Payroll processing has undergone some seismic changes in the last few years, all thanks to technological innovations like mobile, cloud, automation, etc. To our excitement, the year 2018 is likely to witness more change and innovation in this quintessential HR function.
Let’s see how the cloud to be the new normal for payroll in 2018 and beyond:
- Mobile Apps to take the Centre Stage
Today, employees and managers want instant access to employee and pay data from any place even when they are away from their workstations. This has led to a burgeoning increase in the number of mobile payroll apps that allow both employees and managers to lay their hands on the needed data on the go. Good news is that these apps are expected to become more user-friendly and powerful in 2018. Pocket HCM’s mobile payroll app for instance offers a single point of contact or unified dashboard making available all the required information at one place. HR people can send out mails and notifications from the app, whereas employees on the other hand can access their payslips, check personal details and update the same from their smartphones via employee self-service app.
- Cloud Payroll will continue to Evolve
A whopping number of businesses are ditching traditional payroll solutions and are making the giant leap to cloud based solutions for agility and efficiency. The benefits of a cloud based payroll software are manifold such as routine updates, regular data back-ups, data security, instant remote access from anywhere and many more. In fact, the number of companies embracing these cloud-based solutions is expected to go up in 2018.
- Improved Data Security
Of late, data security and safety for payroll data has become a growing concern for numerous business enterprises, since most of the processes take place on tablets and smartphones. This has led to an increase in the demand for assured ownership and data security in recent years. Come 2018 and beyond, more businesses will review data security protocols of the payroll solutions available and will be looking for means to ensure the safety of data.
- Analytics to Identify Key Trends
Real-time and timely access to data also opens up doors for predictive analytics. For instance, businesses are already using insightful analytics gathered from automated HR solutions to identify and foresee employees that are likely to quit the company. Furthermore, businesses can also analyse pay data to identify irregularities that could help catch hold payroll fraud, work hours, overtime calculations/pay etc. that can help make sound decisions pertaining to human capital management.
Businesses will be having more means than ever for utilising and managing their payroll data in 2018 and years ahead. Simply put, 2018 is likely to bring in more payroll opportunities.
If you wish to go that extra mile and empower your payroll processing with cloud technology, reach us here for a free demo and consultation. You can also give us a shout-out at Twitter and Facebook or drop a mail at firstname.lastname@example.org.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Pocket HRMS.