By and large, payroll, benefits and compensation aren’t generally thought of as strategic processes. But when you consider the ever-changing digital technology landscape, growing legislative complexity and global data privacy regulations, shouldn’t they be?
With wages and salaries expected to outpace employer expectations this year, and nondiscriminatory, fair employee compensation still a top concern for employers across the globe, businesses face ever-increasing pressure to transform payroll, benefits and compensation processes.
Imagine, global compliance, delivery process standardization and efficiency, and reliable and effective business insights for improved enterprise decision making. Admittedly, as payroll, benefits and compensation are undoubtedly the most data-intensive aspect of HR, this can be easier said than done.
The exciting benefits of intelligent automation
A new wave of digital technologies can improve business processes, employee engagement and the employee experience. More importantly, intelligent automation is ideal for tackling highly process-driven operations.
Apart from significant cost savings, businesses worldwide leverage intelligent automation to extend organizational convenience and control through expanded self-service. In turn, this allows employees time to concentrate on more engaging and meaningful work.
According to Accenture, compelling benefits of intelligent automation include:
- Accuracy: Reducing the risk of transactional errors improves data accuracy and data-driven decision making overall
- Speed: Drastically reduce process cycle time, significantly improving outcomes and satisfaction
- Service continuity: Predictability, dependability and continuity of service from 24/7 digital assistants that can handle spikes in demand
- Greater processing efficiency: Reducing the cost of transaction processing by up to 80%
- Ease of use: Simple implementation, configuration and maintenance via an intuitive interface
- Workforce agility: Respond to fluctuations in demand with instantaneous changes to capacity, at a fraction of the cost of traditional models
- Scalable infrastructure: Decouple resource costs from process volume to simplify operational scaling, enabling organizations to refocus resources on key areas of expansion, organizational change and increased capacity
Finally, strategic focus is arguably the most compelling benefit of intelligent automation. By delineating rules or knowledge-based decisions from those requiring greater judgment or analysis, you can optimize talent while simultaneously affording a better employee experience.
A growing number of HR leaders are embracing digital technologies for a more agile workforce. Consider PwC’s Annual HR Technology Survey findings; 75% of the companies surveyed have at least one HR process in the cloud; 40% of respondents have moved core HR management systems to the cloud; and 26% have plans to in one to three years.
Initially, large organizations with complex requirements, like international payroll, were hesitant to move core systems to the cloud, fearing the technology wasn’t mature enough. Over the past decade, however, this has changed. More and more, businesses are moving core systems to the cloud in droves.
At Level, our AI cloud, Cognision™, leverages the power of your organization’s collective intelligence to quickly build and deploy applications, improving productivity, accuracy and competitiveness.
By harnessing your organization’s collective knowledge and data, Cognision™ enables highly automated functions that can proactively respond to next-generation payroll, benefits and compensation challenges. Eliminate time-consuming tasks and processes with digital Cognision™ Assistants that access structured and unstructured data, and consider and apply relevant knowledge to intelligently automate payroll and variable benefits.
Or, leverage proven design and experience to accelerate implementation times, reduce risk and build a foundation for growth with Cognision™ Accelerators. The future of work, and the future of payroll, benefits and compensation, is closer than you think.
We harness the transformative power of AI and cognitive intelligence to automate knowledge across your business, ensuring you are agile, compliant and competitive. Whether you're considering Level, or just want more information about simplifying your work, we're here to help.
Explore intelligent payroll, benefits & compensation here.