Payroll Trends | Which trends will You Adopt?
Due to the pandemic in 2020, Payroll has seen some trends get fast-forwarded into the spotlight. In this article, we will explore four Payroll trends that will take center stage in 2021.
Agile Payroll
Agile working has become a real focus through this past year and, payroll is no different.
Processes have needed to be able to continue in different work environments. Faster and easier payroll methods have been the realization for many companies. New faster payment methods have been introduced by banks. Allowing for secure and quicker payments of salaries. Some companies have adopted on-demand payroll. On-demand payroll, offers employees the ultimate access to their wages.
Many Payroll departments have implemented automation of tasks. There is a wide range of software and apps for payroll processes. Payroll departments can have their pick of the best technology to automate tasks. Letting them focus on more vital aspects of their job.
On-Demand Payroll
What is On-demand pay? This is a payment method whereby employees can access their wages when they need them. The method is perfect for those who have financial struggles due to COVID-19.
Investing in Technology
To future-proof payroll systems, companies will need to invest more in technology.
The change in working environments has meant a shift from on-premises technologies to the cloud.
Dramatic changes can have a negative impact on employees. Yet, if you have good technologies and systems in place, it will help your payroll department to offer high-quality payroll.
Continuing changes in employment Legislation.
Employment legislation have been changing rapidly globally to try and cope with the COVID-19 pandemic. Different countries had different approaches to help their population, but one thing for sure is it affected payroll everywhere. These changes and development will still be felt throughout 2021.
Due to this, many scheduled legislations were put on hold, so throughout the next few years, legislation will continue to change quite rapidly.
Good Future for Payroll
2020 has been a very difficult year, with enormous change and challenges. But, for many companies they have realized the vital role Payroll plays. And so, the importance of investing in it to ensure business continuity. New technologies and payment methods are on the horizon to enhance payroll.
It is mainly designed to appreciate the employees’ contribution to the workplace and encourage them to continue working with us. Businesses hire in-house accountants and clerks to manage their payroll. However, an in-house payroll accountant is costly. In contrast, outsourcing payroll services can save you from all expenses.
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