In today’s competitive, technology-driven scenario, all payroll and HR management teams are equipping themselves to operate smoothly. The latest tools, cloud-based payroll software solutions and related applications are being deployed to tackle various HR and payroll issues.
Given this, more and more SMEs, as well as large-sized companies, are investing in cloud-based and other technology options for optimizing their operations. For instance, analytical methods for rating employees’ performance across the year, and thus implementing plans for better ROI (Return on Investment), are taking center stage.
In addition, several other technology-backed trends and features are dominating the marketplace.
Here are the top trends in HR and payroll management in 2018.
1. Integrated HR Approach and Operations
Unlike in the past, along with HR departments, the payroll department, as well as recruitment and project teams, are needing access to ready and accurate employee data. This has paved the way for data integration of employee details with the latest expense and accounts management solutions.
This kind of integration may include third-party tools and applications like location-specific attendance tracking, employee background checks, employee training, employee verification, referral records, etc. The need of the hour is an integrated approach that allows organizations to focus on cloud-based payroll software solutions that offer better data control.
2. Customization Options in the Payroll and HR software
In most cases, the operations of HR and payroll departments are governed by federal laws and company policies. As there are several variations in these factors, it is becoming a norm for companies to have customized solutions in their HR and payroll management applications.
For example, recruitment software deals with part time, full time and casual employees alike. These employee groups have a varying salary and pay scale structures that cannot be utilized across the three employee groups. Fortunately, customization is helping the cause in a big way and has already become a major trend in this software segment.
3. Cloud-Based Payroll Software Solutions
Yet another far-reaching HR and payroll management trend is found in the implementation of cost-effective cloud-based solutions by different industry verticals. There are many benefits of enabling cloud technology and therefore it is fast becoming an appealing solution for organizations, globally.
As there are no expensive upgrades, installation costs, or infrastructure fees in the reckoning, cloud-based software solutions are being lapped up by these departments. More so, software applications based on cloud are hassle-free and rarely need expert guidance for their usage. The fore-runners with cloud-enabled HR and payroll systems are already leveraging the advantages of enhanced user accessibility and are enjoying an increase in their overall staff productivity.
4. Artificial Intelligence HR and Payroll Software Solutions
With more employee specific data being generated and used every day, organizations are facing grave challenges in the process of handling their payroll and HR activities manually. This is where trending AI-driven software solutions are creating the buzzword by helping companies resolve their problems quickly and adroitly. They allow for minimal human interactions to provide results that are precise and accurate.
The latest and most progressive trend can be attributed to AI HR chat-bots that are being readily deployed for resolving employee queries. With the regular and repetitive tasks being handled in better ways, HR staff members are finding more time for other strategic and cardinal tasks. In more ways than one, AI-based software applications are helping the cause of faster query resolutions, decreasing the number of complaints, and giving way to lesser emails and questionnaire.
5. Mobile-driven HR and Payroll Software Solutions
With iOS and Android-based applications ruling the world of mobile users, how can cloud-based payroll software solutions be far behind? Many companies are resorting to customized mobile applications for managing these areas of concerns.
For instance, employees can now file expense reports, track personal information, and punch in other particulars with the help of mobile-friendly online portals. All they need is a smartphone, reliable internet connectivity and designated access to the HR and payroll systems!
In 2018, cloud-based technology is evolving continuously and making powerful impacts in the world of payroll and HR management systems. The above mentioned growing trends point to the increasing usage of the latest technological inputs for furthering the cause of SMEs with respect to these fields.