It’s not a surprising fact to encounter that the overall prospect of employment around the globe is plummeting. While it is hard to deduce what is the factor influencing the same, it goes without saying that the employers do need to go an extra mile for enhancing the rate of talent acquisition. Whatever the perks, benefits or even the employee plans that the company is offering, it is important to discuss the payroll structure with the employee so they have a better idea about the same to be able to make their decisions better. This is possibly one of the reasons behind the drastic changes behind the global payroll trends that we are witnessing recently.
If it is to be talked about, it is not necessarily surprising that the future trends surrounding the payroll structure or every organization are about to undergo an innumerable number of changes altogether.
Wondering how payroll technology trends in 2019 are going to be? Let’s take a look at some, shall we?
GDPR friendly automated payroll
Automation and AI have taken a front seat in the prospect of talent acquisition. While the prospect of GDPR was integrated into the middle of last year altogether, the process is believed to be having a heavy influence on the overall prospect of automation in the payroll exchange altogether. This is possibly one of the trends that are going to take shape in the coming year; given the possibility that the majority of the market is going to become compliant with the same.
No last minute hassle
It is not necessarily a new scenario when the employers scramble along the last bits to get every prospect of the payroll duty and management done. It is believed to change by the year 2021. Instead of relying on doing everything last minute or collating everything at the year-end, it has been witnessed that the employers in the coming years are going to adopt automated report generation which provides with scope for each electronic submission without the extended inclusion of any kind of other bureaucratic formalities.
Gig workers to get more importance
One of the most important and latest trends in payroll management that people are going to witness in the year 2021 is the fact that the gig workers are going to get more recognition and stability. It is not at all surprising to note that gig workers are gradually gaining popularity over time.
While this might necessarily not mean a lot, it is going to drastically impact the payroll management systems. The witnessed distinction with the payroll employees and the freelancers is believed to fade out is because of the heightened reliance of the organizations on the gig employees.
Bots to take charge
AI and bots are a raging trend now which is deliberately affecting every prospect of work. The same is believed to have impact on the overall payroll management system as well. This will predominantly come in handy for the employees who are shifting departments and need better insight into the overall prospect of work.
AI-based chatbots are believed to make quite an impact on this, enabling better interaction and a better understanding of the queries without having to rely on any of the departments whatsoever.
Manual payroll to finally go away
In this fast-paced world of technology, where every last bit of our life is dependent on technology for smooth sailing, it is not at all surprising that the manual payroll is about to take a step back this year. If there was one prospect of work that has been considered to be a problem in the overall payroll management system is handling everything manually.
Not only does this end up increasing the risks of error, but they also take more time and effort which is completely futile.
Yet another one of the future trends that are going to take shape in the coming year is the fact that there is not just going to be one form of payroll management. More organizations are opting for ways to include better flexibility in their payroll software which is amazing for the employees and their needs. While there were just weekly and monthly payrolls and still are, the same is going to change in the coming year.
Flexible pay is an amazing way to generate a better relationship with the employees and understand their shortcomings that they are struggling with.
Overall, the trends in the payroll management system are about to go under some drastic changes that you possibly couldn’t even dream of think about. If you are predominantly curious about the same, the possibilities are that you are in for a ride. From flexible payments to better benefits programs for employee satisfaction, the trends are going to be marvelous.
For further read:
- The Definitive Guide To A Successful Talent Management Strategy
- Why Every Startup And SME Should Have An Employee Leave Management System Deployed?
- What Leaders Need To Know To Retain Millennials At Work?