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Payroll and Timekeeping Trends
The world of payroll is always evolving. It is important that companies stay ahead of trends to provide their employees with the best experience possible. Below are the most popular trends in payroll right now.
- Digital Payment Method: Physical checks are out, and direct deposit is in. This helps to speed up the payroll process.
- Employee Financial Wellbeing: Companies are offering financial education, planning services, and financial wellness programs to their employees so employees have the knowledge to handle their money.
- Increase in Remote Work: Remote work is still rising; companies need to find solutions that support their dispersed employees, including payroll laws in different states and municipalities and having cloud-based payroll and timekeeping systems. Remote work is also creating the need for timekeeping systems that are cloud-based, flexible, and ensure employees are working when they’re supposed to.
- Staying Compliant with New Regulations: It is important to stay up to date on new tax laws and payroll requirements, especially with remote workers in states other than the one your business is in.
- Focusing on Employee Experience: Companies will focus on creating positive employee experience, which could include a user-friendly payroll and timekeeping experience.
- Focusing on Sustainability: Leaders will focus on environmental responsibility, such as reducing their carbon footprint through digital payroll processing and reduction of paper usage, by using electronic pay stubs and direct deposit.
- Outsourcing Payroll: It’s hard to find good help, so companies are switching over to outsourced payroll to ensure their payroll processes are seamless and completed by payroll professionals.
If you want to provide great payroll and timekeeping tools and resources to your staff, your HR team, and/or your accounting team, you owe it to them to consider outsourcing your payroll needs to an expert. The Employer Group has been offering high-quality, timely payroll services for over 25 years – contact us to learn more about how we can help your team!
This information does not constitute legal advice.