A Sneak Peek into the Future of Payroll Technology
If there is a way to inadvertently turn your business into shackles, it has to be the blunders in paying your employees or failing to pay them on time. Delayed paychecks is one of the grimmest payroll mistakes that can wreak havoc on a business.
This is the reason why many organisations are turning to advanced technologies for processing one of the core human resource management operations i.e., payroll. Yes, technology has turned an indispensable part of businesses these days.
Tech pundits predict three big changes in the world of technology that would be or rather we should say are already transforming the way we are paying our employees. Yes, mobile, cloud computing and analytics are changing the way we have been interacting with our employees and paying them.
1. Mobile offers a far-flung impact driving new means to connect with employees pertaining to their benefits and pay details, all on the fly.
2. Analytics on the other hand is helping HR managers and business owners make smart and sound business decisions based on computer driven data and stats rather than relying on gut feelings.
3. Cloud computing has been conceiving a completely new breed of methods and systems that is fundamentally changing the way we have been working since the last few years.
We are living in the mobile era. In fact, mobile is the last thing that you look before dozing off at night and the first thing in the morning. Undoubtedly, mobiles have become an integral part of our lives these days.
Here, a cloud based HCM software equipped with mobile employee self-service app for employees would help HR personnel sending out payslips and other pay details at the click of a button. Employees on the other hand can check these details as well as apply for leaves on the go. Talk about paperless HR operations. Set free your HR staff/department from the desktops for executing payroll and other related tasks.
In addition, the exponential growth of smartphone market is completely revolutionising the feat to accessing crucial data in terms of speed and convenience making mobile payroll a necessity.
Analytics make it easy to understand hard to interpret and access payroll data such as rewards, benefits, taxations, etc. In fact, most of the cloud based payroll solutions available today offer the option to customize dashboards. Analytics would be no more a nerve-wrecking thing. Also, gone are the days of navigating through heaps of spreadsheets.
Most importantly, creating and managing HR MIS reports becomes much easier with an automated payroll solution. Detailed and intuitive MIS reports are available at the click of a button saving lots of time and efforts for HR professionals.
Cloud computing refers to offering the power of computing to users from anywhere and at any time. It’s all about empowering the users. An in-house payroll system comes with the challenges of frequent updates to keep up with the ever-changing payroll compliances and legislation.
A cloud based payroll software eliminates these hassles and paves way for a seamless and paperless payroll processing. Also, updates are not a problem, as they are taken care of by vendors. No need to employ additional IT crew either as needed for maintaining an in-house system.
In a payroll department, it is quite common for stress and work hours to go up during the end of each month (pay period). These aforementioned tech trends would be shunning the stress and pains associated with traditional payroll processing tools and practices.
Cloud based payroll solutions are dynamic and user-friendly providing instant results and real-time analytics as well as insights into the pay data of employees.
Technology has the power to alter the way we have been communicating with our employees, interpret data, and can positively influence your business. So it’s time to welcome the change with open hands.
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