In recent times, major paradigm shifts have led to significant advances in the world of HR Payroll Outsourcing. With technology backed solutions taking center stage, organizations are no longer blocking their resources in hiring, training, and maintaining accountants or payroll officers. Rather, they are choosing HR Payroll Outsourcing and administrative tasks to third-party payroll professionals and administrative businesses outsourcing companies.
In the last few years, a lot of changes have taken place in the field of HR payroll outsourcing. We all know that the entire Indian market is going through a phase of the economic slowdown. In such a situation, most of the companies are looking to cut down on their expenses. It would not be wrong to say that outsourcing your company’s HR responsibilities or tasks to one of the best HR & payroll outsourcing companies in India would make more sense these days.
If you take a deeper look, the outsourced HR & payroll tasks are being taken care of in the most seamless and professional ways, leaving the in-house human resources free to concentrate on other productive and strategic areas of operation. As per market watchers and business analysts, HR Payroll outsourcing companies in India are all set to leverage the top trends in 2020 to become more organized and efficient.
Trends in 2020 For HR & Payroll Outsourcing
HR & payroll outsourcing companies are well-equipped to complete all tasks automatically to provide higher productivity and profitability quotients for their clients. The top trends noticeable in their manner of functioning are:
1. AI-powered solutions will boost the HR industry
You must be familiar with the buzz going around the AI-powered solutions. AI or Artificial Intelligence is changing the face of several industries. From manufacturing to services, there are many industries that have already incorporated the benefits offered by AI technology.
When it comes to talent acquisition, AI-powered tools can significantly reduce the amount of time taken in hiring new employees or even managing the existing ones. In the years to come, AI tools will be heavily used across the HR sector for driving productivity and improving efficiency within the organization. These tools can also prove to be useful in managing payroll-related processes.
So, it is better to outsource your company’s HR and payroll needs to one of the top HR payroll outsourcing companies and lets them handle the key tasks.
2. Flexibility via Cloud-Based Payroll Systems
The HR & payroll outsourcing sector is being nurtured by a growing demand for scalable, robust, and integrated cloud integration solutions, globally.
Much improvised and extensive cloud-based payroll systems are being used by HR and payroll services in India These systems give better access and allow clients to incorporate numerous user accounts into a single account.
As you look around, you will understand the reach of cloud computing in this context.
It is quite evident that current HR & payroll cloud-based trends are allowing outsourced payroll systems to show dynamic moves with regards to employee increases and reductions.
Additionally, with these services becoming accessible through mobile apps and gadgets, they are being accessed by users anytime, and from anywhere.
3. Data analytics will make things smoother
The use of data analytics in 2020 by the HR teams is already showing its positive aspects. Innovation improved productivity, and higher revenue- these are some of the key advantages of using data analytics. A workplace becomes more productive when the right candidates are hired, carrying the right kind of mindset. It also helps in coming up with employee-centric environments.
There are HR service providers who specialize at understanding employee behavioral patterns, particularly when it comes to retention, development, and productivity. Rather than spending hours scrutinizing or assessing the job applications, it is better to outsource the task to the capable hands.
A lot of companies often question themselves- ‘are they paying their employees an apt salary? When employees do not get what they deserve, they often end up quitting their workplace. It is where the use of data analytics comes into play. Implementation of compensation management tools can help you find the right answers.
But, rather than going through the herculean task of integrating these tools, it would be a wise decision to outsource your payroll requirements to the payroll outsourcing services in India. Many service providers in India have already started using data analytics for their clients. In the coming years, this trend is definitely going to catch up.
4. Increased Investments in HR & Payroll Outsourcing
Trends in 2020 for HR & payroll outsourcing point towards increased focus and investments from businesses recognizing the importance of aligned and motivated employees.
More and more organizations are viewing outsourced payroll processes as able means of increasing their proficiency to the desired levels and beyond.
To keep in step with changing times, they are re-focusing their HR budget linked to employee-specific skill development, training, and incentives.
5. System Integration
In 2020, outsourcing HR & payroll processes to third-party service providers are turning out to be an accepted norm in the world of business. Companies these days already have a lot of other challenges to deal with. The use of technology has paved the path to an improved way of HR and payroll processing.
Over time, it is expected that deeper inroads will be made in terms of system integration in these domains. Alongside this, these outsourcing companies will be providing more effective and profit-generating technology solutions for online banking methods, accounting software, etc.
6. Higher Investments
Outsourcing payroll and HR processes will generate increased investments from venture capitalists, those who have witnessed the strong need for outsourced payroll, etc.
This means more investments will go into the development of HR & payroll outsourcing companies and their services/ products this year. This, in turn, will lead to more competitive pricing and even better services being rendered for Indian businesses.
7. Increased Access to Accurate Information
In 2020, employees and employers will find it easy to log into their accounts for the sake of reviewing vital information and personal records, this is courtesy the user-friendly apps and operational tools delivered by HR & payroll outsourcing companies in the offing. Mobility is going to be one of the core aspects of the new face of HR and payroll services. It will give employees the advantage of accessing their time and time-off data in a better way.
Users will also find it easy to analyze their tax liabilities, investments, and financial commitments – thereby allowing themselves to engage with their finances in more lucrative ways. In a nutshell, HR services can be availed by the employees minus any kind of hassle; from anywhere, using any device they prefer.
8. ChatBOT technologies
The HR and payroll services in India are leaving no stone unturned in reaping the benefits of automated technologies. The use of ChatBot is one of them. When it comes to enhancing employee engagement, one thing that really matters is how soon you answer to the query placed by your employees. It can be related to anything; from hiring the new ones to handling the payroll of the existing employees.
The use of ChatBots can help companies deal with the queries in a lesser amount of time. Requested service can be completed with unbiased answers with the use of ChatBots. These simple things do add to the brand value of a company. So, another good reason why you should outsource your company’s HR and payroll responsibilities to the top service providers in India.
9. Complicated Tax Processes
The Indian regulatory & tax norms and the environment is expected to become more complex with business growth and fluctuations becoming commonplace. In this scenario, outsourced payroll service providers will have to up their services to provide more sophisticated solutions and outcomes. They will integrate stoic changes into their HR Payroll outsourcing systems to help their clients remain focused on their core competencies.
For any company’s HR team, dealing with the complex numbers can be a challenging task. Things can get more complicated when the team already has other tasks to accomplish in its list of priorities. So, it is better to outsource the tax processes to an experienced service provider and let them crunch the numbers for you. In this way, you will not have to feel worried about any kind of inaccuracies related to payroll systems.
Businesses in India are already taking advantage of these existent or emerging HR payroll outsourcing services in India. It would not be wrong to say that most of the new trends in this field are riding on the use of advanced technologies. The use of AI and other similar technologies are already leading to a massive change in the way HR teams work. They are turning out to be more tech-friendly.
Newer and more lucrative benefits are coming the way of SMEs, large organizations, and corporations through the best HR & payroll outsourcing companies in India. Delay no longer and find easy ways to implement these trends to manage your organization’s payroll in the least hassling of ways!