"Accurate payroll is vital for employer success and reputation. Inaccuracies lead to legal issues, reputational harm and high staff turnover. The American Payroll Association states that two payroll errors can prompt 68% of employees to consider leaving.
Beyond accurate payroll's legal and moral obligations, the business benefits extend beyond compensation. Analyzed payroll data provides insights into labor costs, which can support effective budgeting and workforce planning, thereby increasing organizational efficiency.
Conversely, high-risk, error-prone payroll functions, typically reliant on manual processes, can negatively impact business performance. They significantly increase the chances of over/underpayments, tax errors and compliance issues, carrying potential legal and financial consequences.
Investing in agile processes with integrated automation and AI mitigates these risks in multi-country payroll, enhancing accuracy and freeing HR and finance teams for strategic tasks."
- Jose Lacuna, Payroll Consultant, Alight