3 big-picture insights that come with payroll reporting

Data from payroll insights can reveal what the most expensive pay elements are within an organization, including employee bonuses, overtime, or additional monetary perks. (Photo: Shutterstock)

It’s no secret that COVID-19 has altered the way the world functions. Work-from-home has become the new normal for many companies and hiring remote workers outside of a business’ headquarters is increasingly appealing, as it enables them to expand their talent pool. As businesses continue to become dispersed over both state and country lines, how can they use technology to maximize their bigger picture decision making?

One department often overlooked is payroll — a typically outdated, siloed sector of a given business. Standardizing payroll data paves the way for reporting that is comparable across countries, resulting in key insights around labor costs. The insights and data collected include visibility into hiring headcount, location of a new office, extended workforce reporting, gender equality, and more. Businesses across all sectors and industries can benefit from consolidated payroll reporting, especially those in a period of hypergrowth, currently scaling, or with strong plans to move into new countries or territories based on current location.