The digital age is defined as the period starting from the 1970s where the personal computer and other subsequent technology were invented, bringing about quick and free transfer of information.
Digitalisation in the 21st century has transformed the way we approach life and business. The rise of social media, smartphones, AI, data analytics and cloud computing have opened new avenues to obtain data from anywhere in the world.
The world being technologically advanced as it is now, employees are demanding greater access to their information. Having easily accessible technology at your fingertips can be a challenge for companies as making errors are non-negotiable.
Such was the case of a former employee of an award-winning outsourcing company based in London who was overpaid £8,000. Unfortunately, the company did not discover the overpayment until the employee had left the organisation.
For many organisations, the payroll system is not directly integrated with the HR & Finance departments. Very few companies have transitioned to cloud-based payroll.
At Propay Partners, we use a wide variety of HR tools on cloud where employees can access real-time info on their salary, taxes, leaves, claims, & expenses in just a single click. Our systems have been designed to enable information access from a unified platform. Maintaining good data is increasingly important to ensure control over systems and processes.
SO WHAT CAN WE EXPECT FROM PAYROLL OF THE FUTURE?
1. Single system for all types of employees
2. Automated, end-to-end, with minimal human intervention
3. On demand payroll info
4. HR/Payroll data that will help predict people-related metrics such as attrition, absence and engagement
The digital age continues to bring significant benefits to payroll teams and organisations. Companies that have not yet adopted digital technologies should consider doing so, as the productivity and cost efficiency benefits of doing so can be enormous.
