How Payroll and HR Technology is Evolving

With the emergence of potentially groundbreaking payroll and HR technology, an obvious reshaping of the way we work and think about payroll and HR is quite visible.

The payroll and HR landscape in organizations has undergone a huge transformation over the past few years. This has brought the two very important business processes to the forefront to play a greater role than ever in the success of a business.

A More Strategic Role for the HR and Payroll Departments

Technology has revamped the complete processes and given HR and payroll professionals tools that have helped them cut down on the time they had to spend on administrative tasks. This is allowing them to focus on strategic roles.

Before cloud computing, HR and payroll processes were defined by stacks of paperwork and a perpetual struggle to keep up with compliance, recruiting, and an overwhelming amount of employee information. By simplifying and aligning the HR and payroll tasks like onboarding, record keeping, and payroll calculations, technology has significantly improved efficiency, accuracy, and overall employee morale.

Following are 5 ways technology is revamping HR and payroll processes for betterment:

1. Increasing Use of Cloud Technology

With the majority of businesses getting on board, the cloud-based payroll software market is growing constantly.

Cloud-based payroll software is letting you access your data from anywhere on any device. It is saving the HR and payroll teams the trouble of coming to the physical office to process payroll and keep the employees engaged. This is especially relevant in today’s scenario of the post-pandemic world.

Furthermore, cloud-based payroll software is allowing HR, payroll team, managers, and employees to access their data in real-time, without compromising on its safety and security.

2. Embracing Artificial Intelligence to contribute to the overall growth of the organization

Artificial intelligence is gaining popularity in different fields with every passing day, and, HR and payroll are no exception. AI has some great advantages for HR and payroll. Today, payroll services are no longer limited to calculating and paying wages to employees. Things are rapidly changing today and the future is going to demand more. In simple words, artificial intelligence is revolutionizing the way people get paid. Today, for instance, AI can be used to automatically segregate employees in different brackets like tax and benefits, etc.

Additionally, in today’s data-driven world, it is of paramount importance to analyze the huge amount of accumulated payroll data. This analysis provides actionable insights to the management, help in budgeting for the business, identify unnecessary expenses, and drive the overall success and growth of the organization.

3. Seamless Integration of HR and Payroll Processes

Even though payroll and HR are two distinct business processes, they are intrinsically connected with each other. As such, there are many benefits to integrating payroll and HR. An integrated system, for instance, enables HR and payroll departments to access all essential information from a single dashboard.

Today, combining the payroll process with the HRIS functionality is leading to increased efficiency in managing employee data for organizations.

Besides, having all of their HR and payroll data within a single platform is helping the system in organizations utilize all of this data relevantly to generate actionable insights. The integration of HR and payroll systems are enabling organizations to create useful personalized reports.

4. Ensuring Enhanced Data Security

Every organization has a humongous stack of employee data to protect. Organizations are responsible to protect sensitive data, such as wages, personal details, addresses, account numbers, and social security numbers, etc.

Advance measures as employed by payroll software are helping organizations to keep their data safe.

5. Supporting the Gig Economy

Today, technology is enabling people to work efficiently from anywhere. This is proving to be very conducive for a rapidly increasing community of freelancers and gig workers.

This economic shift has made the situation tough for the old, legacy systems, which are quite unequipped to handle a diverse workforce of full-time and freelance workers.

Payroll software is coming to the rescue here and making it easy for organizations to efficiently manage the diverse blend of full-time and gig workers.

Concluding Thoughts

So the question is - Is your organization ready to revamp its HR and payroll processes with the help of technology?

It is quite evident that technology is revolutionizing the way organizations manage their HRIS and payroll services. While we might concede that deciding upon and implementing new technology may look like a daunting task, once you select the right payroll software, you will quickly witness the various benefits it brings to your organization.