What does your CEO, CFO or other executive team member expect from their core HR, payroll and benefits experience? Two objectives come to mind: peace of mind and business value. Let’s take a closer look at each.
Executives don’t want to think about core HR processes
What your executive team wants is peace of mind that processes like payroll, benefits and compliance are being managed accurately, effectively and in a timely manner. They don’t want a call in the middle of the night saying “there’s been an error with payroll and the entire company is standing in your front yard demanding their paycheck.” They don’t want to receive a notice from the Department of Justice citing I-9 violations that will cost the company thousands of dollars.
Having clear, streamlined procedures in place for administrative tasks such as payroll along with an integrated HR system that automates these processes can help improve data integrity and simplify reporting both of which reduce a company’s compliance risk. Today’s Cloud-based solutions offer the additional benefit of adapting more quickly to constantly changing regulatory requirements. Together, solid procedures and the right technology can help your company avoid the unpleasant experience when things go wrong with these key business processes, which is what executives want.
The executive experience focuses on driving business value
According to a research report by IBM and Globoforce, “more positive employee experiences are linked to better performance, extra effort at work and lower turnover intentions.” To an executive, that sounds pretty darn good. Yes, running payroll, administering benefits and managing employee data are transactional processes but the bigger picture – from an executive’s point of view – is to understand the strategic role these processes play in the employee experience and how that impacts overall business value.
When we think about what makes a “more positive employee experience,” what comes to mind? Images of pool tables and Foosball in a lounge? Free gourmet meals in the corporate café? Sleep pods to refresh and relax? While few of us would turn up our nose at perks like these, if given the choice between shooting a game of pool at work or getting paid the right amount, on time, every pay day, most of us would choose the latter. Much like HR technology, a positive employee experience isn’t about what perks (aka bells and whistles) you offer; it starts by ensuring the basic elements of the employer/employee relationship are solidly in place.
It all comes down to risk management
For executives, the payroll, HR and benefits “experience” revolves around how these fundamental business functions can impact the company when done correctly (better employee experience) and when not done correctly (poor employee experience and increased risk of fines). When core HR processes are managed efficiently and accurately, a company’s compliance and engagement risk are lower. The lower a company’s risk is, the more positive is the executive experience.