It goes without saying that Payroll is considered as the most daunting and time-consuming task by every business owner, be it small, mid-sized or large. Especially, small business owners find the task more complicated as they have lack of manpower and resources to get the job done in a streamlined manner that further escalates the probability of making errors.
Looking ahead, today’s innovative payroll solutions have given flexibility to business owners with more control on how to manage and pay their employees effectively. With shifting focus towards embracing technology, here are the tech-trends that are likely to gain more attention this year:
With small business owners vastly recognizing the ease of managing payroll and other employee-related administrative tasks through on the go technology, adoption of payroll mobile solutions is likely to increase. Recent studies have also shown that majority of companies are already using mobile technology and the trend is expected to grow further.
End-to-End Human Capital Management Solution:
Previously, companies were using separate processes for their various administrative HR functions such as payroll, recruitment, attendance, benefits, etc. The growing demand for integrated HR systems offering end to end HR solutions will help companies focus more on their strategic development as well as save their time and money.
Employee Empowerment & Engagement:
With growing awareness among employees regarding payroll and tax rules, employees are playing more active role in the processing and show keen interest in the processing. Thus, employers look for systems that give access to workforce to view their pay stubs. Moreover, the self-service functionality allow employees to set-up profiles, edit their with holdings as well as select the mode of payment for them.
Meanwhile, when easy to use payroll technology helps employers manage their payrolls effectively, growing government provisions and regulations make it more challenging for employers to stay compliant with the latest tax rules and other acts. Thus, this year will see more focus on compliance factors.
Thus, companies must evaluate their existing payroll functions and look for ways to streamline their processes. These are the major trends that will be on a high during the year and business owners must ensure that they follow the trends effectively to make their employees more satisfied and happy.