’s why it is so important that workers be paid fairly, correctly, and on time. Failure to do so signifies that they are not fully appreciated. This appreciation boils down to both concrete and abstract aspects.
Concrete aspects are questions of survival: Can I get by on this pay? Will I get paid on time, correctly?
Abstract aspects are questions of feeling: Am I paid my worth? Is this remuneration fair?
Obviously, these considerations reflect the objective and subjective goals above. HCM managers need to meet those goals to ensure both the concrete and abstract aspects of monetary compensation. They need to do more than simply pay employees and process payroll. Global payroll providers also need to make sure employees feel good about their payment.
Analytics Reduces Risks Associated with Global Payroll and Increases Operational Insights
Immedis’ analytics platform provides several types of reports that aid HR managers in analyzing global payroll to make better decisions.
- Setup Reports ensure that all required data is present.
- Variance Reports help you understand what has changed from month to month. This can help prevent payroll errors.
- Diversity and Inclusion Reports help you understand how pay varies across gender and other factors within your organization.
- Flash Reports discover key trends in your international payroll data, so you can see the most important changes without spending hours analyzing the data yourself.
- Movements Dashboard helps you understand how headcounts have changed across regions and countries as international employees and remote employees move through multiple countries.
- Service Management Reports openly assess Immedis’ performance.
These payroll reports, together, provide a robust suite of tools that HR services can use to perform both the objective and subjective sides of HCM.
Mitigating Risks in Global Payroll
Setup Reports and Variance Reports both help mitigate risks in international payroll. They provide organized information about what data is present, and how it is changing. Sudden, unexpected changes may indicate payroll errors.
Mitigating global payroll risks is crucial for both the objective and subjective sides of HCM. Paying the wrong amount, or at the wrong time, sends a bad signal to workers. They may start to have concrete worries about the ability of their employer to provide for their needs. They may also start to have abstract worries, about the fairness and value of their remuneration.
Driving Diversity and Inclusion
Diversity and Inclusion Reports help you understand how pay varies across gender and other factors. It is crucial that workers feel that they are being paid fairly, and this includes non-discrimination across factors irrelevant to work success.
This primarily affects the subjective side of HCM. Workers who are underpaid due to gender or ethnicity will feel unappreciated and resentful. And the other members of your team, should they become aware of this, may also feel that it is unfair, despite receiving greater compensation.
Understanding Key Trends and Movements
Change is the only constant in life. Immedis’ Flash Reporting and Movements Dashboard provide the insights you need on how your organization is changing. This lets you respond quickly to new changes and developments, and keep employees happy at the same time.
Assessing Analytics’ Performance
Our analytics platform can even analyze itself. The Service Management Reports openly assess Immedis’ performance. This lets you gauge how the global payroll solution is helping you and shows where it is making the biggest impact.
Conclusion: Better Decision Making Through Immedis’ Insights
Better insights mean better HCM, and better HCM means happier employees and greater productivity. Global payroll services are at the center of HCM, as it is the ultimate signifier of value to employees. Doing payroll correctly, therefore, is crucial for maintaining a positive work environment.
Immedis offers several reports to help you better manage payroll and keep workers satisfied in both concrete and abstract dimensions. They should consistently feel that your company can provide for them by paying them correctly on time. And they should consistently feel that they are being compensated fairly for their labor.
Our reports deliver insights related to risks, diversity and inclusion, trends and movements, and even the analytics platform itself. These insights help guide HCM decision making and lead to better payroll management.