Payroll Processing Accuracy Rate
This PDF report includes benchmarking data (in a visual, chart-based format), a comprehensive KPI definition, characteristics of high performers and technical details on measuring Payroll Processing Accuracy Rate. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Payroll Processing Accuracy Rate?
The total number of processed payroll payments that are considered to be accurate (i.e., payments that contain no errors) divided by the total number of payroll payments processed over the same period of time, as a percentage.
Why should Payroll Processing Accuracy Rate be measured?
Payroll Processing Accuracy Rate measures the efficiency with which a company’s payroll employees process payroll payments. A lower than average value for this metric may be attributed to several factors: highly manual (i.e., error and rework prone) payroll payment processing practices (e.g., manual data entry, etc.), inefficient payroll payment processing policies (poor payroll data governance, unstandardized payroll submissions, etc.) and sub-par employee training and performance. Each of these factors can lead to prolonged payroll processing cycle times which directly impacts employee dissatisfaction and turnover rates.
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