2020 was a bizarre year. It convinced the world that working from home is achievable and workforces became more flexible than ever. With unprecedented complexities making themselves known in a changing landscape of work, organizations have had to adapt, and they’ve had to do it quickly.
If your company was using a manual payroll system in the past year, you’re among the many professionals coming to the realization that in a vastly developing technological world, speedy, integrated payroll software is the future.
In retrospect, as much of a whirlwind as COVID-19 has been, it’s made one thing clear – payroll is progressing and it’s up to organizations to stay up-to-date.
So what’s hot in the payroll world right now and what should your organization catch up on?
Take a peek at the Payroll trends that have defined 2021 for more insight on where to go next.
1. All-in-One solutions
An all-in-one payroll solution that houses all your payroll needs on the cloud is the go-to for upcoming payroll systems. According to the CPA, 53% of organizations have made the shift to cloud-based payroll, with almost 60% opting for an integrated HCM solution.
Your HRIS solution should include an extensive product suite configurable to your organization’s unique needs. You need flexibility and the autonomy to work efficiently without interruption or the hassle of waiting days for simple solutions. A good system also improves your team’s experience – self-serve options and mobile accessibility are no longer just possibilities, but must-haves for any successful payroll system.
Avanti's configurable, cloud-based solutions give you full control and empower you to make your own payroll and HRIS decisions, whenever and however you want.
2. Payroll and HR, like PB&J
Some things just work better together and more and more companies need integrated payroll and HR solutions. It makes everything easier to access and drastically reduces the amount of redundant data entry required by separate systems. The practices and processes of HR and payroll have historically lived in silos, but not anymore. Integration streamlines all your processes for increased transparency, increased access to accurate, timely data, and gives you helpful insight into your business. If your HCM solution isn’t managing both, it’s time to make the switch. The nice thing with a lot of modern solution offerings is you can integrate your system with another. Connecting your standalone recruiting system with your HRIS will not only improve the flow of information from one system to the next, it greatly improves productivity by cutting down the manual work required by the teams behind these processes.
Explore Avanti’s expansive library of API Endpoints to learn how you can integrate some of your current systems, improve productivity, and provide a more holistic view of your people management operations.
3. Payroll processing flexibility
Work is no longer organized around a physical place, and no longer defined by employee presence in a 9-5 office job. Employee working arrangements have shifted drastically as COVID-19 continues to hurtle across the world. Non-traditional work models are taking over, and so too must the spread of payroll processing systems that can handle the payroll complexities of a diverse and dynamic workforce. That includes employees in widely different time zones – whether they be contractors, part-timers, or freelancers – their separate pay dates, on-demand pay, and methods of payment.
Self-service is essential to future-proofing your payroll systems. In some payroll systems, self-service options for employees already include the ability to self-manage the payment when's and how's, but businesses will face the growing need to adapt to even still unfamiliar payment approaches – such as bitcoin and other cryptocurrencies, or digital wallets, accessible from laptops to smartphone devices.
With employees working remotely from regions across the globe, the universality of digital transactions is only starting to develop.
Payroll tasks have yet to become completely automated, but with artificial intelligence thrown into the mix and slowly gaining mainstream status, watch out for a streamlined payroll process to the max – from code classifications to calculating payment to maintaining compliance taking over. It’s all automatic, so the headache of manually adhering to ever-changing regulations will become a thing of the past.
With less time spent on time-sucking tasks and an error reduction system that automatically checks and corrects mistakes, AI will give Payroll professionals time to analyze data and make strategic decisions. Pair that with an integrated, configurable payroll software solution, and you’ve got a machine-learning efficiency powerhouse paving your path to success.
5. End to end - From implementation to support
You’re making valuable changes, and you need a vendor that understands your passion and vision to thrive in the transition to modern payroll and HR integrated software. Your vendor is responsible for payroll – so you need a partner.
When evaluating a future provider, be sure they have the support to back your goals. With automation and AI clearing your path of obstacles and redundancy, you need a partner who can help you build better workflows and show you how your data can work for you.
Essentially, you need and deserve the full package:
- A single source of truth
- Configurable flexibility
- A robust product offering
- A support team that functions as a partner
If the Payroll trends are telling us anything, they’re telling us you can have it all.
Don’t Just Chase Trends, Be a Payroll Trend Setter
Sometimes it’s good to hop on the bandwagon. But you’re a Payroll Superhero and you don’t want to wait for another year of unforeseen change. Get prepared now and take action with the resources below:
- Watch our episode of Office Hours on The Future of Payroll
- Download our Future of Payroll Checklist
- Dive into the Payroll in Focus report from the CPA and PwC Canada
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