There are many tech trends that are helping HR professionals with their online payroll management system processes. This rapid growth in technology is progressing the functionality of online payroll management systems in India. When it comes to technology, many industries are enjoying the major benefits it provides.
Here are a few payroll trends you should keep an eye on !
Cloud Computing:
Mostly Payroll and HR have moved to the cloud. As business owners and HR managers have realized the importance of outsourcing payroll management, cloud computing has become more popular. It allows access to data on any device in any location with an internet connection. It includes various services like storage, Backup, Hosting, and software as a service (SaaS). The software can be updated instantly and security is far better than on a hard drive or desktop. This trend can be adopted by any small business. According to Forbes, 83% of enterprises will be cloud-based by 2020.
Artificial Intelligence:
Current work mechanisms have inspired the concept of Artificial Intelligence. Artificial Intelligence and Machine Learning allow devices and programs to consume a large amount of data. Many companies are thus opting for AI-driven software for HR and Payroll activities as well. It helps to fill in payroll information in a quick and easy manner. Employees like to adopt automated systems, auto-generated data and take help of such technologies to execute their routine activities. Ground level to Top management, AI is becoming more extensive across organizations.
HR Integration:
Data integration of employees with accounting and expense management is important to a greater extent. There is a chance of data duplicity and data inconsistency while posting entries in numerous databases. HR integration may also include third party tools and software like location-based attendance tracking, employee on-boarding, and training, employee background verification. HR integration will enable organizations to achieve a global perspective on the workforce with the security of local compliance.
Customized Software:
HR functions and objectives are largely dependent and influenced by the strategic mission and objectives of a company.HR requires custom online payroll software that will work best for fulfilling their responsibilities. Customized software allows HR to manage payroll for various formats of employees like full time and part-time. These formats require different pay scale and salary structure. This customization is a major trend in payroll software.
Payroll Management & Employee Engagement Optimizes Productivity:
Project managers in large MNC’s have reported various difficulties in measuring the performance of every member of their team. With the help of latest HR Payroll software and application, Team leaders can track their employee performance and their insights in real time.HR team can counsel and train the employees from time to time and ensure maximum productivity and constant engagement among the employees.