As organisations increasingly turn to their people to fuel growth and efficiency, we’re seeing the emergence of significant new industry challenges and trends. Amongst these is the shift of HR and Payroll away from being a purely operational function, to providing business leaders with the ability to generate more accurate and timely business forecasting, drive and enable growth, and mitigate the risks of (expensive) noncompliance with current employment legislation.
The following are some of the most common challenges we hear from CFOs and executive leaders:
- Payroll is somewhat of a black box and is hard to use as an active component in risk mitigation and forecasting — How do I know my holiday pay is captured and recorded correctly when it is such a manual task?
- Cost of the HR teams seems to keep growing exponentially; how can we ensure we’re getting value from that investment?
- Accurate and real-time workforce insights from the HR / Payroll information would significantly aid in forecasting and risk mitigation. Change to these systems is seen as riskier than keeping with what you know… Or is it?
In this OnDemand recording Sven Martin (Chief Revenue Officer) and Chris Radley (HR/Payroll CTO) discuss the common business challenges and risks CFOs and Executives face when it comes to inadequate business forecasting, legacy payroll and lack of data insights. Demonstrating how in today’s market, sticking with the status quo is a very risky strategy.