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Takeaway
A new study from Nucleus Research reveals small and midsized companies that use Paycom and Beti®, our tool that empowers employees to do their own payroll, cut payroll-processing time by over 90%. Plus, the tech helped these organizations reduce payroll corrections by 80% to 100%. Read how the single HR software translated to three major universal benefits.
When you’re a small or midsized business owner, every choice matters.
Whether you’re putting smiles on the faces of your community or providing care to those who need it most, payroll errors create a time sink for HR pros and a drain for the bottom line. In fact, a new study from Nucleus Research reveals companies spend eight hours per 100 employees each pay period reconciling preventable errors.
That doesn’t even consider the compliance risk businesses run from an outdated, error-prone process. For organizations with the head count Nucleus examined (up to 1,150 workers), payroll errors quickly produce costly consequences for the companies’ people and profits.
But when the organizations Nucleus studied used Paycom’s single software and Beti, our tool that empowers employees to do their own payroll, they benefited from:
- over 90% less time spent processing payroll
- 80% to 100% reduction in payroll corrections
- up to 100% employee usage of their purchased HR tech
In tandem, Nucleus uncovered three broad benefits that were universal to each of the examined industries — including food service, health care and real estate. Let’s dive into these advantages, as well as what it means for organizations using Paycom’s single software.
What are the typical benefits of Beti?
Nucleus found companies that used Beti typically benefit from:
- reduced payroll errors
- increased payroll productivity
- improved employee engagement
While any one of these benefits would enhance a company, the three combined gave the small and midsized businesses Nucleus studied a new lease on HR and the employee experience. Here’s how:
1. Reduced payroll errors
Beti puts payroll where it belongs: in employees’ hands. After all, once the process goes haywire, it impacts them most. And by guiding your people to resolve issues before submission, Beti prevents an administrative and compliance burden that slows HR to a crawl.
While using Paycom, businesses reported a decrease in data errors related to payroll reconciliation by 80%. In fact, some organizations were able to eliminate payroll errors entirely.
In short, Paycom empowers HR to be exponentially more effective while taking the need for tedious data entry and meticulous review off their plate.
The time your team gets back adds up quickly. One restaurant franchise reported that by automating its payroll with Beti, its HR professionals were able to shave “days” off the process. This also translated to a significant spike in employee engagement and general knowledge around pay overall.
In what ways could your business grow with this extra time?
2. Increased payroll productivity
Nucleus found companies who used Paycom and Beti reduced time spent in payroll by over 90%. Part of this comes from how long payroll takes when ran manually. A single pay period can require an HR pro to painstakingly calculate:
- PTO
- expenses
- benefits
- taxes
- mileage reimbursement
Beti, however, is payroll that builds itself. This means the data employees already provided seamlessly travels through the entire software. No need for time-consuming data reentry and nonstop vetting of employee info.
An HR leader for the health care organization interviewed by Nucleus agreed it was vital for their department to pay employees correctly the first time. Essentially, Beti helps their team ensure the accuracy and efficiency of payroll, “the most important HR function.”
3. Improved employee engagement
Your HR software shouldn’t be a burden on your employees. When your tech is cumbersome and difficult to use, it can have a lasting negative impact on your workforce’s morale. But when implemented correctly, it’s a catalyst for engagement and retention.
Case in point, Nucleus found organizations that implemented Beti saw up to 100% of their employees using the single software regularly. Since the tech gives workers deeper insight into the process that affects them most, it makes sense they were motivated to use the tech often.
Paycom connects employees directly to their data and delivers it to them in a single, easy-to-use software accessible anytime, anywhere. At the real estate agency using Beti in the study, HR took pride in the fact that the tool gave their people a vehicle to truly understand their pay and play an active role in ensuring its accuracy. And if an issue ever arose, the company praised its Paycom specialists’ fast and thorough support. In short, Paycom and Beti evolved the way HR interacts with employees and the tech they use.
With the right HR tools at your disposal, the data proves your organization can take leaps. Don’t let your HR tech limit how far you can go.
Learn how Paycom and Beti transforms your business by scheduling a demo.