WHAT DOES THE FUTURE OF HR OR PAYROLL SOFTWARE LOOK LIKE?

Payroll systems are a critical component of any business that wishes to automate its processes. The payroll software has been based on this definition for many years, but as work trends change and new technology is introduced, the software is beginning to develop beyond this basic description.

With the global change brought by the pandemic, work standards and regulations are also part of the shift. Hence, new technologies for payroll have become even more essential to businesses.

What do you think are the payroll trends 2021 brought that will carry over the next year and remain as popular payroll software features?

1.   Bidding goodbye to spreadsheets

In a systematic review published in the Journal of Systems and Software, it has been found out that errors in spreadsheet calculations have led to monetary losses. This exposed how vulnerable it is to rely on spreadsheet software that is not automatically updated and is limited in data extraction and analysis.

With this identified challenge, companies are turning to newer software that allows aggregation, analysis, and reporting of data on one unified platform without the need for additional training, another bachelor’s degree, or social work degree.

One of the available software that more than 100 companies are turning to is gulfHR. It is a payroll management solution that helps HR departments and enables customization to fit clients’ ever-changing needs.

2.   Demand for all-in-one solutions

Software buyers lean towards all-in-one technology. Years ago, becoming a master of one was the aim of technology. However, as identified in a McKinsey article, there is an increasing demand for agility and efficiency in the new normal. Hence, jack-of-all-trades solutions are the way to go.

The same goes for businesses looking for a complete HR management solution that does not only have a payroll system, but with additional features such as integration with third-party apps and software; leaves, services, and attendance approvals; and applicant tracking system.

As existing software integrates several features and functions, usability is often neglected. Usability has been identified in a case study as the most desired but often ignored software quality.

The robust platform of gulfHR boasts a precise mixture of features while remaining user-friendly with its modular approach. This leaves you with the decision to fully customize the system to your company’s needs by adding any of these modules: Time Management, Manpower Planning, Training Management, Performance Management, Recruitment, and Analytics Dashboard. gulfHR leaves you with the choice to implement only what your company needs at the moment.

3.   Increased dependence on artificial intelligence

McKinsey’s Global Survey on artificial intelligence (AI) revealed that more companies plan to invest even more in AI in response to digital acceleration and the COVID-19 pandemic. Furthermore, the results suggest that organizations are using AI as a value-generating tool in the form of revenues.

The HR department will heavily witness the said value of AIs. HR software powered by AI enables a seamless workflow and intuitive work environment.

Take gulfHR as an example with its new technologies for payroll. It has an analytics dashboard that gives you an idea of where your HR stands today, helping you to make informed strategic decisions. You can build your dashboard in various apps, including Excel. Additionally, gulfHR offers standard HR metrics to measure recruitment, retention and engagement, time tracking and productivity, and employee skills development and training.

Apart from these metrics, this dashboard comprises tables, charts, gauges, and numbers. You can add advanced analytics tools that involve machine learning through sophisticated algorithms that allow you to predict the future.

4.   Accessibility in the new normal

With the rise of remote work setup, it’s necessary to acknowledge that there will be reduced visibility and control in the workplace. Hence, the HR services must still be felt and remain thriving despite this new setup. This may be aided by implementing self-service mobile apps, which have been one of the top trends in payroll.

It is critical to find an HR solution that’ll meet the self-service requirements of the current workforce setup. Your entire workforce should not crumble as apps such as the gulfHR Fusion can cater to employees’ requests on the go. Employees may submit an expense claim, request leave dates with real-time tracking of approval, view and request documents, manage days in Lieu, and all other service requests directly from their respective phones.

Payroll technologies in a nutshell

There are several things that you need to know about payroll software and the upcoming trends, but one thing is for sure: there is no one-size-fits-all solution for any HR department. Don’t just jump into the trends without actually identifying the needs of your company and your employees.

If you are still considering what kind of payroll software solution would be perfect for you, gulfHR may help with its highly customizable features. Book an expert demo to see how gulfHR will work for your business!