Though handing out some sort of remuneration for the work done is as old as civilization, modern payroll structure is like a constantly evolving organism. It gets shaped by changing tax rules and regulations, data prevention policies by social setups, employee needs, and payment modes that may vary from company to company. As such, keeping an eye on payroll trends can hold a significant importance in peeping into the future and augmenting yourself accordingly. But for many companies, payroll may not be the area where their specialization dwells. To aid them in mitigating this weakness, we have come up with the future shaping payroll trends which will soon become norms.
A) Process Automation:
Till now, we haven’t seen payroll’s big embrace to robotics in improving both process and results. But with the help of Robotic Process Automation’s (RPA) capacity to perform repetitive, high-volume, low-value tasks with unbelievable speed and accuracy, payroll is close to being there. We are already seeing a glimpse of its power in transforming how payroll teams function.
With the passage of time, robotics and automation in payroll will get a further establishment. More organizations will ponder over opportunities for automation, such as in repetitive tasks or computational activities like uploading files to ERP systems, reviewing payroll calculations and even validating data. Undoubtedly, RPA’s faster processing will bestow greater accuracy at lower costs. But more importantly, it will allow payroll professionals to focus on mission-critical tasks that can seriously add business values.
B) More Focus on Data Quality:
Along with the importance of data, data quality and consistency will become more valuable than ever. To weed out the possible miscreants from data storage and handling, more attention will be given to how data is gathered and transferred. One way to achieve data consistency could be to consider a payroll solution that puts all data on one platform. This will be fundamentally different from multiple local provider systems.
Better data intrinsically means better compliance. And in the times of GDPR, it’s not only vital but unavoidable. Even though GDPR’s focus is the way customer data is handled, note that employee data is also included in this new regulation. It can affect all the EU citizens. With GDPR bringing a change in the way personal information is stored and handled, a good software provider must stay in compliance with the new regulation.
C) A Better Access to Payroll Software:
In an era of multi-connectivity, the utility of a payroll software will be determined by its ability to offer access to staff from wherever they are, and whenever they want. That’s where the growth of applications that allow them to conveniently access payroll data stems from. The coming times will see the rise and rise of such applications.
Besides, we will see a payroll management software with applications which include one control panel having mail messages as well as goods in a single place for a company. A staff member may be allowed to open up an email with just one tap, and also remotely gain access to payroll with another. Pay stubs, as well as retirement accounts, may become accessible to staff members through their gadgets.
D) Comprehensive Integration:
The importance of data and need to comply with the regulations will force companies to weave up new integration plans. Integrating payroll with systems such as HCM, accounting and benefits enable organizations to have a superior control over both data and process. As integration eliminates redundant and errant data, organizations can have a single source of fact in key functions like global payroll, HR and even finance. Considering the accuracy, coherence, and completeness of integrated data, it paves a way towards better analytics and forecasting.