It is that time of the year again when payroll managers are at their busiest and perplexed self. Sailing into the new year is one mammoth task for them as they have to complete the year-end fiscal activities, see the new budget released, configure the payroll software they are using accordingly and much more.
To start the new fiscal year on the right note, dusting off the unnecessary and adding the required is a preliminary requirement. However, without using a reliable payroll software, all this can take a hell lot of time and still end up being erroneous. Clearly, using a payroll software has become inevitable. It can indeed make the work more efficacious. Thus we have gathered some of the technological trends pertaining to payroll.
Read them to sense the changes coming and stay better prepared!
Impeccable local and central compliance
While there are labour and employment laws and tax regulations released by the central government countrywide, there are also laws announced by the local government in power. While this is done for the welfare of employees, the companies running their business in multiple countries or states find it quite undecipherable. Staying compliant with every local law becomes a problem for them; solving this pain point is exactly the aim of the payroll technology this year. The cloud-based HRMS software India has will be made more and more adaptable. This will help the companies in being compliant across states.
Payroll management software are somehow still lagging behind in terms of personalisation. While the payroll manager has to powers to manage and access every employee information, the employees still have limitations. Improvising the employee experience and giving them rights like using the mobile app to make attendance corrections, download payslip and more would be the focus. The more empowered and at ease the employees start to feel, the better it gets- for the organisations and the payroll software, both.
Rich and Insightful data
Payroll is the most sought after module when any company is looking to invest in HR Software. However, even after so many advancements, some of the challenges still prevail. This would be taken as the opportunity to enhance the delivery. Uptil now, the payroll team performance was not measured against a set of parameters set formally. However, with the increase in use of performance management software, the employees’ in the payroll team can be judged on the basis of the KPIs set for them. They will help the organisation identify the loopholes and improve the system continuously. Moreover, the data collected will also be used optimally to reveal some of the company trends in terms of attrition, hiring, payroll errors, the reason for errors, processing time, payment types and more. All of these will prove to be a game-changer and help the company in making more informed and strategic decisions.
The Way Ahead
The two most crucial functions in the HR department for any business remain to be payroll and attendance. Both of them require customisations and the data for each employee varies immensely. While the functions will continue to require manual intervention to an extent, making use of new advancements like the ones mentioned above will be the sure-shot recipe to stay ahead in your industry.
So, payroll managers keep yourself braced for the changes- the better times are about to come!