Digital Dilemma: Why Payroll Companies Need to Embrace Digital
Businesses in every industry have been affected by the way that we now rely heavily on technology. Technology is now a part of everything we do – both at home and work—and in order to stay relevant in today’s world, all industries must continue to be innovative and remain up to date with technological advancements, especially in the workplace.
Here are three reasons why the HR and payroll industry needs to embrace digital:
1. Changing customer expectations
Customer expectations are continuously changing, and the driving force of this change comes in the form of digital technology. Computers, smartphones and other mobile devices have led to increased personalisation for customers, regardless of industry. Using technology promotes instantaneous results, meaning that customers not only expect more, they expect it faster. In addition, technology now allows organisations to store their information and data in a single place, and the payroll department can aid in this process by allowing employees to access their payslips online. Faster results and streamlined processes are attractive to both potential and current customers, and should not be overlooked.
2. Rise of Millennials and Generation Z
We are all now catering to much more intent-driven, tech savvy employees. The one-size-fits-all philosophy no longer applies, since employees expect personalised offerings and require a tailored experience. Technology is a native language of both Millennials and Generation Z, since they have grown up with technology, and this shouldn’t stop when it comes to work. The younger generations consequently find technology an attractive asset in the workplace, and are likely to be attracted to a workplace if it embraces innovation and technology.
3. Speeding up processes for payroll professionals
‘Going digital’ does not only appeal to employees and customers, since there are numerous benefits to payroll professionals too. Payroll professionals can use technology to minimise the amount of manual processes that they are required to do, which reduces human error and saves an abundance of time. Digitalisation will mean the storing of data will be much more efficient and secure; keeping your records on pen and paper is a thing of the past. Alongside the reduction in human error, storing data on a computer or online allows payroll professionals to analyse the data quickly, flagging patterns or issues that it has identified.
For payroll organisations to be able to retain customers and revenue, they need to keep up to date with what customers want. We are all living in a world where innovation, variety, and personalisation are key to a successful company, and as technology progresses, payroll organisations need to progress with it.