4 Employee Payroll Trends to Look Out for in 2022
The Covid-19 pandemic has left a lasting impact on the way businesses function and teams operate. Payroll management is no exception. Even before the pandemic, payroll processes were well on the shift to cloud-based and SaaS payroll from spreadsheets. With remote working becoming a mainstay, and changes in employee and management mindset, there has been another reset in payroll management.
Payroll management companies no longer merely calculate attendance, generate payslips and manage tax. Platforms and solutions must now offer an end-to-end management including employee support, tracking leave and attendance, and managing approval flows. Another interesting addition to payroll in the recent past is the inclusion of payroll compliance. With more options for flexi work and gig workers joining the workforce, it has become important for payroll systems to conform to regulatory requirements.
In 2022, payroll will have to contend with and adapt to many changes. Here are four major trends that payroll management companies in India will have to follow:
1. Compensating a Global Workforce
Remote working and work-from-home options are here to stay. The pandemic forced companies to go online, but this also allowed organizations to tap into talent from anywhere in the world. However, for payroll, this means having to keep up with multi-geographical regulations and compliance. Any misstep can be costly. That’s why trusted payroll outsourcing companies such as Allsec that have experience handling payroll in various countries can help companies seamlessly manage their payroll process.
2. A One-Stop Solution
New-age payroll systems will be expected to focus on the employee experience in addition to offering accurate, low-touch solutions. With everything digitized, employees should be able to access all payroll-related queries and doubts on their payroll management system online. Companies will have to turn to payroll outsourcing companies that provide comprehensive solutions to avoid poor employee experience.
3. Flexi Payments
A flexible workforce means payroll management companies in India will have to be ready to make flexible payments. While employee preference relating to payment modes can be handled by admin, the payroll system will need to be adaptable to various tax modes, variable deductions, instant payslip generation, and differing payment cycles.
4. Incorporating Financial Wellness
Payroll systems in 2022 will evolve to include financial wellness and planning as core components of the system. During the pandemic, employees were under immense stress to plan their finances better. In future, payroll management companies will look to onboard financial advisors and mentors to help employees budget better and manage their overall income.
Making the Change
A rapid movement to remote working and quicker adoption of technology means payroll systems will have to change with the times. As employees seek more flexibility for payments and demand more comprehensive systems, a payroll outsourcing company that can provide all these features will be key to boosting employee morale and satisfaction. Moreover, a strategic payroll system will also improve the overall productivity of the process, integrating the accounting and HR departments of organizations. The future of payroll is dynamic and organizations will need to keep up with the change to see a positive impact on their overall HR functions.