Payroll Vault Franchising CEO and Founder Sean Manning, a CPA and Thought Leader in the Financial Field, has observed significant changes in the payroll and employee management landscape in recent years. The Covid-19 pandemic has accelerated the need for innovation, with a growing number of employees working remotely either full time or on a hybrid schedule. As a third-party provider, Manning’s company helps clients update their payroll and HR practices to meet changing industry standards.
Recent improvements in payroll technology and business practices have led to greater efficiency, accuracy, and benefits for both employers and employees. Businesses are increasingly transitioning to online payroll systems, adapting to hybrid and remote work setups, improving compliance and data integrity through automated updates, and enhancing accessibility for gig economy workers. New security measures such as limited access and password policies are also contributing to the overall improvement of payroll systems.
Advancements in technology continue to drive changes in the payroll and human resource management space. Areas of ongoing development include online benefits administration, employee onboarding, scheduling and time management, remote work functionality, biometric payroll technology, AI acceleration, and internal communications. These advancements aim to streamline processes, improve security, and enhance communication between employers and employees.
To prepare for future payroll advances, employers are advised to assemble a team of technical and administrative advisors who can evaluate their current practices and identify areas for improvement through new technologies and practices. Moving away from manual systems, automating processes, and staying current with industry standards are essential steps for businesses to remain competitive and efficient in their payroll and employee management practices.
As new tools and technologies continue to emerge, it is crucial for professionals to stay informed and adapt to changes in their industries. Meeting current practices in payroll and employee management is not only good for business but also a responsibility that business leaders have towards their employees who rely on them for their livelihoods. Forbes Business Council offers opportunities for business owners and leaders to connect, grow, and stay updated on the latest trends in the business world.
