ESSENTIAL STRATEGIC HR
Global Payroll you can run in your sleep. Run payroll in 50+ countries with one platform built to streamline international operations smoothly and eliminate the ongoing admin of local compliance, taxes, legal, compliance, benefits, and more.
With Staffline’s Global Payroll, spend less time piecing together providers and platforms to pay your team. Streamline the entire process, eliminate human errors, and ensure that your workforce is paid on time, no matter where they live.
Focus on total wellbeing, managing workforce ecosystem, evolving role of algorithmic HR, Upskilling leader & manager, Mind the governance gap. Tax code changes, fallout from workplace harassment, the rise of artificial intelligence and enter into metaverse, redefined hybrid workforce strategies and other long-term trends will put the spotlight on workplace
Driving success for your business is no simple task. Understanding the future of payroll, on the other hand, may assist you in increasing corporate value in the coming years.
System integration is a key enabler of payroll processes. It is required for effective controls, data protection, and suitable checks and balances.
Integration throughout the payroll process decreases the risk of noncompliance and excessive labor expenditures. It can also boost trust in current controls and shorten the time required for re-validation. Top-performing companies have high levels of integration between their payroll system and other key systems such as rostering, time and attendance, and benefits. A company may reduce complexity, redundant data, and mistake risk by implementing an integrated system.
On the way to next-gen payroll
Next-gen technology is slowly but surely making an entry into all business fields and industries. Deloitte Global Payroll Benchmarking Survey revealed that 15 percent of organizations were already using next-gen tech in their payroll function. Another 49 percent of businesses were planning on implementing smart technologies within the next three years.
Internal Promotion and “Upskilling”
A Gallup survey found that 65% of workers believe employer-provided upskilling is important when evaluating a potential new job, and 48% of American workers said they would switch to a new job if they were offered career advancement and training opportunities. Upskilling is a relatively recent phrase for developing individuals who are currently employed by the organization.
Companies are projected to increasingly turn to existing employees to fill available roles immediately, giving training and encouraging staff to pursue promotions. Employers are realizing the advantages of investing in workers who are already familiar with and committed to the firm, as fewer new employees are expected to enter the workforce in the coming years than ever before.
AI in Recruiting
Many recruiting tasks have already been automated, but 2022 may usher in even more. HR software with artificial intelligence (AI) capabilities may begin analyzing top applications that have passed the filtering process and even interviewing candidates. Not all businesses will benefit from dehumanizing chores like applicant sorting and interviewing, but incorporating AI into the mix will certainly save time and reduce the possibility of discrimination. AI is less likely than a human interviewer to pick or reject an applicant based on unconscious prejudices such as name, accent, and manner. Virtual interviews can also include ranking systems.
HR operations have been highly undervalued in the last few years. Most likely HR can add most value in the HR operations area. The requirements for the people in HR operations are different, and probably we need a new breed of HR professionals who can run HR as a service organization.
- Despite layoffs, it’s still a candidate-driven market
Challenges like hitting all the right notes when it comes to salary, flexibility and appetite for technology, to name just a few core expectations will continue to set the HR agenda in 2022. HR expectations will continue to set the agenda in 2023. Job hunters are holding the cards in this market. With people-focussed solutions a core priority, increasing proportion of businesses will work to deliver analytics solutions. By mapping employees’ core skills, data analytics can support career development opportunities and career planning.
- Despite layoffs, it’s still a candidate-driven market.
In 2022, tech employers hired almost 70% more than last year. Most IT talent in layoffs is quickly re-absorbed by other employers. 97% of IT leaders think digital transformation will take longer than expected. More than 200,000 only U.S. based tech jobs are unfilled at any given time.
- The Hybrid Workplace ascends in popularity.
Most developers are open to returning to work in some capacity. 60% said they want to work somewhat in the office, which may lead to a regional “bubble” hiring approach. Only 4% of developers are looking to work at an office daily, but most would like to work there.
- Companies are increasing spending on emerging tech
Emerging tech talent demand has grown by over 209% since 2016, with cloud security, machine learning and Blockchain leading the way in investments. With some of these sectors at 0% unemployment, businesses are struggling to fill roles with qualified talent.
- Work-life balance rivals salary requirements.
Over half of all IT professionals are thinking about leaving their jobs. The biggest reasons why tech workers are leaving? Tied for first is lack of work/life balance at 42%, alongside not enough compensation. Tech talent retention and attraction will depend on how employers listen and strengthen their market IQ.
6. A compromise between remote & office work
Even though remote work isn’t a novelty and has kept its position on a list of HR trends in the last few years, only recently remote workers became the majority. What once was a prediction became a burning topic that will keep its intensity in 2023. If Remote Work is not an option, 55% of employees will look elsewhere. Remote workers make workers more productive, leave them more time with families, and takes less time off. Working from home has myriad benefits that ensure it won’t fade after the vaccine for COVID-19 is available.
7. Employee experience is vital
The emphasis on employee experience peaked last year due to the aftermath of the coronavirus. Workers had to juggle between surviving a pandemic and achieving satisfactory work results, which often caused stress, lack of productivity, and burnout. HR will be considering how to extend employee experience and include financial, physical and mental health support.
8. Continuous learning
We can consider this trend as one of the latest HR trends. During the quarantine, many people found ease in studying, learning a new language or practicing old skills. Knowledge leads to personal and professional improvement, which is also an advantage for companies. Most companies will opt for creating e-libraries, online workshops and courses.
9. Use the latest technology as a way to drive trust
Work is not an exception; employees expect employers to be honest, share updates with them, and provide feedback. Many employers will integrate HR technology with staff self-service. With such tech at their disposal, employees will have access to feedback, the latest information, and tasks. Transparent tools that track employee progress and information that are easily accessible for both parties will be one of the principal HR trends this year.
10. Employee well-being and wellness programmes
In 2023, HR will have to find ways to remove the stigma around mental health and provide employees with all the support they need. Employers will use various resources to develop well-being programmes. The pandemic didn’t leave anyone unharmed, and companies need to implement methods to help employees cope with the new realm.
11. Reskilling and internal mobility
Hiring freezes are one of the most damaging consequences of the pandemic. Many companies need to put on hold finding new talents, even though they might need them. Recruiters will have to analyse if the talent they need is already there. When an employee is not fully compatible with a new vacancy, they might go through reskilling. Flexible requirements
One benefit lies in the fact that data and transactions don’t need to be captured multiple times across different business applications. This empowers HR to react to the needs of the workforce, the business and the organization in a more agile manner. This empowers HR to react to the needs of the workforce and the business in a more agile manner.
1. Data will drive decision-making
HR is about to change dramatically with data analytics becoming a way of life for HR directors and HR managers. As HR professionals have more data (gathered through digital interfaces like employee self-service) about employees and the business at their fingertips, they will begin to use analytics to make better decisions.
2. Performance management is changing
Many large organizations around the world have streamlined performance management or even done away with annual reviews. We’ve seen a lot of discussion in the past year or two about the value of annual performance reviews. Annual reviews are useful, but they’re not frequent enough in a business world where the pace of change is so fast.
In the future of work, performance management will need to adapt in order to keep up with the changing workforce. With the increase in contract and freelance work, traditional methods of performance management may no longer be effective. The traditional performance management system is based on an annual review cycle. In order to be successful, companies will need new ways to assess and improve employee performance.