In the present day and age, flexible compensation capabilities enabled by payroll digitization are a must-have for the organizations. This is because majority of the workers are required to work in irregular shifts due to the unprecedented demand or distancing policies. Moreover, in specific industry segments, the employers may also need to manage overtime pay or offer financial incentives besides paying workers off-cycle.
These dynamic circumstances go both the ways – workers may be required to work according to less predictable schedules. Or sometimes, they even have the financial needs which do not necessarily fit properly with the traditional two week pay cycle. Such irregular pay cycles may result in compounding cash flow gaps for the workers as their working hours may have been slashed. For example, they might continue to suffer the cost of stocking up the safety supplies during uncertain and unexpected situations. On-demand payment options may take up special urgency for these workers.
It is not just the frontline workers whose working hours or patterns are being disrupted. Even office workers and white-collar professionals are working remotely since a couple of years, including entire human resource departments. Moreover, non-salaried workers may no longer want to submit their time sheets, whereas the salaried professionals may find themselves working for unusual hours from home. They may seek flexible pay options in light of such circumstances, which can be easily made possible by deploying a robust payroll software or outsourcing payroll services. These shifts are expected to fundamentally alter the professional environment in the years to come.
Payroll Digitalization - Emerging Digital Payroll Solutions and Tools
Businesses are looking for ways to address these challenges with digital payroll solutions which are already available in the market. One of the greatest examples of such solutions is Ramco’s Global Payroll solution. With our one platform global payroll solution having simple licensing policy and minimalistic UI, you can experience innovation. Additionally, with chatbots and cognitive process automation, it will simplify user experience. Some of its other significant benefits are:
- It collaborates and connects with third party systems via Ramco APIs
- It is available on Cloud, on Premises and as Managed Services
- Time and attendance – Attendance based on facial recognition
- Employee self-service – Viewing/editing personal details on the go
New generation cloud-based payroll software and mobile tools and robust payment options can be uniquely suited to the current needs. Moreover, with such streamlined solutions, funds can be made available to the workers faster and in flexible ways as compared to conventional payroll processing.
How Do Digital Tools Help in Maintaining Financial Lifelines in Uncertain Times?
- Ensures Compliance
As tax rules and regulations change frequently, missing a deadline or any deviation from compliance may cost your business heavy penalties. Especially, in uncertain times, it gets challenging to keep up with the legal requirements.
To cope with this, payroll software keeps local, state, and federal laws updated. And it also notifies of tax deadlines and compliance requirements, ensuring that the business stays compliant to all the laws every time.
- Better Transparency
When businesses digitize payroll with an advanced payroll software, employees can help themselves by filling in their details and accessing accurate payroll information such as deductions, taxes, and salary. This way, it fosters mutual trust and increases transparency with the employees.
- Improves Accuracies
As the payroll software handles crucial and critical processes like insights and report generation, tax calculation and filing and so on, organizations are under no risk of the inaccuracies. This way, the data will be useful in real-time and will be accurate. And, this real time data will further aid in maintaining financial lifelines in uncertain times.
- Saves Time
As one need not spend much time working on the repetitive tasks such as generating historical slips and distributing them, maintaining employee details manually, bookkeeping, etc., organizations can save a lot of time.
How Should You Compare Payroll Solutions Providers to Leverage the Best Tools?
Here is a summary of evaluation criteria which should inspire an organization’s decision-making process:
- User Interface (UI)
Payroll is just one of many accounting and HR duties. Therefore, look for a payroll software which respects the users’ time with a simple UI that puts the critical information of business at front-and-center.
- Usability
Favor the payroll tools which are flexible and can be adopted by anyone. From the large businesses to non-profit organizations, payroll software facilitates easy-to-access support team, robust onboarding, and free training modules.
- Integrations
Payroll software should be flexible enough to easily integrate add-ons for the critical HR solutions for local taxes, timesheets, sales and CRM platforms, payroll data reporting tools, business intelligence, benefits administration as well as health insurance.
- Value for Money
It is important to strike a balance between the price of deploying payroll software or outsourcing payroll services with the benefits it offers. It is also important to analyze if there are some hidden costs that you need to incur for using a few features. Usually, businesses get to know about such costs after buying the software or outsourcing the payroll services. However, Ramco has a very simple licensing policy with all the terms and conditions explicitly mentioned and without any hidden costs.
So, with payroll digitalization, right payroll solutions provider and tools, make your payroll processes robust, sustainable, and capable of surviving through every economic condition.
