Payroll Software: Meaning, Benefits, and the 5 Es

According to a recent study, the automated software market is expected to cross the USD 10 billion thresholds by 2022. 

As businesses and organizations across India look towards the future with optimism, hoping for normalcy to return soon, there is no denying that the very definitions of work and workplace have changed lately. With operations and workflows going remote, one of the most significant shifts has occurred in payroll management. To know about this shift, we will have to travel back to the time when a sudden lockdown was implemented in our country.

We all know that the pandemic and its resultant lockdowns compelled every business to adapt to a remote working model, to contain the spread of the virus. In such a scenario, every individual, from employees to employers, struggled to get used to the transformation. HR managers, in particular, faced the maximum challenges while working from home. Out of all human resources operations, HR professionals found managing and processing payroll of employees to be the most troublesome. While payroll processing has always been a tedious task, the WFH setup just made it more complicated in every aspect. Fortunately, Indian companies took that as the right opportunity to embrace technology. And there was a surprising increase in the number of payroll software implementations and this is the shift we were talking about earlier. 

Coming to the present day, workspaces are slowly opening up, however with proper precautionary measures. Now, organizations across sectors are facing a major dilemma wondering should they continue using payroll software or not. Without any doubt, automated HR and payroll systems are necessary for striking a balance between their HR manager’s safety and efficiency. 

In this blog, we will tell you everything related to payroll software, its benefits, and most importantly, the five Es that will help any company to easily embrace such systems. Let’s dive in.

Top 3 Advantages of Using Payroll Management Software

There are a host of benefits of using payroll management software but here are the top three ones:

• Secures Data

Unlike traditional tools, payroll software allows both employees and HR managers to access the database. While employees can check their personal information including attendance, payroll, etc, HR managers can find crucial data in just a few clicks.

• Improves Decision Making

Not many know that payroll software is an efficient tool for strategic planning and decision making. Such systems provide accurate input, thereby helping companies to make the right and unbiased decisions in the long run. In simpler words, if used efficiently, HR systems can even show the right way and aid businesses to determine their growth.

• Eliminates Costly Mistakes

Payroll errors are always a big NO. If done manually, it is a bit challenging to avoid such mistakes. Payroll management software, on the other hand, ensures 100% accuracy in payroll processing as it requires a bare minimum of human involvement. From calculation to transferring, the software takes care of every operation on its own.

The 5 Es  of Payroll Systems

Here are the 5 Es that can help you to– Think, Purchase and Implement payroll software easily:

• EMBRACE: No one ever thought a small virus will pause the whole world; however, it happened. In such situations, the only thing we can do is just accept the changes happening around us. Changes are unstoppable and the organization that fails to accept them will be driven out of the game.
• ENABLE: Employers are responsible to make it happen in the organization with the leadership level driving. They should up-skill HR professionals with the software and build a requisite infrastructure for adoption by all.
• ENHANCE: Here, enhance means obtaining competitive advantage by enhancing the organizational productivity with the help of efficiency and effectiveness of payroll software.
• ENRICH: If adopted correctly, payroll management software will not just enrich customer experience in the marketplace but also employee experience in the workplace. While the deliverables on customer expectations will move to the next level of hassle-free, HR managers will also be able to amalgamate work and personal life in a stress-free and meaningful way.
• ENSURE: Employers, as well as HR professionals, should also make sure the safe and secure co-existence of humans with HR and payroll software in India. The convergence of information, connectivity, and communication in real-time will lead to human-to-machine, machine-to-machine, and machine-to-human interfaces that can be a major risk of machine superiority. Keeping this in mind, companies must ensure that they do not lose the human touch in their workplaces and never let technology master the human.

That’s it! You got it right.

We hope this blog helped you to learn more about payroll software.

As we navigate new business realities in a changing world of work, every company must focus on the right technologies to ease their dynamic roadmaps.