It feels like AI has long been regarded as the technology that will revolutionize the workplace across all industries and in every department. However, for HR, the revolution has not been as rapid.
Human Resources will finally enter the long-awaited era of tech-driven innovation. A tsunami of new tools and tech is expected to hit the market. AI will also be on the wave. AI can help HR departments automate repetitive and time-consuming processes previously performed manually.
Relevant developments have transformed myriad HR functions like staff training, retention, and development. The same organizational influence can also apply to payroll operations. AI-driven HR tools offer new ways to analyze big data and provide exciting solutions for many of the traditional problems faced by payroll departments.
Company executives had to rethink how they managed human resources after the Covid-19 pandemic. HR managers were the first to ensure business continuity in the wake of the abrupt shift to remote work. It was to ensure that its continued stability and recovery were complete.
Payroll Software is expected to perform accurate and quick payroll processing. Your team will make fewer mistakes if the software is accurate.
An efficient payroll Software allows you to enter multiple employees, from part-time staff to contractors or temporary workers. It will allow you to reflect the diversity of people your company interacts with. You won’t be penalized for misclassification of employees or contractors. It is the basis for calculating wages, overtime pay, and taxes and withholdings.
Flexible multi-language settings and currency conversions in the system will help your HR staff if your company has offices in different countries. You must also sync key dates within the system’s calendar to receive prompts to submit and process tax documents on time. Tax calendars are different.
Easy to use interface for employee self-service
Gartner reports that organizations that adopt a personalized and customer-centric approach to employee experiences improve the performance of their employees by 17%. Engaging employees at work can achieve or outperform in many ways. Sometimes, this includes giving them tools to manage administrative tasks without feeling overwhelmed by paperwork. A 2020 survey about HR digitization in Malaysia was conducted by Vase.AI and commissioned by Digit. It found that 88% of employees believe that working in a digital-driven environment makes their work easier.
The interface of a great payroll system should be easy to use, even for multi-generational workers. They can access their pay stubs and tax forms in real-time through their self-service platform. Managers can quickly approve or deny a leave request by filing it online.
Cloud-based solution that allows for easy scaling
Your company’s growth will require that your business tools scale. Cloud-based HR is soon to be the standard for distributed teams and companies growing rapidly. According to a McKinley report, this is especially true during and after the pandemic, when remote work could become the norm across all industries.
Cloud-based payroll systems allow HR professionals to access real-time data from different teams. Cloud-based solutions are easier to deploy and set up than disconnected spreadsheet-based systems. Additionally, updates can easily roll out frequently without too much effort by HR personnel.
It is designed for mobility and multiple devices.
Employees will return to using their smartphones and tablets to access company resources when they return to work or on vacation.
It should be easy to use, intuitive, and interactive.
Smooth interoperability between systems
Gartner states that one of the biggest challenges HR departments face when deploying AI solutions is the difficulty of integrating AI into existing infrastructures. While some companies might have begun digitizing time-tracking, others may prefer an accounting program.
Payroll software should be compatible with all your existing systems. Ask a service provider about your company’s existing tools and how they can integrate them with their payroll software.
Easy reports generation
Payroll software should enable HR managers to use their extensive databases to process data and export detailed reports quickly. You can improve employee engagement by identifying potential opportunities and reducing bottlenecks within your HR department. Payroll software should help you solve problems and make forecasts.
Data analysis capabilities to improve decision-making
A payroll system that integrates with your HR management system can run talent or people analytics, which will provide insights into employee engagement.
David Milliner, the founder, and consulting partner at HR Curator stated that data is the new currency in the workplace.
Data can show the positive effects of HR practices that have been successful on company growth, strategic value, and productivity.
Upgrading security features to protect data
Remote teams may be logging in to business tools via unsecured networks without installing secure connections in the physical office. Payroll software should be certified by ISO and use two-factor authentication. Cloud-based payroll systems can even automatically manage updates, firewalls, and anti-virus tools.
Blockchain technology experts believe it will find its way into digital human resources. It allows the secure processing of personal and financial data. It will be hard to falsify data or alter information.
Respect local HR laws
The changing laws in HR can be overwhelming for company lawyers and HR managers. Non-compliance can have severe financial consequences. Managers cannot afford to ignore regulations. A payroll provider with in-house legal professionals can keep you updated on all relevant HR regulations.
The vendor provides reliable customer service.
The quality of your after-sales support is what will make or break your payroll system. Software vendors must be able to walk you through the configuration features of your payroll system, train the relevant personnel on maintenance and troubleshooting, and offer expert advice about using digital tools to manage your workforce.
