Thought leaders and businesses have also slowly begun to realize that payroll processing is a much bigger role in achieving strategic business objectives, than just providing transactional accuracy. The 19th annual Sierra-Cedar HR Systems Survey which was released in 2016 had revealed that the proliferation of cloud-based HR software has been a huge boot for smaller companies. Companies with as less as 50 employees have also moved to software solutions to automate various HR processes that saves their time and makes them more efficient. A streamlined payroll software translates into benefits which are important for organizational success such as saving money, empowering employees and keeping them motivated.
Here are the trends that can be expected to dominate most of 2017 in terms of payroll software.
1. Cloud dominance
“Lower capital costs and the scalability of cloud-based software gives smaller companies access to “more sophisticated technology.”
~ Stacey Harris, Vice President, Research and Analytics, Sierra-Cedar
Payroll is one of the most complex element of an HR system and demands a lot of attention as it also comes with a lot of risks. The emergence of cloud technology has influenced every aspect of businesses. Since payroll does include very sensitive and confidential information of employees and the organization along with mandatory statutory and legal compliances to be followed, preferring an in house process makes a lot of sense. As such, organizations are increasingly preferring a cloud based solution that makes the lives of the Finance department easier while rolling out payrolls every month in a secure and time saving manner. With so many things to be taken into consideration, cloud based payroll applications can help companies to ensure that all the obligations are being met with utmost precision and within stipulated timelines.
2. Access from smart devices
At the SHRM Tech Conference 2017 held in Hyderabad this April, the key area of discussion was the way technology is disrupting the current HR market. Technology and analytics has entered the HR field and set it to create new trends and upgrade their current ways of working. Payroll is a complicated process but cloud payroll software will make it accessible through applications on hand held devices, thereby revolutionising the way HR works. Such developments will help the HR teams and employees to keep real time track on payrolls. Such an apparatus can help bind the organisation by giving each stakeholder access and control to information that may be required at any time. Such applications can ensure fair, transparent and equal payroll collections for all employees in a company.
3. Analytical insights
According to the Wall Street Journal, some companies have begun using payroll software and HR data to predict which employees are at the most risk of leaving their jobs. Who would have thought something like this to be possible a decade ago? Automation of routine HR processes like payroll can have a lot of potential advantages for businesses, most of it derived by analytics. Real time capture of data through cloud software enables organisational strategists to get a better idea of situations and use those insights to drive better decisions. The new age of analytics in payroll is also going to help improve this core financial function improve overall experiences for employees as well as organisational productivity. The possibility of data is immense and beyond boundaries. Such payroll data can be analysed to spot top trends, which will lead to better focus and efficiency of existing systems.
4. Data security
An effective payroll software needs to take into account a lot of statutory compliances and tax complexities. Such information, along with sensitive information about the employees needs the highest levels of protection. With the increasing risk of identity theft comes the desire for employees to know that their personal information is safe and organisations need to lay even more emphasis to this for maximum efficiency. The latest trend is to ensure additional layers of security for access so that this critical area does not get compromised on. 2017 will see more institutions analysing the security protocols for their payroll data and make sure it is updated with the latest data breach techniques and advances being continually made in the area.
What are you looking for in a payroll software?
With such features and trends on their way to redefine HR and payroll, organisations need to look at a simple solution that reduces their time in taking care of complicated processes and shifts focus on core strategy. This can be possible by investing in an automated and fully integrated mobile functional payroll or HR system. Such an investment can save organisations weeks of work on traditional tasks.
Keka is a payroll solution that is being used by organisations for its hassle free set up and operation process. Its simple UI makes it easy for any non-technical person to roll out payroll effectively in the least amount of time. This is why most organisations are increasingly switching to Keka for their payroll needs. An end to end payroll software that features real time data entry, employee access to his own profile and payroll details, technology that adheres to full legislative compliance as per Indian taxation laws, multi pay group and pay cycle, sophisticated security and audit facilities and a lot more, all in one single platform.