WHICH PAYROLL TRENDS WILL YOU ADOPT?
Due to the pandemic in 2020, payroll has seen some trends get fast-forwarded into the spotlight. Explore four Payroll trends that will take center stage in future.
In these difficult times year, with enormous changes and challenges, many companies have realised 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.
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 realisation for many companies. New faster payment methods have been introduced by banks. Allowing for secure and quicker payments of salaries. 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: With this payment method employees can access their wages when they need them and this is perfect for those who have financial struggles due to COVID-19.
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. Due to this, many scheduled legislations were put on hold, so throughout the next few years, legislation will continue to change quite rapidly.
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.
GDX Group has good technologies and fully automated payroll management systems that will help your payroll department to offer high-quality payroll.