Payroll: What’s Costing You the Most Time and Money? (Infographic)

January 8, 20167:29 am989 views

While payday makes employees want to stand up and cheer, payroll is a different story, it makes HR want to rip their hair out. Running payroll is a long and frustrating process, complete with roadblocks and costly mistakes. At the end of the process, time and money have been wasted and HR is exhausted. And then, the process starts all over again.

This type of payroll process is a nightmare, but it doesn’t have to be. This infographic below, compiled by Namely, an all-in-one HR platform for some of the world’s most exciting companies, serves as a guide to improve the payroll process to save both time and money.

Also read: Why do companies outsource payroll functions?

Take a look at the full infographic below to see how to save time and money with a streamlined payroll process. Some of the highlights include:

  • 25% of payroll leaders spend more than 50% of their time on day-to-day payroll activities.
  • In 2013, the IRS issued 6.8 million penalties to U.S. employers for payroll tax mistakes, totaling $4.5 billion.
  • 45% of companies plan to move payroll to the cloud in the next 2-3 years.
  • 31% of companies want payroll solutions that integrate with other HR software.

Namely-Payroll-Infographic

Have you implemented any of these payroll improvements? Let us know in the comments!

Also read: Outsourced Payroll Processing vs. Payroll Software: What to Choose?