A rapidly changing world has widespread implications for payroll services. Digital and social disruption are fundamentally transforming all aspects of a company's business. Traditional payroll service and delivery is no exception: globalization, increased legislation, and the accelerated advancements of digital technology are among the most strident forces propelling multinational and global organizations to reimagine their payroll operations. The pandemic has also brought global payroll business continuity planning to the forefront.
With technological advancements in the HR sector, the future of payroll seems more focused. It is essential to stay up-to-date with the latest trends in the payroll industry to remain one step ahead.
The cloud-based payroll software market is expected to grow by over $13.3 million by 2026. Cloud-based computing allows you to access your data from anywhere on any device. As working from home becomes more popular, this is particularly useful for HR departments who manage payroll remotely. It saves these employees the trouble of coming to the physical office to process this task. Furthermore, cloud-based software allows HR, managers, and employees to access their payroll information in real-time, including their pending leaves and PTO requests.
Besides, protecting on-premise payroll software from computer hacks and cybercrime can be a costly affair that not everyone can afford. But cloud-based computing includes various protective services like cybersecurity and software updates so you can be sure your data is safe.
Essentially, standalone payroll systems are a thing of the past. Payroll software buyers need tools that can manage all HR processes, be useful throughout the employee lifecycle and avoid duplicate data entry. The key could potentially be open APIs. With this capability, users can choose an all-in-one system, or integrate an existing payroll system into a full-suite HCM whenever increased functionality is needed.
There are numerous benefits associated with integrating payroll and HR software. For starters, an integrated system will enable managers or staff members to access all essential information from a single dashboard.
Combining the payroll process with the best HR functionality can increase efficiency in managing employee data.
To learn more on this, be sure to attend our “Future of Payroll Management for Businesses” webinar.
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