Payroll management is evolving periodically from the traditional way of analyzing economic conditions of the business to solving the needs of an employee. During this process, several human resource aspects such as the number of employees, benefits promised at the initial stage, and the salary of the employee will be ascertained through payroll. Meanwhile, organizing individual process through manual process is found to be difficult and time-consuming.
With technological advancements, many small-scale businesses are moving towards hiring freelancers to complete the required tasks, and the employees working will expect real-time reimbursement for their finished jobs. Ravi Dhar, head of growth at Homebase, says that instant payments driven by payroll help in getting paid immediately after completion, rather than waiting for monthly payments. This process is achieved through several online payment modes such as mobile banking, apps like PayPal and Google pay.
Since global payroll is a relatively new concept to the global market, several key features will be ascertained which influence the future of organizations. The most anticipated approach is the deployment of cloud-based technologies by multinational companies to shift their HR process and payroll platform to the cloud. This approach will provide better opportunities within the global sphere by making the HR process international.
There are certain predictions and technical reviews stating that the world will be taken over by robots, machines, and will soon replace the human efforts through artificial intelligence technologies. Integrating payroll technologies along with artificial intelligence helps business owners to make a note of accurate clock in and clock out time through chatbots, which reduces the errors that arise due to time card.
Furthermore, the advent of the fourth generation has created the need for time management and benefits with payroll to achieve integrated HR functions. As complexity amongst the labor laws is increasing, there should be an accurate approach to set the updated data in payroll to reduce errors and to efficiently store in the cloud. Likewise, it is very efficient to store the entire day-to-day business data in a single platform along with proper integration amongst different apps, which helps to minimize errors and total time consumption.
Keka is a payroll solution leveraged by many organizations for efficient operation and hassle-free service. Future trends comprise of several technological aspects such as greater cloud adoption and better security along with enhanced applications such as loan assistance and unified wellness programs which help in improving the business efficiencies.