The 2020 and 2021 lockdowns have paved the way to a world that is becoming more digitally dependent to ensure a continuous flow of work even in the worst of situations. Work from Home has become the new normal and with it, the adoption of technology and digital reformations within various organizations has become a necessity and a skill upgrade that everyone must learn in less time but with utmost efficiency.
According to McKinsey Digital, it estimated that brands and businesses made a rapid move by adapting to five years of digital upgrades in just eight weeks during mid-2020. Just like all roles moved digital, so did HR.
There has been a rapid standardization, optimization, and digitization of the HR roles through online HR platforms that provide an error-free efficient system of producing payroll data and insights. This further leads to creating value in the payroll system by increasing productivity and lowering costs related to an outmoded, error-prone method.
Top Trends in the HR Payroll Industry That Will Benefit the Organizations in the Longer Run
While HR systems have been rapidly digitized, some new trends have emerged and are being rapidly adopted by organizations to ensure growth.
- Simplified enterprise payroll software: The HR platforms have now brought in a design revolution to simplify the payroll software and at the same time also made it easily configurable. Irrespective of the size of the organization, the range based salary structure simplifies the automation process, thereby providing a clear view of payrolls statistics.
- Automated HR Payroll processes simplify the salary revision process: The advancements in the HR software industry now enable non-finance roles like HR employees to monitor and participate in the HR process. There is no need for prior knowledge about Payroll processes to revise and plan a compensation.
- Easy payroll information access: The organizations can easily preview their payrolls any number of times before finally dispensing it. With advanced insights you can now compare revisions between current payroll and previous payrolls. This helps you to evaluate changes at a micro-level. Additionally, while in a Work from Home environment, getting access to payslips at any time of the day through SMS, E-mail, etc., helps the employees in easily checking their payroll data. Hence, an HR Payroll system helps in gaining easy access to one’s payslips and other remuneration/appraisal-related data.
- Virtual HR team: The online HR Payroll platform can work as your HR team regulating the workings and digitizing and integrating messy payroll data. This allows business leaders to gain insights and spot trends that can help them to make decisions in real-time, thereby minimizing losses and improving efficiency.
- More beneficial remuneration models: With the help of the HR Payroll system, you can prepare more innovative remuneration models for your employees that will align better with the employee’s requirements. For instance, the provision of tailor-made schedules for payroll or flexible overtime payouts can help in boosting the morale of your employees, without affecting your payout costs. Several employees want to opt for the option to buy annual leaves, especially in the current situation when mental health-related concerns are on the rise due to financial concerns. An option to deliver such requests, through automated processes, helps in gaining employee trust and also leads to better recruitment options.
- Building financial stability for the organization: The automated HR Payroll systems with AI and ML-related tools helps in generating descriptive, predictive, and prospective data analysis that helps in evaluating and creating effective data. These data sets can help organizations in planning and prepare themselves for the pandemic and post-pandemic era.
No matter what trends continue, or new ones come into the picture going forward, one thing is for sure that the human touch would be an integral part of the HR world. Tech will act as a helping hand in helping humans make better decisions with the help of data for its workforce. Also, trends exist because they solve a current problem. When new challenges arise, we will have to find new solutions, and those will become the trend. Let’s keep innovating.
