Effective Payroll management

Benchmarking is a proven practice and core process of strategic management. But how can this practice be applied appropriately to explore the possibility of process improvements in payroll services? To shed some light on this subject, let’s address some questions payroll managers may have concerning payroll and benchmarking.

When left alone, payroll managers believe their departments employ the best and latest practices. But when they actually compare themselves to others, they’re able to confirm their assumptions or find areas requiring improvement. If your payroll department operates without peer-benchmarking, it doesn’t know if it’s performing at its peak, its nadir, or somewhere in between.

Payroll is subject to cost controls and seeks ways to improve performance to minimize costs. Best practices help to cut costs and maintain compliance. Benchmarking then takes the best practices from other payroll departments and improves yours to save time and further costs.