How Evolving Technology Will Define the Future of HR and Payroll
It is no surprise that an employee that’s paid on time is an employee that is happy. That is why it is imperative that employers make the right decision when choosing the best payroll solution that ensures salaries are delivered accurately and on time each month. In turn, this pressure from organizations has forced providers in the HR and payroll processing industry to constantly evolve and improve their technology in an effort to replace manual processes and instill efficiency in the way payroll gets delivered.
As companies invest in acquiring the best talent in both local and global markets, managing employees and their payroll can be cumbersome without automation — and this is where a robust HRIS platform helps. Having a flexible and efficient payroll platform is imperative for companies to successfully manage the entirety of an employee’s lifecycle, including timely payroll and seamless management of ongoing employee benefits.
Choosing the Right HRIS/Payroll Platform
When a firm is looking to choose an HRIS platform, they typically need to consider multiple factors to make the right decision:
• Number of permanent vs. contractual employees
• Physical vs. cloud/software as a service (SaaS)
• Data privacy compliance
• Efficient payroll execution
• Virtual learning and development capabilities
• Integration with employee performance management
Many other elements drive the ever-changing demands of the HR and Payroll market. These include, for instance, geopolitical events (like the current global pandemic) that can bring a shift in local statutory procedures in a heartbeat, forcing HRIS systems to catch up with them. It is challenging to predict the requirements that HR and Payroll will put on technology in the future. However, there are some trends that have been increasingly gaining traction that companies in search of an HRIS should keep in mind.
More cloud, less physical
Platforms and applications are increasingly moving to the cloud, simplifying integration between different tools and allowing easy maintenance. An important benefit of cloud-based systems is scalability, which means that if a company experiences exponential growth, cloud-based systems can easily grow alongside it without the need to replace or add to physical servers to accommodate the changes. Cloud-based solutions are also typically less expensive compared to local servers that require physical equipment, floor space, electricity and staff to maintain.
Self-service learning platforms
Training is an ongoing, critical aspect of employment that is growing in complexity through channels such as client primers, prospect demos and internal product training. Newer platforms allow the easy creation of a learning path for employees for better growth and skill development.
Internal networking
Social networking will play a big role in intra-company communications, news updates, knowledge sharing, corporate training and document management, as companies look to engage more with their employees. However, it is crucial to ensure that the information shared in these networks stays inside the company and maintains compliance with local and international data privacy laws.
Better reporting
What good is having data if you can’t properly analyze it? Custom reporting in real-time is quickly becoming the norm for HRIS systems, leaving behind the old, cast-in-stone reports that were run nightly to avoid server overload. Readily available reporting modules provide comprehensive KPIs with excellent analysis features, helping management make decisions, manage goals and steer the company. Yet another area where a capable HRIS system can become an invaluable resource for the organization.
Beyond this, major requirements to consider are accuracy, user-friendliness, secure delivery and exporting capabilities for further offline tweaking.
Conclusion
HRIS cloud-based systems are expected to grow over $13.3 million by 2026. With remote working getting more popular due to the current pandemic situation, it is important that employees can access the HR and Payroll related information securely from anywhere. It, therefore, stands to reason that these platforms are in the budgeting lists of most organizations.
Richer feature sets in HRIS systems should encourage employees to make use of them efficiently and routinely. And as the market develops, we will see these platforms gain more and more visibility in the daily routine of organization members.
