Tapping into employee data can significantly impact your business
This time of year, a lot of IPS clients are laying the groundwork for the coming year, putting together budgets and financial forecasts. And there is a lot of data available to guide them in the process – sometimes to the point of being overwhelming.
With today’s automated tools and software, mining employee data in a client’s payroll system allows for a deeper dive to find out such things as:
- How employees are performing on the job
- Whether a company’s compensation plans are offering enough incentives
- If hired talent is being managed most effectively
The key to data collection for analysis is not quantity, but gathering the highest quality statistics. The IPS system has hundreds of built-in reports to accommodate the most common data requests. Our report writer module allows for maximum customization from any data element in the system. In addition to real-time access to current payroll reports, the IPS’ platform includes historical payroll reports and records, which are easy to archive and retrieve.
So once implemented, what’s the payoff from utilizing big data analysis in payroll?
Fewer mistakes – Makes it possible to figure out where, how and when errors happen. Looking at data trends over time can identify how to improve earlier failures and save money.
Determine the future – With available knowledge of overall operational costs, company leaders are better prepared to forecast their plans, perhaps consider an expansion in one place rather than another.
Hire better – What are your true employee needs? Data helps discover whether it’s worthwhile to consider onboarding full-time employees for a project or if contract workers might better serve the company.
Retain employees – How much employees are paid and their performance are directly linked to payroll data. With this information, compensation packages can be developed that are of the most benefit to workers, which keeps them happy and improves the company’s bottom line.
Let us help extract your best employee data to gain an advantage. Contact IPS to learn more today.