3 Tech Trends That Are Reshaping Payroll As We See It!
Payroll is all about ensuring that everyone in a company is remunerated on time and correctly. Taken for granted most-oft, it is one of the most important business processes. HR personnel frequently endure from a range of painpoints when processing this quintessential process.
Good news is that advanced technology has come as a boon saving substantial amount of time, efforts and resources. Simply put, the HR tech landscape is inflating at a rapid pace paving way for novel and automated tools or solutions that would revolutionise the way we have been paying and managing people.
Here are three prominent tech trends that experts say will drive payroll:
Today’s cricketers are managed, measured and monitored like never before. Every shot they pull, they miss, etc. are tracked and analysed by their trainers.
Businesses too are following the suit when it comes to measuring the performance of their employees. In fact, organisations that are tracking workforce data on a regular basis have seen a steep rise in productivity and efficiency. Increasing HR analytics has triggered some major changes in payroll processing.
Until now, HR systems were largely deemed as big filing cabinets for storing and manage people data. But things have changed a lot over the past few years, as cloud based payroll software solutions are taking over.
Today’s payroll solutions come with integrated performance appraisal module that automates the judicious task of tracking employee performance.
2. Compliance friendly
Payroll plays a pivotal role when it comes to statutory compliance. Automated payroll software curbs the risks of non-compliance keeping away unnecessary costs. Most importantly, it stays abreast with the frequently changing employment and taxation regulations.
And we all know that failing to comply with the regulations can result in huge loss and damaged reputation for a business, irreparable sometimes. Damaged reputation could attract headlines for all the wrong reasons.
This is the reason an increasing number of businesses opt for integrating payroll systems with other key business process solutions including attendance, tax calculation, etc. Integrated systems help to reduce redundant data, complexity and human errors.
3. Mobile payroll
The number of smartphone users is set to reach a staggering 2.08 billion by the end of 2016. Today’s population use mobile apps for almost everything be it ordering pizza, banking, etc. Thus, mobile payroll is not an exception here.
But for a business to embrace mobile technology, there is need to embrace mobile apps. Though mobile sites are good, nothing can beat the convenience and ease-of-use offered by apps. Further, the availability of employee self service portals allows employees to contribute towards payroll accuracy. Employees can quickly check their payslips, attendance, leave balance, tax details, etc. on the go right from the smartphones.
When payroll, rewards and benefits are made easy, your HR team gets more free time and resources to pursue and improve other key operations.
Originally published at blog.pockethcm.com on October 10, 2016.