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Many organizations cannot readily use payroll data to support other important imperatives in today's HCM universe.
BEND, OR, May 08, 2018 /24-7PressRelease/ -- Ventana Research today launched its newest market research study, designed to examine the current state and future of payroll management. This research will remedy the lack of adequate empirical information on the deployment and use of payroll management processes and systems and will produce insights on how to meaningfully advance payroll operations.
Managing payroll has long required a labor-intensive set of administrative tasks, mostly focused on ensuring that everyone is paid correctly and on time. Historically, organizational leadership often viewed payroll as lacking major strategic value for the business and therefore assigned it a relatively low priority in their investment plans.
However, payroll management in the digital era can be a source of competitive advantage for business and human capital management. Organizations can make better workforce-related decisions by using on-demand payroll data such as overtime hours worked, types of special bonuses paid or the ratio of regular to contingent worker costs.
This newest benchmark research study on Payroll Management will explore the changing payroll management landscape. It will examine the broader mandate of payroll management functions within organizations, both old and new challenges the function faces, and the role of people, processes, information and software in addressing those challenges. The research will also investigate what types of organizations are investing in improvements to payroll management, impetuses for investments in new software and technology, who in the organization makes the purchase decisions, on what time frame and using what selection criteria. The study will also explore the value of more effective processes and assess the maturity and performance of newer processes, analytics, software and data environments in today's enterprise.
This benchmark research initiative is designed to deliver detailed insights about today's key pain points and priorities when enhancing the capabilities and performance of payroll operations. It will assess the partnership gap between payroll and the rest of the business and identify where payroll executives must focus their efforts to be able to play a more strategic role in corporate management. We expect this research program to educate current and potential users, managers and executives, as well as to gauge the receptiveness of research participants to relevant new technologies.
"Historically, payroll has had a limited scope when it came to sources of strategic value," said Steve Goldberg, VP and research director at Ventana Research. "One consequence has been outsourcing of it, severing payroll from other HCM processes. As a result, many organizations cannot readily use payroll data to support other important imperatives in today's HCM universe such as pay-for-performance strategies in compensation or other high-value human resources initiatives.
"Advancements in AI and robotic automation are upending the landscape," Goldberg continued. "New technology is available that integrates the various aspects of human capital management, meaningfully linking HR, payroll, talent, and workforce management information and processes. This enables businesses to approach payroll as more of a vital part of the HCM ecosystem. This research program will uncover the practices innovative companies are using and how they intend to adapt those practices to other challenges expected in the coming years. And it will examine the issues managers face executing their day-to-day responsibilities in the context of evolving expectations for their role."
Those interested in learning more about or participating in this benchmark research can do so at www.ventanaresearch.com/benchmark/human_capital_management/optimizing_payroll_management. Ventana Research, a leading business technology research and advisory services firm, provides qualified research participants with an incentive and a complimentary report from the benchmark research.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research's insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook and LinkedIn. To learn how Ventana Research advances the maturity of organizations' use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
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