Manage Your HCM Conversion

HCM Conversion: Scrub Your Data First

Transferring your HR data from an internal system to a cloud-based HCM delivers a wealth of benefits of opportunities for your organization. A comprehensive human capital management system offers a centralized, integrated storage solution for relevant users throughout your company. With just a few simple clicks, staff members from any department can access what they need: vacation approval, timesheets, employee reports and more.
However, successfully upgrading to a human capital management software system requires careful planning to guarantee a seamless integration throughout the process. In order to enjoy an effective and efficient migration, it's critical to take the time needed for a little spring cleanup with your existing data. Following three simple tips can make your data scrub as painless and stress-free as possible.

1. Get The Team On Board
   Yes, gleaning through your data will take time and internal manpower; however, ignoring the responsibility can convolute the entire process. Gather up your internal team to update them on the impending project as well as allocate resources needed to get the job completed properly. Create a project document so everything agreed upon, including completion dates, are in writing for everyone to review as needed.
2. Update Your Procedure
   Now is the perfect time to go through your existing HR processes. What makes sense to transition over to your new human capital management system? What is outdated and needs to be eliminated from the process? Work with your HCM provider to streamline your system for optimal efficiency. Having an outline in place of how your process will work going forward will help you determine what to keep and what to eliminate in your stored data.
3. Begin The Process
   Once you have developed your plan of action, it's officially time to act. Execute on your data scrub. Consolidate old records and eliminate irrelevant functionality. Work with your chosen partner to answer questions and provide insight throughout the process so you know that you are effectively managing the data that will migrate over. Once you've completed the transition to the new HCM, be sure to run historical reports on the older data to ensure it's stored properly and easy to access.

Contact The Payroll Company Today
Have questions about migrating to an HCM? Contact The Payroll Company today for a free consultation.
This post was originally published at http://www.payrollcompany.biz/manage-hcm-conversion/

Find The Right 401K For You from 401k Providers

Pre-Tax Deferral Vs. Roth: Which Is The Better Option For Individuals?

Working with professional 401K providers often means deciding between a plan that offers pre-tax deferral or a Roth account. While both a traditional 401K and a Roth provide retirement savings options, they each have some significant distinctions that warrant consideration before moving forward in the process. A standard 401K allows employees to contribute pre-tax income to the account. Upon retirement, you pay taxes each time you withdraw funds from the plan. Conversely, a Roth account allows contributions to be made after taxes have already been paid. Paying the taxes upfront means that you will enjoy tax-free withdrawals throughout the duration of your retirement.
Which Plan Is Right For You?
Knowing the main difference between the two is critical, but it still may not be enough to determine which one is right for you. No matter which format you select, your employer and 401K providers will still deduct your allocations directly from your paycheck. However, your tax bracket, both now, and in the future, can prove significantly different. Opting for the traditional account will have a major impact on your tax bracket now. Your taxable income in any given year will be lessened by how much you contribute to the plan. Additionally, anything invested will grow, tax-deferred throughout the duration of the policy. Once you retire, you will be required to pay the standard tax on both the total contributions as well as gains.
Roth accounts means that your taxable income doesn't change. You will pay taxes, based on your standard bracket, for every dollar earned. The benefit to this is that, chances are, your tax bracket will continue to go up as you progress through your career. Paying taxes up front means that your gains aren't subject to taxation upon your retirement.
As a result, individuals entering their peak earning years leading up to retirement often achieve a better return on investment from traditional 401K plans. However, employees new to the workforce, often find that their smaller incomes do better with a Roth account. They can pay the taxes up front and enjoy gains on their contributions in the future without paying a higher tax.

Contact Our Professional 401K Providers Today For More Information

Still have questions? We have answers Contact The Payroll Company's team of 401K providers today for more information.
This post was originally published at http://www.payrollcompany.biz/find-right-401k/

Teaming Finance and Human Resources Outsourcing

Finance & HR: A Necessary Corporate Partnership

Modern business owners recognize that individual departments can no longer exist in corporate silos. In order to maximize efforts and optimize results, it's critical to integrate and collaborate as much as possible. One necessary corporate assimilation with staying power? Partnering finance and HR divisions, particularly as it relates to human resources outsourcing. When properly integrated, this type of alliance reduces hiring as a strictly administrative function and strategically transforms the process into potential financial gain.
Why have finance and HR relationships flourished in the past few years? Recent operational trends have (rightfully) re-categorized employees from mere staff to human capital. Your employees are now recognized as both the organization's biggest asset as well as probably its biggest expense; aligning HR with your finance team can help strategically leverage your human capital investment for optimal returns.

Align Your Finance Team With Human Resources Outsourcing

For many executives, the best way to reinforce a coalition between finance and HR is to use a human resources outsourcing firm to find new talent. An outside recruiting team understands that it's not enough to merely hire leading candidates. In order to consistently outshine the competitions' performance, it's critical to bring in new employees with staying power. Continuously losing team members and having to restart the search process can have a major impact on any company's bottom line. Having the opportunity to train, educate, certify, and hone internal resources is the best way to fortify your internal output, while fostering a positive overall corporate culture and morale. Human resources outsourcing has the tenure and insight needed to do just that. An outside team will know how to closely partner with your financial division to understand precisely what constitutes a successful, long-term hire. From there, they will put together a plan of action to bring in top-tier workers to seamlessly integrate within your organization to offset overall labor costs with superior performance.
Retention alone is not the only HR factor influencing profits. It's imperative to source candidates that have experience and skill versatility. Performance agility throughout every level of your business means your internal force has the dexterity and foresight needed to strategically unearth and manage any potential opportunity. Your outsourced recruiting team will access their extensive network of talent to find prospects with the agility that grants your business a competitive edge.
What To Look For In Your HR Partner
Once you've decided that a CFO/HRC relationship can boost your business, it's important to know how to find the right human resources outsourcing provider. Look for a firm that doesn't simply "fill orders" but rather, develops partnerships. A qualified and experienced company will want to get a thorough understanding of your organization's talent needs. Your chosen team should work with you to develop a strategic vision on how to take your hiring process to the next level. From there, they should create a customized staffing model that yields scalable solutions that will grow with your company for the ultimate return on investment.
Contact The Payroll Company Today
Would your company like to look into creating a partnership between Finance and HR? Contact The Payroll Company today to learn more about how we can help with the process.
This post was originally published at http://www.payrollcompany.biz/teaming-finance-human-resources-outsourcing/

Use Professional Online Payroll Services

Avoid These Potential Costly Payroll Mistakes With Your Start-Up by using Online Payroll Services

As a new business owner you will constantly find yourself straddling a multitude of functions and responsibilities. While it may make sense to continue managing various tasks, it's also critical (for the health of your fledgling venture) to look for various duties to outsource. One common function that many entrepreneurs find makes sense to outsource? Payroll. Using professional online payroll services can make a significant impact on a wide range of operations within your business. In fact, business owners who choose not to utilize online payroll services often find themselves facing a myriad of common (and potentially costly) issues.
Don't fall victim to these avoidable missteps. Use online payroll services to ensure your business prevents these potential mistakes:
Increased Employee Turnover
Many executives don't realize that there is a direct correlation between payroll efficiency and employee satisfaction. As you ramp up your business, you may not have the time needed to implement a seamless process that gets your staff properly paid and paid on time. Frustrated team members waiting for delayed payments can quickly get disgruntled enough to want to search for additional opportunities elsewhere. Outsourcing your payroll processing needs means you never have to worry prompt payments.
Inaccurate Reporting
Start-up entrepreneurs can often resort to manual procedures with their payment processes, with negative results. It's critical to stay on top of revenues and expenditures at all times. Not only does a manual process enhance the risk of internal errors, it also increases the chance of inaccurate corporate reports.
No Scalability
Perhaps you have a successful handle on paying your staffers now. However, as your business begins to take off and grow with new opportunities, you can quickly find yourself (and your payment methods) struggling to keep up with the additional volume. Outsourcing your payment procedure instantly delivers scalability to your internal processes. Your chosen partner will have the resources needed to stay ahead of your growth so you enjoy uninterrupted payment services at all times.
Lack Of Integration
Managing any of your internal functions yourself can often mean that various departments simply don't "link up." Your HR, finance, sales, payroll and other key data often exist as an independent entity. Integration between any of your department requires extensive time and committed resources, both of which you probably don't have. A professional partner will not only manage your payroll function, it will also have the capability to integrate the data throughout your organization so relevant staffers have access to the information they need quickly and easily.
Non-Compliance
Perhaps the biggest payroll mistake made by executives of start-ups is non-compliance. Having internal employees means meeting a litany of federal and local mandates. Most business owners don't have the insight (or time) needed to effectively stay on top of compliance requirements, which can, and do, change often. A non-compliant business can incur fines and penalties, costing a company precious time and money. Using a professional team to manage your payroll results in seamless compliance for your organization.
Contact The Payroll Company Today
Contact The Payroll Company today to learn more about our online payroll services and solutions.
This post was originally published at http://www.payrollcompany.biz/use-professional-online-payroll-services/

Partner With Temp Agencies In Madison WI

Temp Agencies In Madison WI: Project Staffing

Many small business owners don’t tap into the benefits offered by temp agencies in Madison WI when trying to staff short-term assignments and projects. However, entrepreneurs that have utilized staffing agencies for shorter engagements soon realize that the many benefits this type of employment partnership offers. An experienced firm offers impressive advantages including:
Expertise
Staffing a specific project means you could spend countless hours ramping up for your hire. A staffing firm already has all the insight and experience needed to successfully manage your opportunity. Best of all, they can take the task off your internal human resource department so they can focus on other critical company needs.
Broader Talent Network
As a small business owner, your talent reach can often seem limited. A staffing firm has already established relationships with an extensive candidate pool so you have access to the very best in your industry.
Cost Savings
Many employers are surprised that temp agencies in Madison, WI can actually save them money. Hiring a full-time internal resource means expenditures in both compensation and benefits. However, a dedicated recruiting team can fill short-term projects and gigs without incurring as many full-time expenses for your organization. Additionally, you won't have to spend marketing dollars advertising your open positions. Your talent team will manage that for you.
Risk Reduction
Bringing on internal employees brings with it a certain amount of risk to employers. Staffing firms minimize your hiring level of risk. The employees report to you; however, they are technically the responsibility of the staffing firm. You are not liable for taxes, unemployment claims, workers compensation or any other employer responsibility.
Optimal Flexibility
Using temp agencies in Madison, WI delivers maximum flexibility for all of your hiring needs. You decide when you have requirements as well as how many hours needed on a specific project. Once your need or mutual contract has ended, you simply alert the company. In short you can utilize their services as often or as little as you need without penalty.
Connect With Staffing Specialists At The Payroll Company
Are you ready to learn more about teaming with a professional staffing firm in Madison WI? Contact us today. The Payroll Company's experienced recruiters will partner with you to understand your specific hiring needs and create a customized staffing solution for your business.
This post was originally published at http://www.payrollcompany.biz/partner-temp-agencies-madison-wi/

What Is Human Capital Management Software

What Exactly Is Human Capital Management (HCM) Software?

If you're running a company of any size, you may have heard the term human capital management (or HCM) software. However, you may not know that HCM is far more than just the latest business buzzword. This technology application has proven an invaluable resource for organizations in virtually every industry. Understanding what HCM is and what it offers can help you determine if it could strengthen your corporate operations.

Human Capital Management Software: The Basics

By definition, HCM software refers to a system designed to help business owners organize, manage, and maintain both its employees as well as its processes. This type of program falls under the enterprise software category and takes the place of individual systems running throughout an organization. If you're currently working on separate databases throughout each department in your business, an HCM program may provide an ideal, streamlined solution. A comprehensive application will easily integrate into your organization and deliver a centralized location for data storage, analysis, and reporting. Time sheet management, payroll, productivity, and paid time off are just some of the many functions this impressive system coordinates.
Not only does an HCM software solution consolidate needed technology in your organization, it also grants easy access to the data your employees need. Employees are given programmed permission to only see the information that pertains to their work function. After an initial training, your team will know how to make requests, input data, and extract necessary information for themselves. Most importantly, everything entered is accessible in real time. This eliminates process bottlenecks and keeps your business processes running as smoothly as possible.
Legal compliance marks the biggest potential benefit employers receive from a human capital management software solution. Tax laws and regulatory mandates continuously change, forcing business owners to spend precious time keeping up with the latest requirements. A well-designed system not only automates processes, it evolves and updates with every changing legal entity. You and your team will be directed by the system to address changes, keeping your business compliant at all times for the ultimate peace of mind experience.
The Payroll Company can cover all of your HCM needs. For more information on HCM integration, contact The Payroll Company today.
This post was originally published at http://www.payrollcompany.biz/human-capital-management-software/

Build Your Business Using Human Capital Management (HCM) software

Use Human Capital Management (HCM) software To Strengthen Your Company's Future

Human capital management (HCM) software delivers a wide range of impressive corporate benefits. It's no secret that an innovative application streamlines efficiencies and provides mobile access to necessary functionality. However, entrepreneurs running organizations of every size are often surprised to realize that an HCM solution goes beyond mere productivity; these systems can strengthen operations throughout your entire organization.
Using an HCM system in your business yields extensive advantages such as:
Integrated Systems
Many companies struggle managing separate systems for each business unit and/or department. Accounting, HR, vacation schedules, and timesheets are just some of the individual applications a business can utilize to keep operations running smoothly. A human capital management software system seamlessly integrates all of these functions for a comprehensive final solution.
Ease Of Use
Older systems require staff members to log in from an onsite computer, making access difficult. Human capital management applications tout optimal accessibility, allowing staff members the ability to connect with relevant information on laptops and mobile devices. Most importantly, these systems are extremely easy to use, allowing your employees to work at optimal capacity.
Evolving Compliance
Running a business means constantly trying to stay ahead of the many rules, regulations, and mandates imposed on both a Federal and local level. Many employers find that as soon as they've mastered compliance requirements throughout various departments, the laws change. A human capital management software system automates processes and procedures as well as evolves along with the legislation. As a result, you will spend less time worrying about compliance and more time focused on generating revenues.
Empowered Employees
Separate systems for every individual process can quickly frustrate employees. Not only do many staff members not have access to the information that they need, when they need it, they also have to rely heavily on other employees in the organization to extract and analyze the data for them. A reputable vendor will train your staff on using the application so they feel confident utilizing the functions they have permission to use.
Improved Staff/HR Relations
Corporate culture and morale have a major impact on the success of any company. Encouraging staff members to use an HCM software system can actually create an upswing in the relationship between co-workers and human resources staff. No more waiting on HR's time schedule to access data or feeling like they need permission from executive staff. Having control over the data that pertains to them helps foster a solid team spirit within the organization.
More Accurate Data
Most importantly, running individual systems exponentially increases the chance for human error. Compromised information can slow production and ultimately cost you money. Implementing a human capital management system means all data is stored in one location, minimizing mistakes.
Contact The Payroll Company Today
If you're ready to strengthen your company's future with a Human Capital Management software system, The Payroll Company can help. We partner with clients to customize our solutions to enhance operations and suit their individual operational needs. Contact us today to learn more.
This post was originally published at http://www.payrollcompany.biz/build-business-using-human-capital-management-hcm-software/

Streamline Benefits Enrollment with HCM system

Tips For Successful Open Enrollment

The end of each business year typically brings with it open enrollment. This is the period of time where your employees are offered new health options and other benefit election options. While most staff members are excited to modify or update their enrollment, many HR reps struggle with the anxiety that this season brings. Plan changes can mean so many questions. Your human resource department can find educating colleagues on new processes and procedures a full-time job. Knowing some important tips to streamline your open benefits enrollment can deliver significant advantages to both management and staffers alike.

Use A Human Capital Management System (HCM)

Automating your benefits enrollment process plays a major role in the overall success of your program. Manually managing all the changes and updates throughout the organization not only proves stressful, it can also increase the odds of typos and other manual errors. The best way to ensure an efficient enrollment is to partner with a professional HCM team. A qualified provider will work with you to gauge your specific needs. From there, they can create a customized final solution that encompasses all your internal corporate language and requirements.
When consulting with your partner, consider some of the major components of your benefits enrollment so you get a perfect final fit. Some key factors to discuss include:

• Training employees on using the automated system
• Outlining data that needs to be captured
• Creating a workflow using integrated technology in relevant departments
• Developing an electronic approval process
• Planning for data management/analysis
• Automating deadlines with notification
• Appointing personnel for issues
• Sending this information to your carriers

These are just some of the many things a reputable HCM provider will discuss with your team for a fully integrated, completely configurable solution.
Educate Your Employees On Process
Once you've successfully employed technology into the process, you are ready to address the humans involved in the enrollment: your employees. For many staff members, the idea of changing benefits can feel overwhelming. While you and your staff thoroughly understand all the policies and details, it can often seem like a foreign language to everyone else in your organization. Hold several company-wide informational sessions to give them the information and answers that they need. Additionally, your HR staff should make time for one-on-one discussions with employees to ensure they understand all the fine print in any of the new policies.
Also, sometimes some of the best benefits get overlooked, simply because they aren't getting promoted enough throughout the organization. If you have some new benefits that deserve a little press, give it to them. Create a one-page sheet that you can email, hand out and even hang up in the break room to draw attention to some of your new corporate differentiators. The combination of training your employees on the technology and educating them on the updated benefits plan will make the entire enrollment experience convenient, low-stress and, most importantly, successful for everyone involved.
Contact The Payroll Company Today
Are you ready to streamline your upcoming benefits open enrollment process? The Payroll Company can help.  Contact The Payroll Company today to learn more about our customized technology solutions.
This post was originally published at http://www.payrollcompany.biz/streamline-benefits-enrollment/