Payroll, in its simplest form, is ensuring adequate reimbursement to employees for the time which they have given to your company. However, the overall payroll process is not that simple. HR and payroll details such as benefits, tax, deductions and much more all come under the payroll umbrella. Luckily for those in the industry, new advances in payroll technology are evolving the method into a more seamless process. So, what can you expect of payroll in 2020 that may make the job just a little bit easier? Here’s what to anticipate in the future of payroll:
HR & Payroll Integration
Businesses have traditionally followed corporate structures of keeping their HR and Payroll separate. However this is changing and companies are now seeing the value of integrating HR Payroll systems. Not only as a potential cost-savings measure but to enhance efficiency and lessen duplication of work. After all, a company’s HR Software can have a huge impact on payroll, as the laws around data protection become more complex and accuracy of information is crucial. Therefore, having different systems talk to each other reduces errors and saves time. When all HR and payroll data is integrated, it’s much easier to manage.
Hosted or cloud computing allows you to access your data on any device in any location with an internet connection. This option is on the rise in the payroll industry. Some companies already operate in the cloud, and most likely that will only grow. There are several benefits of cloud computing, but most notable are cost savings and flexibility. As businesses grow and their payroll needs increase it can expand their use of hosted services as needed, without extra hardware purchases.
Self-Service & Mobile
With approx. 2.1 billion people using smartphones daily, apps and self- service systems used to manage everyday life is on the rise – that includes payroll too. The adoption of these mobile-friendly systems also allows employees directly contribute to payroll accuracy as employees can now easily access their data, holiday information, payslips, and other information anytime, anywhere and from any device. Offering such functionality to your employees is soon to be a necessary element as opposed to a nice to have.
There is a lot to look forward to in payroll in 2020, with emerging trends aiding payroll teams in the overall complex process of the job. Businesses can prepare for 2020 by getting a clear view of their current payroll solution and assessing if they too will move forward into the future of payroll.