Can A Tiny Piece Of Pay Stub Add Devilish Costs To My Organization

 


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The pace & volume of modern change is focusing attention on ways human resource activities can be used to ensure organization members have what it takes to successfully meet their challenges. From personal HR to Strategic HR, this field has become the prime focus area of top management. Generating value additions is the buzz word and contributions from this department and not limited to talent pool alone. This goes on to show that the functional area is not just to get the best in human resources but also optimizing operations to boost the bottom line of the organization.

That leads us to the nitty-gritty of the whole HR business. Organizations today want to position their business for profitable growth and look relentlessly for web-based, integrated workforce automation solutions that would function smoothly with their existing business systems. The aim is to move away from largely manual and paper based business processes to consolidating vital organizational data into a centralized location, used as a repository that can then be easily used and maintained. The challenge is to achieve all this without experiencing a corresponding increase in administrative and accounting staff, thereby achieving the desired economies of scale.

When it comes to cutting more fat from operations, often the most insignificant details have the most surprising outcomes. So, the vital issue here is how to know where to start from for optimizing on costs and related overheads. One way to go about doing this whole business is to hunt for the devil in the details of existing practiced processes. Take for example, Pay Stubs. This tiny piece of paper can be draining millions of dollars from your organization, without you even having a hint about it.

Traditional pay stubs come with a host of hidden costs. Here is what I found from one of the white papers published at iEmployee website. Titled ”Online Pay Stubs Reduce Costs by 90%” it is a detailed financial case giving insights to where the cost demon is hiding and how to nail it down. Here are some of the revelations. You are paying people to stuff the envelopes and process the mailing of the stubs. Add to this, postage cost to mail the stubs to the employee's home or to another corporate location. Do not miss the delivery cost if your organization’s internal mailroom has to process the stub, again using a salaried employee. Top all these costs with a storage cost for all of the paper documentation. And if a pay stub is lost, there is the reproduction cost to do it all over again, not to mention the time spent on the phone handling the problem. Does all this raise your hair!!!! Mine did. Most of the payroll departments are spending $1.90 on average in processing a pay stub for a single employee! The free white paper gives convincing solution to achieve 90% reduction in payroll processing expenses for a single employee. For having better understanding, I would suggest that you take time out and read this paper. It has helped my organization, same might be true for you too!

S. Berry

Resources:
White paper

Workforce Management

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