The HR technology industry has experienced a renaissance over the past few years but, in many organizations, payroll platforms have been left behind.
A new survey from the American Payroll Association and Kronos found that almost 30 percent of respondents are using payroll systems that are more than 10 years old, and almost have don't track and report on key performance indicators in their payroll functions.
While organizations ar reluctant to upgrade aging payroll systems for several reasons, including reluctance to change and fear of creating problems in a process in which data accuracy and system reliability are paramount. However, failure to modernize payroll systems has real costs, including expensive resources to adapt the older system to new and evolving legislative compliance requirements.
Next-generation payroll systems have a variety of new capabilities, including:
- Real-time view of payroll status at any point in a pay cycle
- Increased use of self-service apps, chatbots, and proactive communication tools designed to relieve HR's administrative burden and improve customer service
- Automatic tax updates
- Improved sharing and analysis of payroll data across a company
- On-demand analytics and reporting functions
- Integration with other systems that can help recruit and retain talent, including offerings like student loan repayments and retirement investments
Download this informative piece to learn more about how an updated payroll system can benefit your organization.