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.
4. Robotic Process Automation
In this process, robots will take over menial everyday tasks in HR. This is a software that acts as a sort of "co-worker", which helps us save time and cost in performing repetitive tasks. You don't need to make major changes to your current software to incorporate this strategy; robots can work these software.
While decision-making and interpretation will still be done by humans, robots can take over simpler tasks like checking and copying data. And this will also reduce the number of tasks employees will have to perform, giving them more flexibility.
5. Data Security
Both employers and employees can benefit from better access to workforce insights. Data that can give actionable and meaningful insights to employers is the new norm. Putting developmental data into action will be made easy for business owners.
Machine learning can give ample such vital insightful data in real-time. HR executives need to make sure that data is well-protected and classified while being easily accessible. Employees will also enjoy better access to data to support their goals both inside and out of office.
Labour laws are getting more complex and employers need to keep a proper data around payroll. It's easier to manage payroll data when all of it is integrated.
6. Employee Experience
You must have heard the popular phrase that: "Happy employees are more productive." When your employees enjoy flexibility in work place, they will be motivated to work better.
While most employers are looking to fill positions on an "on-need" basis, employees prefer to work in freelance positions. This is changing the definition of work, but when you want to hire and retain good talent, employee experience is what will help you find such talent.
Relationship-oriented strategies to hire talent that will fit into the company culture is an increasingly popular payroll trend. Staying in touch with and keeping track of your current talent can be done using various digital tools.
The Way Ahead
Thinking about employee benefit will give you a better workforce; and to do so, you need to be at par with payroll trends. There are a variety of employee wellness trends we will get to see this year, and incorporating these trends into your business will give you a happier workforce.
The best way to figure out which trends will be the most suitable to your business is by giving out a survey to your employees. Upcoming payroll trends are all about making the jump from spreadsheet to software. It's time to transition your payroll process from the past to the present.