We are midway through 2023 and at Payroll Umbrella Services, we have been paying attention to some payroll trends that we expect to witness throughout the year. In this read, we are going to delve into our top picks.
1. Focus on Employee Financial Wellbeing
Companies will focus more on the financial well-being of their staff members. This includes providing financial education and planning services, and access to flexible benefit options like assistance in student loan repayment as well as providing financial wellness programs.
2. An Increase in Payroll Outsourcing
With the ongoing challenge of companies struggling to fill payroll talent gaps, more and more organizations will increase their reliance on payroll outsourcing to effectively manage payroll operations. This approach is not only cost-effective but ascertains efficiency in handling payroll tasks.
3. Higher Focus on AI and Automation
Organizations will also pay more attention to artificial intelligence (AI) and automation. With these industries advancing fast, companies will look for tools to improve efficiency and streamline payroll processes. This includes using chatbots and other automated systems to deal with time-consuming tasks, ranging from addressing employees’ inquiries to processing payroll changes.
4. Compliance With New Regulations
As per usual, organizations will have to stay abreast with alterations in tax laws and payroll regulations. This is particularly the case as the world changes to adapt to the new business landscape.
5. Growth in Remote Work
In recent years, we have noticed a surge in remote work, necessitating companies to find novel approaches for managing payroll and benefits for their remote workers. Consequently, there will be a notable rise in the adoption of cloud-based payroll solutions and virtual HR services, enabling more effective management of a dispersed workforce.
6. Increased Focus on Employee Experience
Organizations will place more emphasis on cultivating a positive employee experience which entails providing a mobile-enabled and user-friendly payroll experience. To achieve this, companies will need to invest in digital payroll platforms and other cutting-edge technologies that simplify the process of accessing, viewing and managing pay information for employees. These advancements aim to boost convenience and empower workers to have greater control over their payroll-related matters.
7. Payroll Integration with other HR Systems
HR and payroll leaders will actively pursue the integration of payroll systems with other HR systems including time and attendance, performance management and benefits platforms. This integration aims to deliver a cohesive and seamless employee experience while simultaneously enhancing data accuracy.
8. Focus on Sustainability
Organizations will also prioritize sustainability and environmental responsibility with the aim to diminish their carbon footprint. This includes adopting digital payroll processing, electronic stubs, and direct deposit, therefore reducing paper usage.
9. Going Beyond Conventional Payroll Processing
More and more companies will consider expanding payroll services beyond conventional payroll processing. This will encompass incorporating extra offerings like time and attendance management, benefits administration, treasury services and payroll tax compliance.
As experts in this field, Payroll Umbrella Services recommends that you stay ahead of the above-mentioned trends in order to remain competitive and give your staff members the best experience possible.