Now that we're into the new year, a question that pops into most of our minds is what changes will 2019 bring at our workplace.
Payroll is one category that is likely to see more than a few innovations this year—the days of getting a cheque at the end of every month are past us. Salary, commission, bonus, and flexible benefits make up for compensation packages these days. Making employees happier at work is the goal of advancing your payroll processes.
Some of the payroll trends to look forward to this year are:
1. Artificial Intelligence
AI has started worming its way into most departments in our workplaces, and payroll is no exception. There is no doubt that this technology is helping save employers time in running payroll, and reducing errors too. That's the primary reason AI is one of the top emerging payroll trends in India. AI can classify employee into separate tax brackets and chat bots can help employees with any minor queries they may have. And if the issue is major or urgent, the bots can forward them to an HR administrative. AI will cover most processing and classifying tasks too, allowing the HR department to focus on other important tasks.2. Cloud Computing
Cloud computing has a variety of benefits like backup, storage, and hosting. Incorporating this software in payroll will help you save costs and offer flexibility. Running to the bank every time you want to run payroll can be tedious and already most organizations are moving past that system. Information via cloud computing will be archived and will be easy to access data whenever you need. This is an advantageous business software for small businesses. Automating processes and routine updates are a part of the top payroll trends that will be a part of cloud computing. A shared services model like this should be adopted by every business, big or small.3. Instant Payments
With freelance work and flexible working hours trending among today's working generation, employees expect real-time reimbursement for their work. Waiting till the end of the month to get paid is a thing of the past, and instant payments are a requirement among freelance and contract workers.
It's not just the outsourced talent that want immediate payment, though. This is especially popular among hourly workers, who want to get paid immediately after they have worked a shift. A variety of digital payment options like PayPal can make this possible. Instant payment is one of the top payroll trends in India that will be on the rise in 2019.
