Payroll as a function has come a long way from its humble beginning
In the Age of digitization of business probably Payroll as a Function was the first one to be automated in any organization.
Payroll has undertaken this remarkable journey from its humble beginning which like Finance started as a manual bookkeeping operation in the 1940s and was probably the first one of any HR function to be introduced to computers for payroll processing in the 1960s, to the founding of the American Payroll Association from the 1980s to now.
Nowadays, payroll processing is offered by big enterprise application vendors, a smaller group of international players, local players, vendors who focus on SMB marketplace, etc..
Despite the fact that there are various players on the sector but one thing that’s common among all these players is that all most all of the players provide their solution in a SaaS environment with a heavy focus on mobile-based self-service technology.
The best practice in selecting your next Payroll Solution
Payroll unlike a number of other HR functions is not a one-size-fits-all endeavour. Any organization that’s likely to make the next move of replacing their existing Payroll solution should concentrate first on their organizational objectives, their cultural, and business practices when deciding what is the best Payroll solution for their company.
Irrespective of the chosen solution the ideal technology and services will help ensure that payroll is finished on-time, with precision, efficiency, and efficacy.
We have highlighted a few best practices for selecting your next Payroll solution:
- Digitize the entire Payroll process from data entry – Taxation-compliance.
- Outsource as much as you can so that you let the experts do their job while you focus on yours.
- Be accountable and transparent
- Select vendors not on reputation but performance
- Focus heavily on integration with other 3 rd Party players and Payroll analytics, one of the most neglected area in the HR analytics world.
- Ensure the solution is mobile ready with a high level of focus on employee self-service.
- Last but not the least, do not go by technical jargons like machine learning, AI, natural language processing etc. But see how that will help you in your business.