With the constant advancements in technology and digitization, world leaders and decision-makers are facing rapid-changing business surroundings which need them to continuously adapt to new circumstances in an attempt to stay competitive. Mr Mahajan, says yet in a fast-changing world, planning beforehand and preparing for the future is becoming quite difficult. Specifically, post the major disruptions caused by the pandemic, the future is more uncertain than earlier. This also implements the future of global payroll.
The pandemic has had a huge effect on global payroll operations and payroll leaders all across the globe find themselves confronted with a myriad of open questions which require to be answered: What innovations are possibly to influence world operations in the future? What are the vital global payroll trends to look out for? Where is world payroll headed during 2022?
Mr Atul Mahajan, Director of Trendsetters Facilities and Technical Services, India’s top payroll outsourcing services provider shares 3 trends to watch out for.
Cloud-based solutions will be widespread
A technology-related trend that is believed to gain an even larger essence is the use of cloud-based solutions to help payroll functions. A survey suggested that payroll in the cloud was already a reality in about 57% of organizations questioned, while another 27% were already implementing or looking to implement a payroll cloud solution in the coming three years. As cloud systems let remote access from anywhere around the globe they will be a vital component of making global payroll fit for the “new age normal”.
Data will be crucial
One of the vital learnings from the pandemic for top business leaders with respect to payroll is that being able to access consolidated, actual-time payroll data for their complete global team is crucial for making well-informed business-based decisions and for tracking global payroll expenses. As per the Gartner experts, the world payroll data has transformed into a valuable resource when it comes to workforce management in the post the pandemic era.
Alternate payment ways on the rise
Payroll processing is on the path to becoming more modern, automated, and data-driven. But how about what happens to post the payroll calculation? If one believes the experts, there would also be some big changes with respect to employee payments. New payment models like the earned wage access which are already on the surface – and popular in regions like the Asia-Pacific – are expected to be adopted on a broader scale in the near future. The same goes for alternative modes of employee payment. While alternative payment ways are already gaining traction in the world e-commerce sector, the use of digital wallets is also forecasted to grow significantly in world payroll as a solution to slow and costly cross-border payments.
