The global payroll industry evolved quickly in 2018 with tighter integration needs, increased regulations and a higher demand for cloud technology. As we consider lessons learned from 2018 and their outcomes, we also look forward at the trends we’re predicting for 2019 and the insights driving them.
As a trusted go-to resource for global payroll, we see the following trends coming this year:
In the 1930s, Allen F. Morgenstern, an industrial engineer and creator of the work simplification program, which was designed to increase people’s ability to produce more with less effort, coined the term “work smarter, not harder.” Nearly 90 years later, those four words ring just as true. From a new demographic of employees whose working expectations vary drastically from previous generations to the explosion of data, dealing with information in the same old way is no longer an option. The utilization of artificial intelligence (AI) and the strategic deployment of robotics and automation within the payroll industry delivers increasing efficiencies in time and accuracy and provides a catalyst for your payroll employees to increase their value.
Here’s our top three reasons why working smarter, not harder in 2019 can benefit you:
Employment trends shifted even further last year with more flexible hours, remote settings, and employee mobility all on the rise. Businesses face the challenge of ensuring they can continue delivering services to their clients, and for payroll, this means employees get paid accurately and on time and that the company remains compliant with regulatory requirements. For continued success, businesses need to combine a flexible, nimble approach with clear and meaningful data, to intelligently support their employees in this new work environment.
These are the top three ways you can be flexible and provide support in 2019:
In an increasingly connected world, data security and compliance continue to make big headlines. Last year, the EU General Data Protection Regulation (GDPR) was rolled out and the conversation surrounding data privacy and control intensified. In the payroll and financial industries particularly, employees and clients now require concrete guarantees concerning their data.
According to the EU GDPR website: “The GDPR not only applies to organizations located within the EU but also applies to organizations located outside of the EU if they offer goods or services to, or monitor the behavior of, EU data subjects. It applies to all companies processing and holding the personal data of data subjects residing in the European Union, regardless of the company’s location.”
In 2019, we expect to see these three data security topics continue to develop:
Leading-Edge Companies Embrace Change
Global enterprises that aim to be on the cusp of change must continually challenge themselves to outpace the competition. In the global payroll environment, this means anticipating change, keeping up with technological advancements, being agile enough to comply with new legislation and adopting practices and processes that provide transparency.
In the coming weeks, we will discuss these topics in much greater detail to analyze the direct impact on your payroll. Will you be an early adopter that sets the pace or lag behind the leaders? Global enterprises don’t need to “break the bank” to be leading edge. Follow iiPay and our trends at www.iipay.com.
What sets us apart? Here are four key areas of focus that have enabled us to become the world’s leading cloud-based payroll services company.