Payroll SaaS is a Great Fit for Integrated Hiring Solutions
In the modern business landscape, staying ahead of the competitive job market while efficiently managing the workforce’s compensation is crucial for any organization’s success (which is why vertical SaaS giants like Toast targeted payroll integrations when they started their multiproduct strategy). Integrating HR software tools can significantly enhance an organization’s efficiency and productivity.
At HiringThing, we offer HR tech companies embedded hiring solutions in the form of an applicant tracking system (ATS), hiring software built to optimize, streamline, and strengthen the entire recruitment process. As marketing director, a large part of my job is seeing what software providers are an ideal product-market fit for our embedded solution, and payroll SaaS is always top of that list.
In this blog, I’ll explain the benefits of integrating an ATS into your payroll software, highlighting how this dynamic duo can streamline HR processes, simplify hiring, and optimize payroll management for the customers you serve, providing them with a better experience, which in turn helps you grow revenue, expand market share, and remain ahead of the competition.
The second blog in this series goes more in-depth about how embedded hiring can help grow your payroll company’s revenue.
How Hiring Enhances Payroll
- A Holistic HR Experience
- Streamlined Recruiting (for Candidates and Employers)
- Enhanced Data Accuracy
- Improved Compliance and Reporting
- Streamlined Employee Onboarding
- Stronger Data Analytics and Insights
A Holistic HR Experience
Hiring and payroll are two functionalities every business needs to master to thrive. Integrating an applicant tracking system with payroll software combines the hiring and payroll processes into a unified platform. Traditionally, these two functions have been treated as separate entities, leading to data management and communication inefficiencies. By merging them, companies can establish a smoother workflow and ensure a seamless exchange of information between HR teams, recruiters, and payroll managers.
Streamlined Recruiting (for Candidates and Employees)
An ATS is designed to simplify and streamline the recruitment process. It allows HR teams to manage job postings, track applications, schedule interviews, and communicate with candidates effectively.
Check out 2023 Applicant Tracking System Stats to see all the benefits an ATS offers.
Once a candidate is selected, and their details are captured in the ATS, the information can be directly transferred to the payroll software when the candidate becomes an employee. This eliminates the need for manual data entry, reduces errors, and accelerates the onboarding process.
The average employee spends up to 5 working weeks toggling between apps. Anything you could do to lessen that and fight “app fatigue” is a win for your customer experience…and platform stickiness.
Enhanced Data Accuracy
Integrating ATS and payroll software significantly reduces the likelihood of data discrepancies and manual errors during hiring and payroll processes. When a candidate’s information is seamlessly transferred from the ATS to payroll software, it minimizes the risk of duplicate data entry. It ensures that all employee details are up-to-date and accurate.
Improved Compliance and Reporting
Payroll processing involves various legal and regulatory requirements that must be adhered to, such as tax withholdings, benefits deductions, and overtime calculations. By integrating an ATS with payroll, HR teams can ensure that all relevant employee information is captured during the hiring process, making it easier to stay compliant with labor laws and generate accurate reports required for audits and reporting purposes.
Streamlined Employee Onboarding
Onboarding new employees can be time-consuming and complex. Connecting ATS with payroll software makes the process more streamlined and efficient. Hiring managers can quickly access all the necessary employee data, including personal information, tax forms, and benefits enrollments, without switching between multiple systems. As a result, new hires can get up to speed faster, leading to higher employee satisfaction and productivity.
An efficient, streamlined onboarding experience is key for retaining new hires—86% of employers believe that new hires decide to stay at a company within the first 90 days.
Stronger Data Analytics and Insights
Combining an ATS with payroll software opens up opportunities for data-driven decision-making. HR managers can access comprehensive analytics and insights about the recruitment process, time-to-hire, cost-per-hire, and employee turnover. These valuable metrics can help organizations refine their hiring strategies and optimize their workforce, leading to better business outcomes.
Consider Integrating Hiring Into Your Payroll Software
Companies must adopt innovative approaches to stay competitive in today's fast-paced tech climate. Integrating an applicant tracking system with payroll software enhances the HR experience. This dynamic duo empowers HR teams to make informed decisions and effectively manage their workforce, ultimately contributing to the organization’s growth and success. By embracing this unified approach to HR management, businesses can build a robust foundation for their future growth and achieve greater efficiency and productivity in their HR operations.
If you’re interested in integrating hiring into your payroll software, set up a chat with one of our business development representatives today.
Need some more convincing? Check out part two of this series: Embedded Hiring Can Help Grow Your Payroll Software’s Revenue.
About HiringThing
HiringThing is a modern recruiting platform as a service that creates seamless hiring experiences. Our private label applicant tracking system and open API enable technology and service providers to embed hiring capabilities from sourcing to onboarding. Approachable and adaptable, the platform empowers anyone, anywhere, to hire their dream team.
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