Payroll Trends To Be Aware Of

A recent whitepaper by Ascender reveals the top trends to be aware of in the payroll space. The first is artificial intelligence (AI), which can be used for basic calculation and data tasks. Hidekazu Matsubayashi, Ascender’s regional sales director for Japan, said AI had the biggest impact on payroll management in the last year. Another trend is the transition to the cloud as well as a shared services model. The rapid transition to cloud-based services has important advantages for payroll. For example, software programs are regularly upgraded, information is archived and computer data is easily accessible from smart devices. The third trend is two-way integration of payroll with human capital management (HCM) systems. What started with a one-way integration from an HCM to payroll system is now seeing payroll data being sent back into the HCM systems, in order for decision-makers to have more accurate information around payroll. When managed correctly, HCM integration will enable companies to achieve a global perspective on the workforce with the security of local compliance, according to Ascender. The fourth and final trend is data security and compliance. Many changes are happening in this area, especially in terms of legislation and regulation, such as General Data Protection Regulation (GDPR) in Europe and upcoming legislation in China. The whitepaper noted that knowledge of such legislation is crucial for organizations with a presence in multiple countries who are seeking to consolidate their HR and payroll processes to one or two locations, as well as for multi-country payroll providers to remain compliant.

Read the full article on humanresourcesonline.net.