Online Payroll: The Future Of Payroll Systems
October 3, 2023Categorised in: Payroll
As technology continues to evolve, payroll systems are also undergoing a digital transformation. With shifting work dynamics and changing expectations from employees, it’s more important than ever that a streamlined system for payroll is implemented.
But what do the current trends in payslip systems tell us about the future of payroll?
Trend 1: The Surge In Freelance And Temporary Work
In the aftermath of The Great Resignation, more and more workers are going freelance and working on temporary contracts — as a result, modern systems for payroll need to adapt. Non-salaried employees expect the same payroll treatment as their salaried colleagues; they shouldn’t have to linger for fortnights or even a month to receive their earnings.
Modern payslip systems enable businesses to incorporate these temporary workers swiftly, ensuring timely and accurate compensation. This will not only boost worker satisfaction and productivity but will also foster loyalty, meaning they’ll know who to return to once their contract runs out.
Trend 2: The Importance Of Online Payroll For Flexi-Workers
With the wave of remote and flexible working models, the age-old practice of placing physical payslips on desks on the last Friday of the month is becoming more and more redundant.
But this doesn’t mean employees shouldn’t expect timely and accurate payslips. Businesses can adapt to this shift in working practices by adopting a modern online payroll solution that includes a smartphone app, giving employees seamless access to their payslips and a host of benefits.
If you’re wondering what this could look like for your business and how it could benefit you, book a free demo of our pay, perks and benefit app Engage.
Trend 3: Increased HR Integration For Better Satisfaction
Now more than ever, employee experience is at the forefront of business success. Payroll systems of the future understand this, so along with delivering current, up-to-date information about payslips and pension information, they also offer a host of employee benefits.
With all their essential employment information in one place that’s accessible by their workforce at any time, and including exclusive access to high street discounts, mental health support, and a wealth of other perks, businesses can leverage their HR department to attract and retain top-tier talent.
Trend 4: The Use Of HR Data In Decision-Making
With the shift to more online payroll systems, HR departments can access organised, insightful data that can be a goldmine of insights, allowing businesses to clearly see team trends.
More importantly, the data can be used to help businesses make informed decisions on the employee experience, boosting worker satisfaction, productivity and retention — which directly benefits the company’s bottom line.
The current trends in systems for payroll indicate that online payroll will continue to become pivotal to business success, affecting everything from employee experience to high-level decision-making. To truly stay at the forefront of this digital transformation, future-proof your payroll system with HIVE360 and outsource to our online payroll and employment solution.
To find out more, contact us to see how you can save money, boost staff productivity and improve your HR processes in this new digital landscape.
