Future Payroll Trends to Look for this 2021 – and beyond

We have been seeing how advancements in digitization, job flexibility, and increased competition for the labor force have resulted in significant changes in payroll processes these past couple of years. Now with the Covid-19 pandemic, recruitment and retention have become more pivotal than ever.  Updating the organization’s payroll and benefits package is now becoming a priority for the HR management team.

Moreover, payroll systems have evolved from administrative and routine-centered platforms to those that can provide digital and analytics solutions, helping even SMEs to level up their processes.  

With change and innovation being constantly imminent, here’s a further look into the future of payroll trends for your organization:

Find Leverage on a Cloud-based Technology

There are two important reasons why one would need a cloud based payroll platform. First, with remote work becoming a necessity rather than a luxury nowadays, only cloud-based platforms could provide access to all relevant data to the team, whenever and wherever they need work at. Secondly, a cloud based payroll can provide real time data and information – increasing transparency and accuracy in a few clicks.

Integration of HR Technology

Payroll and HRIS systems have different functions but are indeed correlated with each other. Organizations might want to find HR solutions that integrate benefits administration and payroll to effectively manage employee data. Having both in one dashboard would save time for tracking and reviewing. Integration enables your HR Management team to consolidate all relevant data and reports to generate helpful insights.

Police Data and Remote Security

With all data easily accessible, it is crucial to secure it. Companies have huge amounts of confidential and sensitive data to protect, including wages, addresses, account numbers, social security numbers, etc. To ensure security would be an understatement. That’s why advances in security measures, such as two-factor authentication are important to implement to adapt to evolving data security risks. 

A cloud-based and automated payroll system can assist businesses in facing the changes ahead and maximizing not just your annual HR strategic plan, but in the future as well.

Serbizyo’s Payroll and Online Benefits platform can help your business to be more 

efficient and cost-effective. To learn more, contact us at marketing@serbizyo.com

About the author

Jowena Borral is an HR Generalist with more than 5 years of experience working with local and international companies. A business specialist with a knack for creative visualization, team engagement and human interaction.