Over the last decade, we have seen major technological advancements across different industries. Technology has helped organizations streamline their processes, organize large quantities of information, as well as analyze gathered data. We understand that it is difficult to keep up with the constantly evolving technologies being offered in the market. For this reason, we decided to make this year’s outlook on payroll management a little easier. If you’re wondering what the landscape of payroll may look like, keep reading!
Pay Transparency
First up, pay transparency. Although it may be different from the norm of keeping what you make private, employers may begin sharing salary/wage levels of their employees. For one, this encourages equal and fair pay. Note that pay transparency does not mean displaying the exact dollar value of all the salaries that get paid out. It can be as simple as putting a salary range for employees of different positions. In turn, this can lead employees and potential employees to come to trust your organization more. Nowadays, there is a greater emphasis on decreasing pay gaps. Pay transparency is regarded as one of the possible methods of minimizing existing pay gaps. It is important not to disregard the implementation of pay transparency. A big contributor to pay transparency working effectively is that there are adequate policies and support from employees.
Bots & Artificial Intelligence
You may be interacting with bots and artificial intelligence more often than you think. If you’re in payroll, we are sure you are aware of the large amounts of accumulated data. Technology can help streamline your payroll processes, due to its ability to sort through data efficiently and with less errors. For those who view payroll as a daunting task, embracing bots and artificial intelligence can lessen your payroll related stress. In addition, the technology can be trained to pinpoint irregularities in employee activities that were potentially being missed by payroll personnel. Some organizations are finding fraudulent time-punching activities on behalf of their employees. It is important to note that although some employees may be punching in extra hours, there may be others who are forgetting to record their hours, or system errors occurring. Overall, these mistakes can result in employees being mispaid. This business challenge can be overcome by trained artificial intelligence that can track patterns and note irregular activities. Furthermore, you’ll find artificial intelligence being leveraged and trained to answer inquiries. Payroll departments often receive questions from employees of other departments; the usage of bots or artificial intelligence can help alleviate your payroll resources of answering redundant or common questions. This technology is steadily being embraced by payroll, HR, and many more departments.
Goody-Bye Manual Payroll!
Be ready to move away from the traditional payroll processes to an automated, paperless form. The technology wave is still in full ride, and payroll is not an exception. Automated payroll solutions are becoming increasingly cost-effective, and are more efficient than the traditional manual processes. As a result, more and more companies are implementing payroll software solutions at their organization. Not only are there more payroll solutions, but many other software solutions for companies can be found on the market. In tune with switching over to an automated payroll solution, payroll solutions can also be integrated with other implemented software solutions at your company (ex. HR-related software). Due to the advancement and widespread use of technology, expect to see more integrative solutions, as well. With a greater variety in the types of employees that work at companies now, an automated payroll solution has higher flexibility that can keep up with all those changes. Lastly, you can expect your payroll to be able to keep up with changes in payroll-related laws and regulations; payroll solutions are becoming increasingly compliant.
Are you facing any of these 7 Common Payroll Challenges?
Overall, the payroll landscape is changing. It is never too late to prepare! At BAASS, we offer payroll software solutions to help you and your organization overcome business challenges. We also use the latest technology to provide you with Payroll Services, learn more about payroll at BAASS.
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