HRO Today July/August 2014 - 45

Payroll
Not-So-Hidden Treasure
Today's global payroll data far exceeds gold coins. Leverage it correctly,
and you'll gain valuable insight on how to manage your workforce.
By Sheri Sullivan
As business continues to become more competitive,
organizations look for any advantage they can use to get
ahead. One advantage can be found in data. The copious
amounts of data organizations create on a daily basis can
help them better understand their costs, revenues, and
operating processes, and determine where improvements
can be made.
This so-called age of big data isn't a cliché: According
to research from IBM, 90 percent of the data that exists
today was created in the past two years. And while
companies can now access an almost unlimited amount
of information, it is crucial that they not only collect the
most relevant data, but also that they understand how it
can be used to enhance their businesses.
One area often overlooked as a source of data for
business intelligence is a company's payroll system.
Big mistake. Payroll data provides a wealth of key
information and metrics that-when leveraged
correctly-can lead to smarter decision-making. Just
consider the data that the payroll system includes:
headcount per month across the enterprise or by country,
the total number of leavers and new hires by country or
legal entity; how much the company pays each employee;
participation in company benefi ts; and payroll expenses
broken down by category, including employee taxes,
liabilities, insurance, pensions and much more. Consider
what can be done with this extensive data-and how
telling that information is.
Why a New Approach is Needed
Payroll data is vast and valuable, so why don't more
organizations leverage their payroll system for insight
and predictive analytics? The answer is that most
companies-particularly multi-national organizations-
do not have this information housed in one centralized
JULY/AUGUST 2014
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HRO Today July/August 2014

Table of Contents for the Digital Edition of HRO Today July/August 2014

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