Technology is progressing the functions of payroll administrators.
When it comes to technology, many industries are experiencing the major benefits it provides. Technology is not only improving the way data is collected, the accuracy of the data and the way the data is used to improve the business, it’s also improving the way professionals conduct their day-to-day jobs.
With the increasing amount of technology being developed to help companies, there are many tech trends that are helping HR professionals with their payroll solutions. From direct deposit to sick pay, technology is changing the old ways of managing payroll.
Top Tech Trends in Payroll
With advances in machine learning and automation, high-volume, low-value, repetitive tasks are much easier for human resources professionals to accomplish. As 2018 progresses, the use of this technology will only increase. This technology not only offers faster processing, greater accuracy and all at lower costs for companies, it also allows HR professionals to focus on work of much higher value.
Analytics are valuable because they allow companies to improve their processes and operations. Predictive analytics focuses on what is happening in the company in real time. With predictive analytics, HR professionals can foresee issues, proactively resolve problems and recognize casual links. When predictive analytics is properly applied, decision-making insights are offered, as well as, opportunities for improvement and the benefits of that improvement for the company.
More Concise Data
Data quality continues to be a major focus of predictive analytics and automation. Improvements rely on the way data is gathered and transferred due to the opportunity for errors. A huge challenge will remain to resolve these potential errors but keeping all data on one platform will decrease this potential substantially. Keeping all data on one platform not only decreases the potential for errors but also achieves greater data traceability, visibility, and consistency. With more concise data comes better compliance. Analytics and automation help companies achieve better data quality which provides better insights and better outcomes for the company.
When systems like accounting and benefits are integrated, companies have better control of data and processes. Having control over these systems allows companies to maximize efficiency. Integrating systems also reduces redundancies and complexities which allow the company to operate from a single source of facts in key HR functions. When systems are integrated, information is more accurate, complete and up-to-date. This opens new possibilities for companies to obtain better analytics, forecasting and strategic insights into their workforce.
Global Payroll Trends
Technology has made managing payroll for various locations much easier. With new technology, companies can manage the payroll of all their other countries without having to find trusted suppliers in each county. Companies no longer have to set up payroll teams in each country to handle payroll concerns, it can all be handled from one home-base. Being able to operate from one location has also eliminated the management of multiple contracts with service providers in multiple countries.
Data Protection Importance
With GDPR fully going into effect soon, global companies will need to emphasize the importance of data protection. GDPR, the biggest, most important change in data privacy regulation in the last 20 years, is changing the way companies process personal information. GDPR’s focus is the way customer data is handled but employee data is also included in this new regulation. GDPR effects all EU citizens, even ones working in other countries. With GDPR, the way personal information is stored and handled will change, so a good software provider is essential to stay in compliance with the new regulation.
Payroll Administrator Evolution
As technology continues to improve payroll functions, the job of the payroll administrator will change. Payroll administrators will have a greater access to information and more automated assistance. Due to this, their roles will begin to include more functions like identifying trends, identifying patterns, analyzing information and making recommendations for improvement based on that information. Payroll technology is allowing payroll managers to think more strategically and adapt to the changing business environment.
There are many emerging technologies that are making jobs easier. From HR professionals to CEOs and payroll administrators, technology is allowing professionals to analyze data more efficiently, accurately and consistently. As tech trends continue to evolve, all professionals need to stay up-to-date, not just payroll managers.