Administering and managing payroll is one of the most critical functions of any organization, but the scope of human capital management today involves much more than wage management or time and attendance tracking.
Given the variations in wages and salaries, the blend of FTEs (Full-time Equivalents) and contractors, and other complexities, it can be easy to overlook some of the other responsibilities that fall under the human resources umbrella.
A truly efficient HR solution must encompass the following:
- Recruitment and applicant tracking
- Benefits packages
- Background checks
- HR record-keeping and complete employee profiles
- And much more!
Streamlining Your HR Functions
With so many subcategories and constant data crossover, having one cohesive system can help compile all of your human capital management and HR data to ensure accuracy, security, and user-convenience. Having a single database of records also reduces the use of resources and time, since input is only required once. The potential for introducing errors is all but eliminated, so you can focus on what's really important.
Compliance with federal, state, and local laws and regulations is also made easier by using a single, all-in-one solution. This ensures that, as regulations change, any and all adjustments are applied across the board.
Finding the Best All-in-One Solution for Your Company
All-in-one doesn't necessarily mean one size fits all. There other variables to consider which greatly affect the optimization of your HR system. This may include:
- Type of workforce (e.g. primarily salaried workers or hourly workers)
- Size of company (e.g. number of locations, sites, employees, etc.)
- Type of company (e.g. service or manufacturing, etc.)
The needs of a small business with, say, 10 employees will not be the same as the needs and requirements of an enterprise-sized business with a workforce of 1,000. If your company is nationwide, things get even more complicated, as benefits, payroll, and compliance standards vary internationally. Each state has its own intricate laws and expectations, including mandates regarding pensions, vacations, and so forth.
How to Evaluate Your Needs
Know Your Industry
Your company’s industry is more significant than you may realize. After all, many internal mandates, salary expectations, and benefit policies are dictated by a state government, union, or other third-party influence. That may be true, but are you aware of the laws regarding 40-hour weeks, hazard pay, or overtime regulations for every employee in your organization? Or how a new union contract operating in your shop affects the benefits of your team?
Recognizing the importance of these details can help tailor your HR solutions and build an optimal system to benefit your needs specifically. This sort of regulation and vigilance keeps your policies up-to-date and free from compliance fees as well.
Company Size Based on Number of Employees
The size of your company is, perhaps, the most compelling issue.
If your company has more than 50 employees, manually completing payroll and taxes is not a viable option. As the number of employees changes, so do necessary resources to facilitate them.
Onboarding efforts, benefits enrollment, and payroll/tax management can also suffer. As with other types of payouts, verification of individual employees’ time reporting and attendance can become a nightmare the more steps and separate systems are involved. This is especially true if you have a mixture of full-time employees, contractors paid on an hourly basis, and fee-paid consultants who bill based on project milestones.
So, is your current solution up to snuff? If your vendor’s HR solutions aren't a fit for the size of your company, perhaps it’s time to consider a new path.
Proven Reliability and Integration Is the Name of the Game
Many payroll solutions, as well as HR solutions, have a good reputation, individually. The problem comes when they are asked to interact and operate as a single solution. This attempt often opens the door for major migration issues that can result in the corruption or loss of data, employee information, and company funds to compliance fees.
EPAY's all-in-one Human Capital Management (HCM) systems provides many customizable options for selecting—and paying for— only those services you actually need and want. That way you can be confident in every part of your HR solution- from payroll, recruitment, and benefits to onboarding, ACA compliance, and time and labor management- individually as well as together.
Ready to see what EPAY can do for your payroll and HR services? Contact us for a free demonstration.