With rapid advancements in technology, there is a huge change in how people live, work, and expect to interact with their employers. While processes such as employee onboarding and training feature prominently in HR functions, Payroll is an area that deserves the most attention. Similarly, the payroll of the future should enhance employee experience, enable better decision making, and increase efficiency.
Let us shed light on a few latest trends in HR and Payroll Software to unravel what the future holds for the payroll industry. Organizations and HR people need to understand these trends and implement them to keep up with the competition.
Automation and Integration
The one department in your back office that requires automation the most right now, is Payroll. This is not about the large obvious automation like computing salaries or reducing the risk of non-compliance. This is more about automating the manual repetitive processes that are eating into the time of your Payroll staff.
Companies are cutting back on the Excel Spreadsheets, data entry processes, paper-based payroll in return to adopt automated payroll solutions that are quicker, smoother, and allow integration of various data accessible in a single software.
Demand for Artificial Intelligence
Artificial Intelligence is becoming more visible across industries, and the payroll industry is no exception. In the past, payroll just had the use of computing employees’ salaries, paying them, and generating a simple report. But now as the demands have increased, the technology is more enhanced in terms of automating the manual processes.
For instance, many organizations have integrated chatbots powered by AI with their websites to answer simple queries of their employees so that they don’t have to run from one department to another to get their questions solved. AI is also helping shape more accurate budgets, identify unnecessary or low ROI expenses, and suggesting potential solutions for these problems.
Rise of the Gig Economy
With the outbreak of Covid-19 and technology providing the comfort of working from anywhere, there has been a dramatic shift towards gig workers, remote working, and the work from home model. This transition from traditional and full-time employment to the mixture of independent contractors has made the situation complex. Old legacy systems will fail to handle such diversity in the various kinds of employees, and complying with the differing tax and regulation laws for every kind of employee.
With the help of an automated Payroll software, this process of handling the blend of full-time employees and gig workers becomes extremely smooth, as well as having the flexibility for payroll changes in case the gig workers get hired as full-time employees in the future by the company.
Employee self-service and mobile accessibility
Mobile devices are essential more than ever- according to a study conducted by GSMA Intelligence, over 9.3 billion mobile connections are being made as of this year.
The necessary information can get lost when you are transferring the information from one software to another. An HRMS with Employee self-service eliminates any errors and increases accuracy in record keeping, thanks to established systems like UZIO Payroll that offers complete payroll solutions and will revolutionize the way your organization functions.
Enhanced Data Security
In an increasingly connected world, data security continues to be the main issue. With changes in laws these past years, Payroll software needs to be GDPR-compliant now. Any sensitive information entered in the system will be automatically protected and encrypted to ensure that no one can breach it.
Every company has a large chunk of data to safeguard. They hold sensitive information such as wages, contact information, account numbers, social security numbers, etc. Automated Payroll software will also ensure that no documents are lying around and the risk of getting into the hands of a wrong person or any threat of information getting leaked.
The way forward, and beyond
HR and Payroll are two of the most specialized functions of any organization, they need to be upgraded constantly to stay ahead of the curve and necessary to make your life easier. If your company needs help with HR technology adoption, be sure to reach out to us for any queries or suggestions regarding your HR or payroll department.