Gradually monitoring the growth of your staff is a good habit to adopt, especially when you have recently created your company. In this way, you can develop good habits right from the start of your business. This means taking into account a significant amount of information each time new employees are recruited into your teams. This is not a minor detail knowing that the payroll represents a major source of expenditure for managers. How can you efficiently keep financial track of your payroll? What type of information related to your human capital do you need collect? And how do you centralize this information in practice?
Financial Monitoring During All Changes in Staff
A new hiring is not only a human event for the company but also a financial one. It entails the management of new information by the Department of Human Resources. Whether for administrative or financial reasons, HR managers have every interest in centralizing this data as soon as possible, using a shared tool to structure the way the information is visualized. As an example, the following elements could appear in a collaborative table:
• CV and diplomas (attached)
• Administrative information (social security number, contract, type of contract, etc.)
• Date of hiring
• Current position
• Working hours
• Gross salary (fixed and variable pay)
• Social contributions, etc.
Use this Financial Monitoring Table Template
Recruitment of new employees will systematically generate additional data that needs to be recorded. At the same time, it will be equally important to eliminate the information related to departing employees. The rigorous, real-time updating of the table will ensure the reliability of the information. This information can then be relayed to members of management to inform their decision-making.
Collaborative Tools for Financial Management
Good payroll management has a dual impact on the company: it improves the company’s image in the eyes of the employees and it also allows management to make strategic decisions. Each salary modification can be a determining factor in the direction the company will take in the short or long term. For this reason, the Director of Human Resources, the Administrative and Financial Director and the General Director will be able to analyze at any time and in a collaborative manner the information in the updated table. Their decision-making will be influenced by the information collected there. Recruitment KPIs may be modified according to higher or lower recruitment targets. In addition, the salary structure may be modified according to the economic situation: lowering fixed pay while offering more attractive variable pay and benefits (bonuses, matching a percentage of contributions on a company savings plan, advantageous health insurance, extended coverage of certain professional expenses, etc.).
The human capital of your company is both your biggest expense and your greatest asset. Therefore, the rigorous management of the financial monitoring of your payroll is essential to constantly align the interests of all stakeholders in the company. RowShare helps you with its collaborative tools that can be adjusted according to your business needs!