Don't you just love all the predictions that start rolling out in November and December? We sure do, especially as they relate to payroll and HR. End-of-year predictions are great fodder for discussions between our staff and our clients, discussions that sometimes lead to very productive changes in how we do things.
We have been keeping our ear to the ground for the latest payroll and HR predictions. Below are some of them. Whether or not they all come to fruition in 2019 remains to be seen. If nothing else, they provide the basis for a thoughtful examination of how your company handles payroll and HR.
1. Pay Will Be More Flexible
It is apparent that the days of weekly pay offered in cash are long gone. Paper checks are dying as well. But in 2019, we expect another trend to take hold: employee pay will be made even more flexible than it is now.
Between payroll cards, direct deposit, and even cryptocurrency payments, workers will have more options for receiving their pay. They may even be given a choice as to when they want to be paid. Payments are likely to be tailored to worker preferences, at least to some degree. Whether or not that means the total elimination of a regular pay schedule is unclear. We will have to wait and see.
2. Data Will Be More Consumer Friendly
Many employees now have access to their payroll data through online accounts. However, the interfaces being used to access that data are not necessarily consumer friendly. We predict that will change. Software developers will revamp their GUIs and financial tools to make accessing payroll data similar to using social media or retail sites.
Making data more consumer friendly will include a greater emphasis on mobile access. We expect to see a lot of companies put more time and effort into mobile applications than they do their desktop counterparts. After all, mobile is no longer the wave of the future. It is here now.
3. More Employers Will Transition to the Cloud
General adoption of the cloud has not been as widespread as proponents had originally hoped. This is true in the payroll arena as well. The good news is that cloud adoption is accelerating. It is quite likely that more employers will transition to cloud-based payroll in 2019 as compared to previous years.
Cloud-based payroll is a better way to go because it provides for easier data access and management on a variety of devices. Cloud services can accommodate payroll providers, employers, and accountants – all needing simultaneous access to data – without issue. Local software cannot.
4. The Workforce Will Become More Agile
Finally, we expect to see the U.S. workforce continue its transformation from static to agile. Employers are likely to use more contractors in an effort to keep pace with the on-demand economy, and employees will be more willing to switch jobs in order to find something better.
All of this will lead to companies finding different ways to use the available workforce. Perhaps full-time employees will rotate between shifting responsibilities. Perhaps companies will bring on more part-time employees willing to job share. No one knows exactly what a more agile workforce will look like, but many agree it is coming.
Is your company prepared for 2019? If not, now would be a good time to contact BenefitMall. Let us help you get your payroll and HR in order with a range of customizable services covering all things payroll and benefits administration. We want to help you make 2019 your best year ever.