What technology will impact payroll in coming years?26th Jun 2017
In this blog in our Payroll Services Alliance (PSA) series, Trianon, Seresco, F2A and Aditro discuss which technology is going to impact the payroll industry the most in coming years.
Technology is constantly adapting and changing, and businesses need to harness new technology if they want to retain their current customers and continue to gain new ones. When it comes to embracing technology to stay ahead of competitors, the payroll industry is no different. Using technology in the HR and payroll industry is no new venture, however, an increasing amount of companies have harnessed the power of payroll technology in recent years to offer a better user experience and reduce the manual workload of payroll professionals.
So, what technology is likely to take the payroll in26dustry by storm in coming years? Trainon, Seresco, F2A, and Aditro discuss:
Trianon believes that big data, analytics and cloud services will have a huge impact on the service offering of payroll providers. Companies are looking for more than just outsourcing a business process to a third-party provider: they also want smarter information in the form of data. This smart data, however, should be accessible at any time and in any place to ensure that payroll providers can harness real-time data.
Seresco agrees, enforcing the idea that cloud based technology and mobility-oriented platforms will be essential for great payroll performances. The technologies that allow immediate access to information, regardless of its source, give payroll professionals power at hand. In addition, predictive technologies that allow strategic decision making by combining information (including integrated big data) with staff management will improve the overall user experience, as well as avoid unnecessary management and bureaucratic costs.
According to Aditro, mobility will also have a significant impact on the future of payroll. Payroll professionals should move from paper to mobile payslips, with real-time reporting and travel management. To ensure that payroll is seamless, a focus on the integration between time and travel in payroll processes should be emphasised.
F2A believes that technology has a tremendous impact on everything and, of course, also on the areas we work on, Payroll and HR Management. In particular, “mobility” and “social networking” are the elements that will affect payroll and HR more than others, considering both the rapid succession of technological upgrades and the natural predisposition of new generations that use tech tools.
If only few years ago it was enough to have know-how and experience to do a good job, today is mandatory be supported by the best and most advanced technologies (and to follow their continuous evolution), says F2A. This need, which inevitably entails costs, will create a clear differentiation between players in our industry, the ones that remain and grow on one hand, and those that are scaled down and have no future on the other.
Technology undoubtedly has a firm place in the payroll industry already, but, as predicted above, the rise of big data and employee mobility will begin to have a stronger impact in coming years. Payroll is an adaptive and forward-thinking industry since it needs to keep advancing alongside increasingly tech-savvy employees, especially as younger generations join the workforce. The payroll industry needs to continue to embrace new technology, or else it risks falling behind.
To learn more about what the Payroll Services Alliance can do for your business, please get in touch.
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