Fortune Business Consulting

Tag: Payroll Management

  • Difference Between the Value of AI and Human Experience in HR and Payroll Management

    Difference Between the Value of AI and Human Experience in HR and Payroll Management

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

    Do you know introducing artificial intelligence in human resources and payroll management can help you run a seamless business operation? With the implementation of AI, HR services have been automated and efficient. However, AI may not be able to replace the human-centric aspects of HR management, but the possibilities and advancements it can bring will help in better management. 

    Continue reading to know more about the differences between the value of human experience and artificial intelligence in HR management!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

    Top 6 Differences between the Role of Human Experiences and AI in HR and Payroll Management

    Artificial intelligence has brought several significant changes in managing human resources, but the role of human experiences is still essential. 

    Here are 6 differences between the value of AI and human experiences for better interpretation of the facts:

    Decision-Making 

    AI helps in processing huge data without much turnaround time and accelerates the decision-making process. It helps analyze candidates’ resumes, predicts the turnover of an employee, and assesses their skills seamlessly. Thus, AI comes forward as a crucial tool that facilitates workforce planning and recruitment. 

    However, human judgment is time-consuming, but it excels in evaluating the complex interpersonal dynamics of an employee, soft skills, cultural fit, etc. HR professionals can understand every employee’s needs and resolve any issues empathetically.

    Personalization

    With artificial intelligence, you can personalize employee experiences through customized training programs, career development opportunities, etc. This helps in increasing employee engagement and leads to excellent employee retention.

    However, when it comes to sensitive issues like workplace conflicts, mental health, career counseling, etc., a human touch is needed. AI cannot understand the compassion and mental stress of an individual.

    Efficiency

    With artificial intelligence, HR processes get streamlined and easy as repetitive tasks like data management, payroll, etc., get automated. This automation releases the administrative burden, offering enough time for strategic initiatives. 

    On the other hand, AI cannot build up employee relationships or address the concerns of an individual. Thus, HR professionals play a crucial role in building trust and a positive work environment.

    Diversity and Inclusion

    AI can put an end to the biased recruitment and promotion process and make the decision based on employees’ skills. However, this is only possible when the database is managed efficiently. On the other hand, human resources professionals can understand biases and issues properly and address them while hiring or promoting an employee. 

    Adaptability

    AI plays an essential role in accomplishing large-scale HR responsibilities and managing a huge workforce efficiently. However, when it comes to unforeseen situations, AI cannot adapt to it. Here comes the need for an HR professional, who can overcome complex situations with smart and creative thinking. 

    Cost Efficiency 

    AI improves resource allocation and automates HR tasks, thereby reducing operational costs. However, employee satisfaction, strategic planning, talent development, etc., need a human understanding. Thus, complete AI implementation in HR and payroll management cannot yield better results. Instead, companies need to balance both the human experience and AI for a successful and efficient management system.

    Final Words

    The introduction of AI in HR and payroll management has undoubtedly increased compliance, efficiency, data analysis capabilities, and more. However, the role of empathetic decision-making, emotional intelligence, etc., is still undeniable for a healthy work culture. The perfect collaboration of human experiences and AI can foster a positive work environment and enhanced employee experience. If you need professional assistance in implementing an efficient HR solution, contact us. Our blog section can also guide you in understanding these aspects in an easier way.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

    Reference Links:

    https://blog.darwinbox.com/ai-in-hr-trends-benefits-best-practices

    https://www.sciencedirect.com/science/article/pii/S2772662223000899

    https://www.hrexchangenetwork.com/hr-tech/articles/ways-ai-can-make-hr-professionals-more-efficient

    https://www.whatishumanresource.com/11-ways-ai-can-revolutionize-human-resources

    https://www.oracle.com/a/ocom/docs/applications/hcm/oracle-ai-in-hr-wp.pdf

    https://www.hec.edu/en/knowledge/articles/ai-hr-how-it-really-used-and-what-are-risks

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

  • 5 Tell-Tale Signs Why You Should Consider Outsourcing Your Payroll!

    5 Tell-Tale Signs Why You Should Consider Outsourcing Your Payroll!

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    As a business entrepreneur who has been around the block for some time, you are not foreign to the practice of outsourcing payroll responsibilities.

    But despite being aware of the perks it encompasses for small businesses, you are still hesitant to give it a go.

    Why is that so?

    Could it be because of in-house debacles? or are you just waiting for a sign to pop?

    There can be multiple reasons why you are not too sure about outsourcing your payroll to a third party. And we believe the conflicting suggestions from your peers aren’t helping the case either.

    However, if a sign is all it takes for you to roll on with the idea of outsourcing payroll, we will give you 5! No, we are not talking about open-your-eyes-to-see-an-ad-from-a-payroll-vendor kind of sign. Instead, these signs are more like a cry for help that you must hear to align your business and payroll responsibilities.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_video src=”https://www.youtube.com/watch?v=JLxN8Csp12w” _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″][/et_pb_video][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    5 Tell-tale Signs that Your Business Could Use a Payroll Vendor!

    If you can relate to any of these following concerns, then it’s time for you to sit down and consider outsourcing payroll.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Too many errors to ignore

    Did you know approximately one-third of employers make an error in payroll?

    Unfortunately, it is often the small business owners that fall prey to such mistakes. For example, nearly 40% of small businesses pay $845 each year to IRS as a penalty.

    Mistakes on the payroll are expensive. This is why you should not dismiss them. However, getting your payroll responsibilities sorted by amateur staff with little to no experience in the field can be problematic. Instead, consider the third-party arrangement to ensure error-free filing. 

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Surging staffing cost

    Small businesses are again at a disadvantage here when it comes to absorbing the surging cost of payroll departments.

    Creating tax documents, printing and distributing paychecks, and additional wage of staff associated with payroll often overshoots a small business’s budget. If you think you are in the same boat, you should reconsider outsourcing payroll.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Time-consuming

    Payroll is a complex system and could keep you and your administrative team busy for a long time. Since many staff fills in multiple roles at small businesses, keeping payroll up and running could be a big concern during the peak season. If you have been spending a lot of time going through payroll responsibilities, it is time to appoint help.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Overwhelming compliances

    We have already covered that payroll mistakes could land you up in legal problems. But, at the same time, it is highly recommended to be careful when there are regulatory mandates in place.

    Keeping up with the new employment tax laws, federal mandates, local and state regulations is a mammoth task. Even large and seasoned businesses struggle to get it right sometimes. However, they are financially equipped to account for the resulting liability. You, on the other hand, should steer clear of landing into a debt pool.

    Relieve your staff from the extra burden that comes with payroll compliances. Outsource these legal formalities to a payroll vendor, and wash your hands off the worries.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Frequent payroll software upgrade

    Using outdated payroll systems and tax software is a big NO for businesses, regardless of their scale. Such a practice increases the risk of data breaches and induced losses.

    Then again, upgrading software and payroll system cause a financial dent. So, if you think upgrading software is a hassle and a financial burden that you are unwilling to take, you should look for payroll service providers.

    The professional payroll vendors use the best of software and cloud-based systems to carry out obligations. Also, you do not have to pay for frequent upgrades as the same is included in the service charge.

    Besides these, if your administrative staff appears to be too overworked, there is a problem, and you must look into it. Of course, outsourcing HR and payroll responsibilities can take some steam off their workload. This will also allow you to utilize their talent in improving your core functions.

    Think you could use some professional assistance on payroll responsibilities? Contact us now!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Reference links

    https://connecteam.com/payroll-errors-cost-money-fix/

    https://www.irs.gov/businesses/small-businesses-self-employed/outsourcing-payroll-and-third-party-payers

    https://www.irs.gov/businesses/small-businesses-self-employed/payroll-professionals-tax-center-information-for-payroll-professionals-and-their-clients

    https://www.payrollvault.com/hr-blog-resources/5-signs-you-need-to-outsource-your-payroll-1607958946622.html

    https://blog.accuchex.com/10-signs-that-its-time-to-outsource-payroll-management

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]