Payroll Management Benchmark Research Quantifies Value of Investmentadmin
New research from Ventana Research identifies significant shift in priority for payroll systems.
SAN RAMON, CA, March 20, 2014 /24-7PressRelease/ — Ventana Research today released the findings of its latest benchmark research into payroll management optimization. The research, the latest from the leading business and technology market research firm, provides new insights into how payroll management systems are being used today and where improvements need to be made to improve the efficiency of human resources and human capital management processes. The research yields important best practice recommendations how payroll management using the right software and services can deliver significant value to businesses.
The research shows that improving the efficiency of payroll management processes is important to 54 percent of organizations. New investments in payroll management are being driven by a demand by almost half of organizations (48%) for higher employee productivity. Only a small percentage (8%) have integrated payroll with talent management, but more than a fifth (22%) are planning to do so in the next 12 to 18 months in pursuit of time and resource savings.
“The great potential of human capital management cannot achieved without having in place an integrated payroll process that provides needed information immediately not only to HR but also to Finance and to the employees themselves,” said Stephan Millard, VP and research director at Ventana Research. “The research finds significant room for improvement, and suggests that organizations should assess the need for improvement in light of the importance of payroll for the financial well-being of the company and the morale of the employees.”
The research finds that operating efficiently and having information readily and securely available is essential both for management and review purposes and to support employee self-service. In addition, an overwhelming majority (88%) of organizations view of payroll analytics as important and almost half (48%) are planning to improve their efforts. Being able to access a range of information and metrics as needed is a critical evaluation criterion for new systems, according to the research. In shaping the business case, most organizations’ top considerations are being able to address audit and regulatory compliance issues (52%) and reducing the time required for payroll tasks (33%).
The insights this new research provides will enable Ventana Research to provide more accurate and insightful guidance on methods and best practices in payroll management and how organizations can gain the most benefit from their investments. This research-based expertise, not found in traditional analyst and consulting firms, will enable business units and IT organizations to improve their ability to work together using technology to provide the right information efficiently and effectively. The Performance Index analysis in the research also can help organizations to more accurately pinpoint areas of needed competitive improvement quickly.
To learn more about Payroll Management please visit www.ventanaresearch.com/payrollmanagement. The research was sponsored by ADP (www.adp.com) and Ceridian (www.ceridian.com), supported by our partner Business Finance (www.businessfinancemag.com). Ventana Research, a leading business technology research and advisory services firm, provides access to a free copy of the executive summary of the research report and other educational materials.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research’s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook, LinkedIn and Google+. To learn how Ventana Research advances the maturity of organizations’ use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
Media: Copies of Benchmark Research report and interviews are available upon request.
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Posted: March 20th, 2014 under 24/7 PRESS RELEASE.