Payroll processing costs eating away at your budget? Take a look at what top-performing payroll departments are doing differently — and make any necessary adjustments.
According to a 2008 study by the American Payroll Association, the most proficient payroll departments can save nearly $1 for every employee payment they make. The actual difference in processing costs per employee (from best to worst): $2.06 to $3.03.
Huddle with Payroll to determine any areas where you can potentially streamline processes.
Here are three things the most efficient payroll departments are doing now:
- Less paper. Ramp up use of direct deposit or paycards to reduce paper and save money.
- Watch off-cycle payments. Limit the number of off-cycle payments (bonus payments, incentives, etc.) and save.
- Go the “Self-Service” route. Boost productivity and free up employees for more important tasks by going with self-service options whenever possible.