As businesses grow and adopt new technologies related to manufacturing or services, they cannot neglect the radical changes taking place with regard to Payroll ERP Software. All your progress will be diluted if the software you use is outdated with regard to platforms or has a manual component to it.
From merely providing payroll based information to a more integrated and comprehensive solution provider, Payroll solutions have undergone major changes and you cannot afford to fall behind.
What Are the Major Trends With Regard to HR and Payroll?
These are the major trends which are impacting the Payroll ERP Software domain:
1. Shift towards all inclusive solutions
The demand is for payroll solutions that provide complete human resource management. You should have a payroll system that does not require any intervention from any vendor and can be independently operated by you. Not only should the software be user friendly, it should also have inbuilt core HR features. So the need is for a full human capital management solution with payroll being a part of it.
Standalone payroll systems are obsolete. What is required is a Payroll ERP Software that incorporates all HR processes, can adapt to the different phases of the employee life cycle, and prevent duplication of entries. This is achieved through an API or application programming interface which helps integrate an existing payroll system into a complete human capital management tool.
2. Leveraging the power of Cloud computing
With cloud computing, you can access the Payroll ERP Software from any device, provided you have an internet connection. You get cloud based services like storage, hosting, backup and software or SaaS. You don’t need to visit the bank for payroll related issues as the payroll software are cloud based, thereby providing flexibility.
With the Payroll Software, employee attendance and leaves can also be tracked.
You save on costs as there is no expensive hardware, and very limited software required when you expand operations. Automatic software updates and data backups ensure that compliance with taxation and other statutory regulations are not an issue.
3. Customizing solutions to company requirements
Companies differ when it comes to HR objectives and functions as these are correlated with the goals and objectives of the companies. The online payroll software will need to meet the requirements of the HR department of a particular company. The Payroll ERP must allow HR to seamlessly manage the payroll of both full time and part time employees. The pay and salary structure are different for both these categories and the software should accommodate for both.
4. Integration with third party Software
The Payroll ERP Software should be integrated with third party tools like location based attendance tracking, onboarding of employees, training, and background verification. There should be integration of employee data with accounting and expense management. This avoids duplication of data when making entries in separate databases.
5. Engagement of the employee through mobile phones
Transparency is key for employees as they are looking at an app based payroll system which they can access through their mobile phones, including their leave status and more. The digitally savvy employee of today will look at easy to use apps which will allow them to find out their dues at any point of time. They can also determine how the tax payable by them is calculated, the standard deductions, and more.
This will ensure that they trust the company with regard to their salaries and statutory dues. This acts as a great incentive and motivates employees resulting in higher productivity.
6. Leads to improved strategic decision making
The payroll software provides accurate data to the HR department which helps in HR analytics. Critical decisions like talent management, compensation, performance appraisal, and employee retention can be taken based on the data. There is no compromise on data security.
Scale Up your Business With Zenscale
Zenscale is a leading ERP solutions provider with extensive experience in payroll management. Their customized payroll software seamlessly integrates the payroll process with HR to ensure the best strategic decisions with regard to employees. This leads to higher business profitability.