What are the latest payroll trends?
How will payroll software work in the future? Let’s look at some of the trends shaping the category in the next few years.
Where before the debate is on in-house vs. outsourcing vs Cloud, there is an emerging trend among companies to get cloud solution. They turn to cloud payroll management to input data and remain hassle free to deliver payroll on time and compliant to existing laws.
Payroll management is becoming an instrument for data-driven strategic decisions. As it involves major costs and critical resources (talents), companies are turning to the huge volumes of data payroll management systems generate to find patterns and insights that help shape strategies and drive the company’s overall competitiveness. For example, the system can churn out employee turnover rate or overall company mood using leaves and absences as metrics, even if the system is not designed for business intelligence tasks.
The technology is creeping its way into consumer gadgets (IoT) and, now, business solutions, payroll management systems notwithstanding. It’s a self-learning algorithm that studies your daily actions in the system and use these to refine procedures, navigation and UI.