According to the American Payroll Association, payroll automation reduces the costs of invoice and paycheck errors by 80%.
Managing the human resources and payrolls of employees is a crucial function of any organization. Payroll administration is one of the most important but time-consuming activities which does not generate direct revenues. But it is very important for organizations that all employees get paid correctly and on time which is a challenging task. Nowadays this challenging task is automated by the human resource department with the help of advanced payroll software.
The latest and advanced Payroll software is changing the way of human resource administration. In this article, I am going to discuss the 5 Growing Best Payroll Software Trends which are Likely to Continue in 2018.
Cloud-Based Payroll Dominance
Nowadays organizations are switching to cloud-based payroll software because of their cost-efficiency. On-premises payroll software requires initial investment such as server, hardware, and experienced IT staff for the maintenance and to ensure the consistent functionality of payroll software. But the cloud-based payroll software is hosted and maintained by a third party. There are numerous advantages of cloud-based technology such as software gets automatically updated, simplified data entry, your data is backed up, and the software can be accessed with mobile apps. According to a survey conducted by Deloitte in 2014, 14% of organizations had cloud-based payroll software and 26% more were considering cloud technology.
Access of Payroll Software on Smart Devices
Smart devices are dominating the way employees communicate. According to a survey conducted by Research Company Gartner Google’s mobile operating system overtook Microsoft’s Windows as the most common operating system in 2012. The mobile responsive payroll software lets the employees 24/7 access to payroll and HR information. This system helps to bind every member of the organization on a common forum and enables the member to access the payroll software remotely. These kinds of applications ensure a fair, equal, and transparent payroll calculation for all employees.
Human Resource Integration
Many of the human resource department functions are similar to the payroll functions. If the human resource is integrated with the payroll software, it will have a better impact on organizational drivers and will also engage the employees in a better way. In an integrated software system, there is no double entry means your organization has a single database. This database can be shared and used by different departments. The integration will also give a holistic bird’s eye view of the human resource department in the organization right from the onboard process to training and development and performance management.
Data-Driven Strategic Decision Making
Manual data entry is a difficult and time-consuming process and there are higher chances of errors but by payroll management software you can get 100% accurate and error-free data. The payroll and HR data can be used for high-level human resource analytics which can help to take the strategic decisions about recruitment, training, retention, talent management, compensation management, and performance management. According to The Wall Street Journal organizations are using these data to predict which employees are most at risk of leaving their jobs. Payroll software categorizes, arranges, and organizes the vast repository of employee data. Payroll data helps organizations to make better strategic decisions about human capital management.
Payroll software customization is one of the latest trends. Every business is unique and readymade software might not meet all the specific business requirements. Functions and objectives of the human resource department are influenced by the strategic mission of the company. To make their needs in line with organizational vision and to meet the requirements, the human resource department would prefer software that can be customized to meet their requirements & responsibilities. Tailored payroll software eliminates the risk of the non-compatibility of the software with the system. Also, you can search for top payroll software for recruitment agencies. And the customization allows the human resource department to effortlessly manage the payroll of different kinds of employees such as full-time, part-time, freelancers, and retired.
The human resource department is continuously growing, evolving, and adopting the latest trends in the industry. These growing trends of payroll software are likely to continue in 2018 and employers will have more ways than ever to manage and utilize the payroll information and make the information accessible to their employees in just a few clicks.