How your payroll and HR benefit from an SSOT
Minimising human error
There is no way around it, humans are going to make mistakes. Every time data is manually entered, there's a risk of oversights — this study found that manual data entry has an error rate of 3.7%. That might not sound like much, but that means for every 10,000 entries, there are likely to be 370 mistakes. These errors can lead to financial discrepancies, miscommunication, and even legal issues. By centralising data input, you drastically reduce the chances of these errors, ensuring that your records are accurate and trustworthy.
Enter information only once
Imagine the sheer amount of numbers, names, facts and figures that flow through HR and payroll every day. Now, consider the time and effort saved if each piece of data only needed to be entered once. By centralising data input in an SSOT, you eliminate redundancy, reduce the risk of errors, and ensure that every subsequent process or system that relies on this data is automatically updated. An SSOT helps you work smarter, not harder.
Know everything about your employees in one place
Every employee is more than just a name or a payroll number. They have a birthday, an anniversary, a history, achievements, and even challenges. An SSOT approach ensures that every piece of information about an employee, from their first day to their most recent performance review, is stored and accessible in one place. This holistic view empowers HR professionals to make informed decisions, fosters better employee relationships, and ensures that no detail, however small, is overlooked.
A unified experience through meaningful integration
Integration isn't just about making two systems talk to each other; it's about creating a cohesive, unified experience. With SSOT, you're harmonising your operations. Whether it's payroll processing, benefits administration, or talent management, every module works in tandem, drawing from the same, consistent data source. This means fewer hiccups, faster processing, and a more intuitive user experience.
Real-time information
In the fast-paced corporate world, yesterday's data can sometimes be as good as last year's. Real-time information is crucial for timely decision-making, and an SSOT delivers just that. Whether it's a sudden change in payroll due to unforeseen circumstances or an immediate HR decision based on recent events, having access to live data ensures that your decisions are timely, accurate, and relevant.
If you change something in HR, you want that information to be reflected in payroll and vice versa
In traditional setups, a change in HR might take days, if not weeks, to reflect in payroll, leading to discrepancies. With an SSOT, changes in one module are instantaneously mirrored in others. This synchronisation ensures that all departments are always on the same page, reducing the chances of oversight and ensuring that employees always receive what they're due.
Integrate with other systems so you only have one set of information
Modern businesses often deploy a suite of tools and platforms. SSOT ensures that even if you're using multiple tools, your data remains consistent across the board. Whether it's a legacy system you've been using for years or the latest HR tech innovation, the SSOT acts as the backbone, ensuring data consistency and integrity. This not only simplifies data management but also ensures that you're always working with the most accurate, up-to-date information.