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HR Technology: Navigating the Future with EIN

Highlights

  • HR tech enhances efficiency in managing various HR functions, including payroll, reducing errors and time consumption.
  • Payroll errors can lead to significant costs and employee turnover, emphasizing the need for accurate processing.
  • Vfficient HR software offers comprehensive solutions, integrates HR tasks, and ensures compliance with regulations.
  • EIN offers top-notch HR technology and personalized payroll solutions to empower businesses and drive growth. Contact us today.

Human Resources is one of the most important areas of any company responsible for employees’ well-being. However, it is a difficult area, full of regulations, standards, and information that must be considered. Until recently, most HR tasks, including payroll, were performed by hand and with a calculator. This was time-consuming and prone to human error that could cost the company dearly.

The solution to this lies in the outsourcing of payroll services and the use of HR technology. This software integrates one or more HR functions to help HR and payroll professionals make all their processes faster and more efficient.

This blog will discuss the advantages of having comprehensive HR technology software to help your HR team manage all their functions, including those related to payroll.

If You Are Wondering What is HR Technology, This Article is For You.

Payroll Services: A Holistic Approach

Payroll processing is the process in which the distribution of employees’ salaries, deductions, and payment of taxes are calculated.

The HR team or payroll experts can carry out this work, and it requires a lot of care since errors can be a real headache for companies. According to statistics from Millstone and HR Daily Advisor, this process is so delicate that 25% of employees claim to have received an incorrect paycheck. Of these, 49% of employees leave their company after two payroll errors. Therefore, payroll errors are no joke and can be very costly.

As you can see, payroll processing is not a simple task. HR technology can greatly improve this service and help the team work faster and without errors.

In HR software, all employee information is centralized. In this type of software, you find the hours worked by your employees, benefits, deductibles, etc., so that when making the calculations, the platform can do them almost without the intervention of a person who will only have to check that the final amounts are correct. This is why platforms like Vfficient are very useful since the platform alone applies labor regulations and considers the taxes and deductibles of each employee.

Additionally, payroll processing involves managing other things like the issuance of W-2s or new hire reporting to relevant organizations. All this can be done with comprehensive software that allows you to do all HR tasks from one place.

Finally, HR technology does more than ensure that your employees receive their salary on time and correctly. This technology also helps you with your company’s legal compliance, allowing you to monitor state-specific compliance, withhold deposits, submit applicable returns to all payroll taxes, and comply with FICA and federal tax laws.

You get all this and more without needing an army of experts working in your offices and paid by you, since at Employers Innovative Network, we offer you this software in addition to all our experience and expertise to make your life easier with a first-class payroll service.

Investing in HR technology isn’t just about staying competitive; it’s about investing in your people.

Vfficient HR Software: A Game-Changer

According to G2, 80% of HR professionals believe investing in HR technology has improved their business. That’s why today we will talk about one of the best HR technologies software you can find on the market: Vfficient.

As we mentioned, HR technology is software that helps payroll professionals be more efficient in their work, allowing them to control many of their tasks, especially those associated with personnel management and payroll. However, that is not all it does.

This platform is a comprehensive Human Resources Information System (HRIS) developed by VensureHR to manage every aspect of an employee’s HR lifecycle, allowing the HR team, managers, and employees to access an intuitive and functional platform to manage information quickly, easily, and securely.

The platform has a mobile application for iOS and Android where employees can easily access their HR information anytime. They can view everything from their pay stubs to requesting PTO and even instantly access wages earned through the Wages On-Demand service. Additionally, the self-service portal allows employees to manage their benefits enrollment, time tracking, and more, all in one place.

Another significant advantage is the fact that Vfficient is a cloud-based platform. On-premises HR platforms are installed directly on a device and can only be accessed from that device, limiting access, functionality, upgradeability, and scalability. Cloud-based systems can be accessed anywhere with an internet connection.

Cloud-based systems can also easily scale to accommodate your company’s HR requirements without requiring extensive infrastructure changes.

Another benefit is staying up to date with the software. Coud-based platforms, updates, and enhancements are typically rolled out automatically by the provider, which means you will always have the latest version of the software and keep up with HR technology trends. Likewise, the application’s maintenance is not the user’s responsibility. VensureHR maintains the software’s servers, backups, and infrastructure.

Finally, a significant advantage is that cloud-based systems often have robust security measures to protect sensitive data. Your HR data is backed up and stored in multiple locations, providing resilience against data loss due to hardware failure, natural disasters, or other unforeseen events.

If you are still not wholly convinced of the importance of having cutting-edge HR technology working hand in hand with an excellent HR team, these are some of the benefits that Vfficient offers you:

  • Cost savings: Leveraging the cloud reduces hardware and maintenance costs. Furthermore, streamlining processes and optimizing HR tasks lead to substantial operational savings for your company.
  • Payroll accuracy: Although the platform is an integrated HR platform, it not only specialized in payroll, but it also has all the functions you may need to comply with all regulations. Vfficient allows you to calculate taxes and withholdings, gives you detailed and customized reports, controls your employees’ PTO, and stays current with your year-end payroll compliance.
  • Improved efficiency: Vfficient automates HR processes, streamlines repetitive tasks, and enables employee self-service, freeing HR staff to focus on strategic initiatives.
  • Enhanced employee experience: Vfficient empowers employees to manage their HR tasks efficiently, enabling them to request time off and access their pay stubs easily. This results in a significant improvement in employee satisfaction and engagement levels.
  • Compliance and risk management: Vfficient is a software solution that helps organizations comply with HR regulations and minimize the risk of errors or non-compliance. It achieves this by incorporating built-in checks, automated workflows, and robust reporting capabilities. As a result, employers can rest easy knowing that the likelihood of incurring costly fines, penalties, or legal issues is significantly reduced.
  • Access to expert support: Vfficient offers dedicated support from HR specialists who can assist with implementation, training, and ongoing support. Having access to specialist guidance ensures a smooth transition to the new system. It helps with any questions or issues that may arise along the way.
  • Scalability: As a cloud-based solution, Vfficient is scalable and can grow with the organization. It can easily accommodate any changes without requiring extensive reconfiguration or upgrades.

The variety of functions offered by Vfficient proves that HR technology in the digital age is at the service of humans to improve how we work. By allying yourself with EIN and entrusting your payroll to experts, you will notice how your ROI increases and have more time to indulge in what matters.

Payroll accuracy isn’t achieved through manual processes alone; it requires the right technology and expertise to navigate complex regulations and calculations.

Discover HR Technology Trends Here

Streamlining Payroll with EIN

Six hours a month. This is what, on average, most small and medium-sized businesses spend to calculate their company’s payroll. This time could be considerably reduced with an ally like Employers Innovative Network (EIN). For more than 50 years, we have pioneered unparalleled services to empower small businesses.

Our dedicated team of HR professionals is committed to providing customized solutions that ease the burden of HR and payroll tasks, allowing small business owners to focus on driving growth and maximizing profitability.

At EIN, we have a proven track record and innovative approach that uses top-notch technology to ensure your business receives world-class HR and payroll solutions that improve operational efficiency and contribute to your overall success.

Ready to experience a transformative HR partnership? Contact us today and let EIN take the payroll burden off your shoulders.


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