“With workforce analytics, you can now find your star performers and keep hold of them,” said Benoit Gruber, VP, global product marketing at Sage.
One way he said companies could do this is by tracking an employee’s salary, absences, overtime, training costs, and return on investment through payroll data.
“Cross-referencing [payroll data] with qualitative information you have about colleagues – how they are viewed in terms of your performance culture by their peers, superiors, and teams – [lets you] develop a complete understanding of who your high achievers are.”
Technology could also help HR identify successful working conditions across departments and be able to replicate these conditions throughout the company.
It could also help in identifying employees who may need additional training.
“HR is in an ideal position to help create innovative programs and bring in new training programs,” he said.
Using insights culled from analytics, you can “turn your star performers into mentors who can help other colleagues who find the business more challenging and need inspiration,” he added.
'Keep star performers happy'
Gruber cited a Gallup
survey that said 32% of employees change jobs because of a lack of promotional opportunities while another 22% leave because of dissatisfaction with pay and benefits.
“Start by looking at payroll and performance data to make sure that your star performers are getting the remuneration they deserve for driving your business forward,” he said.
He noted that payroll data should give you a snapshot of “what creates, motivates, and retains star performers” within your company by providing you with insights on what they value most. This could mean anything from better pay to higher bonuses or to a simple acknowledgment of their hard work.
“It’s important to take notice of what payroll data tells you, because once a star performer has handed in his or her notice, it’s already too late,” he warned.
Additionally, he advocated for allowing employees to have full access to their payroll data.
Calling it the 'Employee Self-Service' solution, he said it would be a big help to employees looking for answers “about time off and personal HR information, as well as pay history and paystub details”.
“You can use [the] technology to create a communications portal that distributes key information about company policies and benefits to your entire workforce,” he advised.
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More than just helping you minimise paperwork and cut down on administrative tasks, one expert said that modern HR and payroll technology could also help employers identify and retain high performers.