10 10 trends trends that that will will carve carve the the payroll payroll management management in in Singapore Singapore in in 2019 2019
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Payroll service Sufficient amount of strategy should be invested towards a payroll management team as it will define your business in this highly competitive, candidate-centric market. In this article, we share the latest trends that every payroll manager should follow to make a difference in 2019. With the decreasing levels of unemployment and widening of skill gaps, employers must try something new to attract potential talent and ensure they stay on with the company. Before planning engagement and perks, it is important to streamline the payroll for the employees regardless of industry or size. This will make the HR’s job easier, where an automated process will reduce the manual efforts at month-end. A digitized payroll will add value to retain high performing employees. Here are the latest trends expected to mature this year.
1.
Automated payroll will be entirely GDPR-friendly
Payroll automation was created with the sole purpose of making employee data available seamlessly across all locations and interfaces. The GDPR was introduced in the middle of last year, and new payroll solution will be GDPR compliant.
2.
Payroll will be Audit ready from Day One.
It is a mentality of employers to scramble at quarter-end to collate and reconcile payroll information; therefore it is recommended to employers to follow automated report generation that allows electronic submission without any complicated bureaucratic formalities.
3.
Gig workers will enter your payroll The line between payroll employees and third party workers will start to blur as companies will start to depend increasingly on gig workers. This goes beyond blue-collar jobs, covering highvalue projects headed by experienced consultants and the enlightened “digital nomad.�
4.
Bots will guide Query Resolution It is a common scenario that employees run from one department to the other trying to get queries resolved, be it HR, finance, or even accounts. In 2019, all this will change as AIbased chat bots will be deployed as a common employee service suite which will answer all the common problems of the employees. The chatbot will also feature a FAQ section where the most common queries will be addressed.
5.
Manual payroll will finally become obsolete
Payroll automation is fast becoming the more accepted process as it is cost-effective and easy to deploy. As a result of this, a large number of small businesses are abandoning the manual paper-driven processes. This will drive the increasing popularity of tech and boom in the payroll solutions market.
6.
Weekly or monthly payroll won’t be the only way Some business solutions have already introduced flexible payroll systems that bring into line the wages to a specific date every month or even one-time payment as a part of the company’s regularized expenditure cycle. This goes perfectly in-line with gig workers. “Payroll companies like Gusto are increasingly offering alternatives to bi-weekly or monthly pay periods. For example, Gusto recently launched Flexible Pay, which allows employees on-demand access to funds without having to wait until payday, for little or no cost,” said Rick Chen, Communications Lead at Gusto.
7.
Unbanked employees will be welcomed As you might have guessed, a large portion of the world remains unbanked, even in developed economies. Platforms like Gusto will help in bringing the workforce section into the payroll management ambit, thus access to the salaries rightfully earned will be eased off significantly.
8.
Disbursal will be instantaneous
With the advent of mobile payment, the mobile payroll system will, at last, see success, so that employees won’t have to wait for a particular shift/ project seasonal tenure to get their wages. All in all the disbursal will be instantaneous.
9.
Financial wellness will be part of the package
The need for financial wellness has become imperative for the employers because to maintain a certain quality of life of the workforce and correctly utilize the allocated wages, financial wellness is the best option to give to the employees substituting constant pay hikes.
10. Pay transparency will be the norm everywhere To this date, it’s been common courtesy to keep the salary private by companies. But in 2019, progressive employers will look forward to sharing the levels on a public domain- this will foster the employee brand, communicating values of equality and fair pay. There are many Payroll services in Singapore which introduces a modern system of payroll that not only enhances the financial wellness of the employee but also takes care of the fact that employee receives the salary on time and the overall growth of the organization remains intact.