Payroll Tech Trends You Should Know About

For any organization, it’s important to introduce employee-centric policies. It boosts employees’ morale and helps them focus on work better. If you’ve got smart payroll software, you would know its many benefits and how it makes your employees self-reliant. Here, payroll tech trends majorly define the success rate of the HR payroll software. It’s better to keep deductions and arrears correct and not rely on ledgers. The latter is an obsolete method that could lead to errors and discrepancies.

You should understand the role of automated payroll that makes payroll tasks easier, as you can manage the salaries of on-site and remote employees efficiently. If you’ve got a diversified business with several teams working from foreign locations, you’re required to comply with the payroll rules of those countries. At the same time, you should consider employee satisfaction as well. Here, HR payroll software solutions that focus on managing salary records accurately can help a great deal.

Let’s look at the latest payroll tech trends that are benefiting organizations at large.

Pay Cards

For a successful organization, it’s necessary to meet the employees’ expectations, especially related to their salaries. That’s why a pay card could help you delight them as they could skip the tiresome process of depositing a check in the bank. This helps in case employees don’t have a bank account with the organization. Employees can use the payment cards during shopping and use them for cash withdrawal. It reduces the cost associated with stolen or lost checks or if you need to stop payment for some reason. You should introduce smart HR payroll software solutions to make your employees happy and satisfied.

Rapid Disbursement

Payroll includes commissions, bonuses, loans, and reimbursements. It caters, especially to the sales team that travel a lot and expect quick reimbursements to plan their monthly budget accordingly. So, rapid disbursement seems to be a convenient choice that offers an employee monetary satisfaction. In a layman’s language, it can be defined as the instant digital delivery of payment. The money could go to employees’ online wallets, bank accounts, debit and credit cards, etc. With immediate money availability, an employee feels encouraged to contribute to achieving organizational goals.

Equity Shares

Many organizations aim at retaining talent and attract like-minded candidates. In pursuit of that, they seek innovative ways to compensate their workforce beyond salaries. By providing employees with an equity share in the business, you can boost the morale of employees. It increases motivation and productivity, and they go above and beyond to contribute to the organizational goals.

HR and payroll integration

During the COVID-19 outbreak, many organizations had to restructure the team and lay off some employees. Now that the market is gradually picking up, companies are focusing on hiring short-term employees or providing contract-based employment. This could make paying the staff complex. The finance department aims at collecting salary records and minutely going through them before disbursing salaries. However, this task can become easier with smart HR and payroll integration. It saves time and provides an accurate view of monthly data that can be leveraged to make salaries of part-time or remote employees.

If you’re looking for robust HR payroll software to meet your payroll needs, you’ve come to the right place! Timelabs provides smart HR software solutions to many small and big organizations. It offers a self-direct employee-centric portal that aims at increasing efficiency and reducing costs.