Why is timekeeping important? This is the question at the center of the Global Payroll Management Institute (GPMI) webinar “Transforming Your Global Time and Gross Pay Processes,” sponsored by Replicon. During the webinar, Bryan Smits, Director of Global Workforce Solutions for Replicon, discussed the challenges and solutions for global time and gross pay and how to take a balanced approach.
“When you look at the math of how much time an organization has annually, sometimes the numbers are surprising,” Smits said. “Time is finite. You can’t make any more of it, and your competitors have just as much as you do if they have the same number of employees.”
According to statistics presented by Smits, a company with 1,000 employees has approximately 2.08 million hours; 5,000 employees equals 10.4 million hours; and 50,000 employees equals 104 million hours. Smits said it can become a challenge to handle all that time without real processes in place.
“Even if you have a timekeeping platform or an ERP solution or project management … time can live all over your ecosystem,” he said. “That’s what we jokingly call the ‘Frankensystem.’ This creates challenges for an organization.”
With a “Frankensystem,” Smits said, businesses can struggle to get the information they need. Some of these challenges can come in the form of PTO liabilities, union contracts, project profitability, revenue leakages, and overtime.
“All these things can stem from not having the insight that you need when you need it,” he said. “You really want to look at it in a holistic way to make sure everyone has the data that they need.”
And everyone–from the HR Manager to the Global Payroll Director to the Chief Financial Officer–needs different data that comes from timekeeping. To do this, Smits said companies need a new way of thinking about how to manage time. Then let the technology work for you. Get a single platform that “leverages AI and machine learning technologies to process large volumes of time data signals from both traditional and non-traditional sources.”
“It’s a concept of treating time as a valuable resource–as an asset,” Smits said. “When you have more insight into your time and how you’re spending it, the organization is empowered to make better decisions. When better decisions are made, you have better outcomes.”
“Transforming Your Global Time and Gross Pay Processes” is available on demand until July 29, 2020. Register today!
Do you like our content? Join the GPMI community to get free education and articles straight to your inbox!
Kiko Martinez is Associate Editor of Membership Publications for the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).