Running a business of any size is an expensive affair. Payroll penalties are the last (read not even last) thing that any business owner would want to add to his list of expenses. But, due to the complexity that payroll processing comes with and obsolete payroll software, it isn’t possible to get it right every time!. Infact, on an average every year 40% of the SMEs alone are found paying penalties every year. The most common reasons for the same being filing errors and not paying the dues on time.
Nevertheless, the bright side is that the HR and payroll software companies have anticipated the pain points. So, now if you choose the right futuristic software you can optimise the whole payroll process and save your business from being penalised.
In this blog, we share with you some of the trends that the future of payroll will witness. Knowing them will help you in staying one step ahead of your competition by reevaluating your payroll software investment.
Only on-cloud payroll is the future
The on-premise software are doing little or no good currently. The work model hopscotch has made it clear that only on-cloud software would gain popularity and momentum. Such software allow HRs to login and access the software from anywhere, anytime safely. For instance, it is not safe to go to office but HRs of companies with on-premise payroll software have to go to their offices. One other added advantage of this is that the data is encrypted and hence safe from hackers.
Seamless HR Technology Integration
Payroll and other managerial tasks are two entirely different disciplines for HRs. But, integrating your payroll software and HR software or buying one integrated HCM solution can turn out to be immensely helpful for your business. When attendance, payroll, performance and other HR tasks are synced and can be navigated through a single app, it can save you from committing mistakes and wasting time. It not only keeps you away from penalties but also keeps your employees happy as no one gets underpaid.
Benefits and Financial Wellness
The pandemic has made every company work while being a societal safety net. It has shown employees and employers the true value of each other. While keeping employees engaged has become more important, a part of it also involves keeping in mind the financial wellness of employees. Payroll software companies not only have made the changes in their software accordingly but are also working continuously to abide by the government norms. Moreover, they are also innovating the whole process in their own ways by not overlooking ways to keep mental and physical wellness of employees. So that the employees experience less or no stress and can be their most productive self.
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Transparency in payment
While some businesses have made salary information accessible, there are still many companies who follow no rules or structure when it comes to compensation employees of different grades in the organisation. It is necessary to do so though as it promotes fairness and equality. This also makes employees feel that they are being paid fairly and elevates company culture and image. Payroll software can act as a catalyst for the same in future if companies let them.
Technology like always is identifying the need and investing and adding new features to it. However, till the time the companies are not open to embracing the change, it is not possible for the technology to do anything standalone. So, take the plunge and invest in future-ready payroll software to reap the benefits and prepare your business and people better for the changing future of work!