Today’s workforce requires modern solutions. From the ability to work remotely to streamlined onboarding processes, improving the employee experience requires innovation.
This also extends to payroll. Modern business payroll can do more than make your organization more efficient. It can actually help build trust between management and employees.
Read on to learn more about what modern payroll services entail.
Qualities of Modern Business Payroll
A recent survey from Deloitte revealed that 68% of organizations were going through either an HR or payroll transformation. But what does this mean?
These are a handful of the qualities to look for in a modern payroll solution.
Modern HR payroll should be automated. Essentially, an automated payroll solution empowers employers to process payroll completely through a computerized system rather than doing it manually. Not only does this make payroll faster, but it also reduces the risk of errors.
The speed and accuracy benefit and protect your business while also improving the employee experience. Your team will receive their paychecks on time and in the correct amount.
Instant pay access is a feature the modern workforce craves. On-demand payroll services give your employees more say in when they are paid rather than waiting for the standard pay period.
Not having to wait for payday helps employees better manage their finances and provides for less stress over the timing of bills and payments. Offering more accessibility to payments also helps with retention because of the convenience of quick access payments.
Modern payroll services should be easy for you and your employees to use. Authorized users should be able to gain instant insight into their payroll information wherever and whenever they are.
This convenience should also extend to the payment options your company offers. There are many ways your employees want to receive and manage their pay, and with modern payroll, you can offer them without having to manage them yourself.
It’s not enough for your payroll to be a siloed business function anymore. The right solution can easily integrate hours, new hires, demographic changes, and more to make your life easier.
You maintain total control by approving any changes before integration. You can easily streamline payroll processing across brands, locations, and EIN’s. This includes moving payroll data from virtually any Point of Sales (POS) or third party application to offer a more comprehensive view of your data across your business systems.
And don’t forget about tax management. Payroll is more than simply managing the pay period. A modern payroll solution can help you never worry about a payroll tax penalty again. Full payroll tax management keeps this essential function operating smoothly and can even answer all payroll tax-related correspondence for you.
Earning Employee Trust
As you can see, modern payroll services streamline this process all while creating a better experience for your employees. At the start of 2022, it was reported that 64% of Americans were living paycheck to paycheck. As you can imagine, this makes payroll an incredibly important function.
Investing in the best modern payroll solution allows you to present paychecks on time and gives your employees more control over their income. The accuracy and transparency naturally builds trust between yourself and your employees as it gives them more peace of mind in terms of their finances. Being SOC certified is also important so both the employee and employer can rest assured private info (SSN, DOB, bank deposit info etc.) are securely maintained.
On the other hand, payroll mistakes can cause frustration and mistrust in your company. The right payroll solution can be a differentiator for your business and used as a tool to build trust and improve employee retention in the long run.
Finding the Best Modern Payroll Solution
Large corporations and small businesses alike can benefit from upgrading to modern payroll solutions. Along with looking for these above-mentioned qualities, it’s also important to find a solution that can be tailored to your business and its needs.
AllianceHCM Payroll & Tax Solutions provide seamless integrations for our clients to enable the paperless flow of data. As the payroll processing service for thousands of clients across the nation, we understand the demands of numerous industries and can help with all of your payment and tax management needs.
AllianceHCM modern payroll can do it all, and best yet, it’s easy for you and your employees to use. Schedule a demo today and see how AllianceHCM modern payroll services can improve your business operations and improve trust throughout your organization.