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Manage worker compensation, benefits, and payroll

  • Artículo

Applies to: Dynamics 365 Human Resources

This article describes the end-to-end business process to streamline worker compensation, benefits, and payroll, ultimately enhancing overall workforce engagement.

In today's competitive business landscape, attracting, retaining, and developing a top-performing workforce is essential for organizational success. Effective management of worker compensation, benefits, and payroll is a critical component of this strategy. It ensures that employees are compensated fairly and receive the benefits they deserve while also streamlining administrative processes and reducing costs. Dynamics 365 provides a comprehensive set of tools to streamline and enhance various aspects of worker compensation, benefits, and payroll management, from creating customized compensation plans including employee's performance rating and managing benefit enrollments to processing payroll accurately and efficiently.

Managing worker compensation, benefits, and payroll processes serves two crucial purposes in any organization. Firstly, they ensure the accurate and timely payment of employee wages, benefits, and compensation, maintaining employee satisfaction and reducing financial risks. Secondly, they help organizations comply with labor laws and regulations, minimize legal liabilities, and promote a transparent and compliant workplace culture. Dynamics 365 implementations streamline and enhance these processes, providing a centralized platform for managing employee compensation, benefits, and payroll data securely and efficiently.

Stakeholders

Effective management of worker compensation, benefits, and payroll requires the involvement of various stakeholders across the organization. These stakeholders bring diverse perspectives and insights that are essential for designing and implementing effective processes. By involving them, organizations can ensure that their compensation and benefits programs are aligned with the organization's overall goals, employee needs, and legal requirements. The following list provides examples of such stakeholders:

  • Human resources (HR) professionals: HR professionals have expertise in labor law, benefits administration, and payroll processes. They can guide compliance requirements, ensure that processes are fair and equitable, and address employee concerns.

  • Compensation and benefits specialist: Compensation and benefits specialists oversee the organization's compensation and benefits programs, ensuring fairness, competitiveness, and regulatory compliance. They provide guidance on benefits enrollment, payroll, and related administration.

  • Finance and accounting professionals: Finance and accounting professionals can provide input on financial planning, budgetary constraints, and cost-effectiveness of compensation and benefits programs. They can also help with payroll calculations, tax withholdings, and financial reporting.

  • Legal counsel: Legal counsel can provide guidance on labor law compliance, workers' compensation claims, and other legal issues related to compensation and benefits.

  • IT professionals: IT professionals can help to design and implement payroll software, integrate payroll with other HR systems, and ensure data security.

  • Line managers: Line managers work directly with employees and understand their needs and expectations. They can provide feedback on the effectiveness of compensation and benefits programs and identify areas for improvement.

Each of these stakeholders contributes with specialized expertise to the effective management of worker compensation, benefits, and payroll. Contributions between stakeholders ensure a compliant, efficient, and cost-effective system, fostering a positive and productive employee experience while protecting the organization from legal risks and enabling it to attract and retain top talent.

Manage worker compensation, benefits, and payroll process flow

The following diagram illustrates the Manage worker compensation, benefits, and payroll business processes area. Each solid gray rectangle on the diagram represents an end-to-end business process. The solid blue rectangle represents the business process area. The diagram shows the subprocesses for the business process area. The arrows on the diagram show the flow of the business process in an organization. If a subprocess can lead to more than one other subprocess, the parallel subprocesses are shown as branches.

Diagram of the Manage worker compensation, benefits, and payroll business process area, illustrating how the business process areas connect.

  1. Start

  2. Hire to retire

  3. Onboard and manage the employee lifecycle

  4. Manage worker time and attendance (if applicable for employee performance and compensation)

  5. Manage worker travel and expenses

  6. Manage worker compensation, benefits, and payroll

    1. Define compensation policies and strategy

    2. Process compensation and changes

    3. Mark workers as ready to pay

    4. Define worker benefits offerings and strategy

    5. Enroll employees in benefits

    6. Record life events

    7. Analyze benefits, compensation, and payroll information

  7. Manage occupational health and safety

  8. Source to pay

  9. Record to report

  10. End

Benefits from managing worker compensation benefits and payroll within Dynamics 365 Human Resources

The following sections outline the crucial benefits that an organization can monitor and assess for managing worker compensation, benefits, and payroll.

Streamlined processes and reduced errors

Dynamics 365 offers a unified platform that streamlines worker compensation, benefits, and payroll processes, fostering efficiency and accuracy. Customizable templates and checklists enable HR teams to guide employees through various procedures seamlessly, from paperwork to benefits enrollment.

Interactive onboarding portals can be developed with Power Apps or Power Pages, providing employees with a self-service portal for accessing crucial information and managing their accounts. Automated workflows using Power Automate can trigger alerts and notifications, ensuring timely completion of tasks and reducing the likelihood of errors.

Improved compliance and regulatory adherence

Dynamics 365 helps organizations maintain compliance with labor laws, regulations, and accounting standards. Integrated modules provide a centralized view of employee data, benefits enrollments, and compensation calculations, enabling HR teams to identify and address potential compliance issues promptly. Real-time updates ensure that organizations stay up to date with changing regulations and make necessary adjustments to their processes.

Enhanced employee experience and satisfaction

Dynamics 365 empowers employees to access their compensation, benefits, and payroll information securely and easily. Self-service portals allow employees to track their personal information, review benefit options, make changes to their enrollments, and manage their payroll deductions.

Reduced costs and improved financial management

Dynamics 365 automates repetitive tasks and streamlines processes, leading to significant cost savings. Automated compensation processing eliminates manual data entry and reduces the risk of errors, saving time and resources.

Data-driven insights for continuous improvement

Dynamics 365 generates valuable data that can be used to gain insights into workforce trends, compensation practices, and benefit use. Analytics tools enable HR teams to identify patterns, measure performance, and assess the effectiveness of their compensation and benefits programs. Data-driven insights help organizations make informed decisions about compensation strategies and benefit offerings, ensuring that their programs are aligned with their business goals and employee needs.

By implementing Dynamics 365, organizations can reap the benefits of streamlined processes, enhanced compliance, improved employee experience, reduced costs, and data-driven insights. These benefits contribute to a more efficient, compliant, and cost-effective approach to managing worker compensation, benefits, and payroll, enabling organizations to attract and retain top talent, foster a positive and productive work environment, and achieve their business objectives.

Next steps

If you would like to implement Dynamics 365 solutions to assist with managing worker compensation, benefits, and payroll, you can use the following resources and steps to learn more. (Links are added, when the articles are ready.)

  1. Plan and recruit your workforce

  2. Onboard and manage the employee lifecycle

  3. Manage occupational health and safety

  4. Manage employee performance and growth

  5. Manage employee time and attendance

  6. Manage travel and expenses

  7. Manage employee benefits, compensation, and payroll (the article you're currently reading).

You can use the following resources to learn more about manage worker compensation, benefits, and payroll processes within Dynamics 365 Human Resources.

Contributors

This article is maintained by Microsoft. It was originally written by the following contributors.

Principal author:

Other contributors: