There are so many “blind spots” and “leaks” out there. But in payroll, too? Yes, indeed.
It’s a horrible feeling, of course, when you’re driving down the road and you want to change lanes only to notice at the last moment that there’s another vehicle in your blind spot. It can be quite unsettling. So is coming home to find a leak in a water pipe with a soaked floor. It’s double trouble if you have an apartment and there’s someone living below you.
Don’t blink, but payroll blind spots and leaks can be just as unnerving for businesses. Not being able to see the whole picture can cost businesses money or potentially subject them to compliance issues. And we all know compliance can be an ever-moving target especially for businesses that work in multiple states and multiple jurisdictions. In other words, these can be big blind spots.
Leaks can hit bottom lines hard, too, and they don’t usually fix themselves.
As a Payroll Service Bureau, your job is to help those businesses remove blind spots and leaks with self-service functionality or tiered service plans to ensure everything runs smoothly. Of course, just like any other job, you’ll need the proper tools to fix any problems.
Center of Excellence
Deloitte’s Global Workforce Management survey found that most organizations said they were not optimizing the features in their workforce management system.
Of interest to Payroll Service Bureaus, the survey—which had 500 respondents from around the world but half of whom were from the U.S.—found that 13% of those respondents cited payroll challenges as a top pain point for organizations that do not have a center of excellence in place. The other top pain points were HR policies (13%) and lack of standardization with workforce management processes (12%).
Companies that had a center of excellence did not cite payroll as a key challenge, but workforce management tech issues, such as poor configuration, lacking features and difficult to use were the top three pain points listed (14%, 12% and 11%, respectively).
A center of excellence is defined as a team or entity the provides leadership, best practices, support, etc., in a specific area. As a Payroll Service Bureau, you can be that center of excellence with the right technology
Interestingly enough, the Deloitte report found that a “holistic approach” to workforce management data and analytics can save organizations between 0.5% and 2.5% of a company’s annual payroll costs.
In the Dec. 5, 2024, Pay Talk podcast, Brian Proctor, Deloitte’s principal and global payroll workforce management solutions practice lead, explained, “Those without an operating model did struggle with more basic issues—compliance and payroll leakage.”
Fixing payroll “blind spots” and “leaks” is something you know a lot about. It takes expertise, it takes patience and, most of all, it takes exceptional technology to spot those problems as well as opportunities.
Speaking of opportunities …
IPPA Spring Summit 2025
PrismHR, which has been helping customers and their clients since 1985, will be at the IPPA Spring Summit this week (March 11-13) to showcase our state-of-the-art payroll and HR technology. PrismHR HCM is the game-changer the Payroll Service Bureau industry has been waiting for.
Ready to tighten things up with your software solution? PrismHR HCM offers advanced, secure payroll and HR functionality; an intuitive, modern and user-friendly interface; and custom branding opportunities. And best of all PrismHR HCM offers unprecedented insight opportunities with dashboards and data visualization. With an open Application Programming Interface (API), PrismHR HCM can also integrate with third-party solutions to meet your and your clients’ business needs.
HCM can also mean “Help Companies Manage” payroll “blind spots” and “leaks” through automation and analytics capabilities.
But in this case, a sensor on a mirror or steel pipe wrench aren’t necessary—advanced software is. Come see PrismHR at the IPPA Spring Summit or contact us to schedule an appointment at your convenience.
Let’s talk tech!
