Organizations are rapidly adopting payroll services to achieve cost reduction. They either outsource a single process or the entire services to enhance the existing function. Managing payroll in-house involves high costs. Organizations that maintain an in-house team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.
Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market.
The majority of payroll outsourcing functions are related to finance and accounting (F&A), human capital management (HCM), and shared service centers.
The current Payroll market trend is improved usage of technology and the top Payroll Technology Trends are as follows:
Cloud-Based Payroll is a crucial tool for simplifying the payroll process and making it easier for companies to manage their data. It reduces the risk of manually inputted mistakes, increases accessibility and keeps information accurately recorded.
Mobile Payroll Options help increase productivity and communication between coworkers and employers and may also extend to HR or Accounting departments so that there is an overall correspondence in all aspects of one’s company.
Online Recruitment Systems help keep track of which potential employees were outsourced, interviewed, and eventually recruited or put on hold for later recruitment.
One-Stop Shops like PayTech offer not only payroll resources but also HR support, and accounting and tax assistance. Having one’s assets handled by as few people as possible is the easiest way to keep one’s business protected and important information private.
Data-Driven Processes include gathering data on a business to make strategic and statistics-based decisions to maximize profits and expand the business.
White Paper By: TEKchand
While large financial institutions have the resources and IT departments to develop their own ATM technology path, many smaller-to-midsized credit unions and financial institutions depend on their transaction processor or ATM hardware manufacturer to deliver new ATM products and functionalities. After many trials and tribulations, change is finally entering the ATM channel to make life...
White Paper By: Duco
One of the main criticisms of the original MiFID was that national regulators did not enforce the directive with the same zeal across Europe. The list of financial instruments covered has been extended to almost all instruments traded in European markets – with particular emphasis on the OTC derivatives market that was previously out of scope for MiFID I. The issue with making this...
White Paper By: Duco
Data risk is an increasing challenge in the financial industry, for the innumerable processes that need to be taken care, before reporting the data to the regulators. It is extremely important to stay complaint and maintain data quality for Markets in Financial Instruments Directive II (MIFID II) during data reconciliation. Duco Cube with its powerful and flexible reconciliation platform...
White Paper By: digitalML
Digital Banking leaders succeed by coupling the right approach with an organizational and process transformation that brings effective API design management, avoiding the danger of just adding on another layer of API chaos. Whether by pursuing new high growth opportunities in payments, or new business lines targeting the under-banked, the right integration and service-delivery approach...
White Paper By: DataLyzer
Failure mode and effect analysis (FMEA/FMECA) is a powerful reliability tool to improve product or process designs early in the manufacturing process. Generating a FMEA can help to build your team and improve your communication, as well as saves considerable cost of future testing and field warranty. It is worth the effort to get the tool implemented in an effective manner. Taking the right...
White Paper By: Concert Technologies
The rapid deployment of multi-technology, multi-service, multi-site field rollouts requires well- defined processes, robust management skills, and a unique understanding of how to get the job done. Today's Technology Rollout Systems are a comprehensive, multi-technology, multi-service, multi-site system designed to meet varying project requirements in an ever-changing...