In the past two years, industries and corporations have seen a significant paradigm shift in work culture. It will not be false to say that organizations will have to keep up with the changing world. The area of operations management will have to innovate a lot more than before to deliver better and faster results.  Payroll processing is one such area that will need more attention to detail. It is a basic contract between the company and the employee. The upcoming business community will look at sounder ways to achieve more overall output in payroll processing. This is not an easy phenomenon as the following payroll challenges will impede success. 

Challenge #1: Diverse and Global Workforce

Employment in this century is starkly different when compared to the 20th century. The new generation is coming up with new methods to earn an income and experience.  Knowledge is available with a few clicks which have given rise to freelancers and remote workers. At least 52% of global employees work from home once a week.  Both employers and employees know that talent can be acquired from anywhere and at any time. Therefore, in the future, the task of monitoring these employees will be another management role.  The productivity of these employees will affect their payrolls. Paying their salaries on time within their time zones is going to be an additional task.

Challenge #2: Formal Payroll Strategy

2019 Research by EY suggests that companies that have a formal payroll strategy are more likely to progress. Just like companies pay heed to other business activities, payroll should be given the same attention.  58% of companies believe that payroll is an HR responsibility while others believe it comes under finance. A formalized global delivery model of payroll will be formed in the future that would solve this confusion and give a shared responsibility to both departments.  Hence, to address this issue companies will have to draw out strategic plans about how they will carry out payroll processing. 

Challenge #3: Statutory Compliance

Future workplaces will go from an office complex to the employee's home and temporary talent will be hired for specific projects. This instance will give rise to new legislation to be formed.  HRs will have to study the labor laws of the native country of the employee and act accordingly. As law changes from country to country, so does payroll processing measures. Taxes and banking systems vary a lot even in neighboring states. There would be more pressure to comprehend all these statutes. 

Challenge #4: Automation

How can we leave technology behind if we are talking about the future? Technology will bring the world closer. It will also ease payroll processing and leave management. The newest innovation is SaaS. It uses efficient cloud computing software that is less prone to errors as compared to manual timesheets.  Automated leave management systems are known to have increased employee satisfaction.  A simple error of hiding cells instead of deleting them in an Excel timesheet proved fatal to Barclays. They lost millions due to inaccurate calculations.

Challenge #5: Shortage of Payroll Experts

Every field in the future will ask for expertise. The same goes for payroll processing. The HR and accounting teams will be given more important tasks to fulfill.  HRs today believe in reskilling employees to meet the latest market standards. This additional role will replace payroll processing. The accounting and finance team will strategize to put capital into new business ventures.  In the meantime, payroll should not be overlooked. Companies will hire payroll experts to carry out accurate and punctual payrolls.  But the market will face a shortage in these terms. This gap needs to be filled by a new generation of qualified payroll professionals.  Payroll experts will design various blueprints to overcome the first four challenges. These experts should be well-versed in law, finance, and other relevant aptitudes.

How Paysquare will help you?

Paysquare assists companies in carrying out their payroll operations. We are payroll experts who are acquainted with the latest developments in compliance issues. With our ISO-certified technology we aim to produce accurate payrolls so that you focus your attention and capital on business growth.

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.