Artificial Intelligence in payroll & HR: Are you ready for the impact of AI?18th Mar 2019
If you don’t already interact with some type of Artificial Intelligence at work, you likely will soon. But is your HR and payroll team ready for the arrival of AI? Let’s take a look at the impact AI is having in these areas.
How will AI impact HR and payroll in the future?
As the world becomes more connected, new problems are posed by the rise of remote and international workers and the need for flexible global payroll and HR solutions. Here are some of the ways new technology and ways of working are helping to overcome this.
When it comes to the screening process, AI is well suited for use in human resource management and recruitment because it can learn and adapt swiftly. It can process huge amounts of information quickly, and it can help recruitment teams, wherever they are based in the world, respond to candidates in a timely manner, and help with scheduling interviews. In the same way that many businesses already use platforms such as LinkedIn to scan CVs and headhunt, AI will take this task a step further by recognising patterns present in the resumes of top employees and identifying any skills gaps in its own staff.
Providing relevant information
AI in the form of chat bots can also be useful in providing relevant responses to enquiries from staff or candidates, which helps staff feel listened to and keeps candidates in your recruitment flow. By automating this process, it can also save your HR team valuable time and resources. This is particularly effective for overseas staff, as the chat bots are available 24/7. In the same way, AI can be utilised to get feedback from candidates, as well as take successful recruits through the on boarding process and even deliver personalised employee training and skills development.
Automated records management
With its ability to sift through vast quantities of data and determine patterns from them, AI has the potential to overhaul records management. In fact, it is already being utilised to manage global payroll in companies who recruit static and remote workers across the world, integrating with existing company software to automatically update employee records and handle salary payments, leave and other allowances across international borders. It can even help manage staff absences and draw up more efficient rotas to streamline staff leave and minimise disruption.
Error-free data entry
Manual data entry has always carried the risk of error, but AI has the potential to take this laborious work off a payroll team, not only saving time but minimising errors and increasing employee confidence. AI is already being used in payroll services by generating rotas and time sheets for contract workers and ensuring they are delivered on time, as well as managing expenses, keeping employees in the loop about the progress of their payments.
Adaptable for contract working
Because it learns quickly, AI can be programmed to learn how to accommodate for the growing gig economy, easily adapting to a range of contract types. As such, it can easily make ad-hoc salary payments outside the typical salary cycle, update information such as tax codes instantly, and calculate time and rates for contract workers. It is especially effective for companies managing several global payroll accounts across a variety of sites.
Easier international recruitment and payments
In the increasingly global economy, more and more companies are employing individuals and teams across the world. Maintaining international payroll can be difficult, with numerous regulations to master prior to working with top talents world-wide. The complexities of local and international legislation, employee rights and maintaining compliancy can become a strain on resources.
This is where Payroll Services Alliance can help. An association of six strategic partners, we can help meet the needs of international companies seeking a harmonised global payroll solution which provides flexibility and scalability through a secure and cost-efficient single-contract service.
What does this mean for the future of HR and payroll?
AI clearly has the potential to improve the way that HR and payroll departments operate. Not only will it help in the recruiting and training of staff to ensure low turnover, it will also help companies deliver more relevant information faster, and manage employee and candidate hours, expenses, feedback and development. In fact, one of the chief benefits is that AI can be used to automate a number of processes and analyse vast amounts of data to provide actionable insights which may once have taken weeks to manually compile.
However, for AI to be effective, companies need to take steps today. This doesn’t need to be massive, company-wide changes, but instead can include implementing more automated processes and sufficiently training HR professionals and payroll officers to use them. At Payroll Services Alliance, we can help simplify the process. By choosing us as your partner, we can take care of your payroll and HR at an international level. As the world’s second-biggest vendor, we process 32 million payslips every month in compliance with both local and international legislation, making payroll easier for companies worldwide. Get in contact with us at Payroll Services Alliance today to find out more.
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