In last decade India has witnessed a significant advancement in the field of Human resource contracting & payroll outsourcing. Today most companies have outsourced their major HR and Payroll tasks to an outside company – who are expert in these tasks. More advancement of technology, changes in law and shift of business dynamics is constantly improving the HR and Payroll management procedures across the world. Nowadays, outsourced payroll systems are finishing tasks automatically, allowing HR professionals to be productive and concentrate on other core business issues.
So in 2018-19 what new changes Indian companies can expect in the field of HR & Payroll Outsourcing?
Talking on this matter, Ms Kanika Kohli, Vice President of Northern India’s number one manpower outsourcing company Trendsetters Facilities & Technical Services (TFTS), today shares the upcoming trends in HR & Payroll Outsourcing in 2018-19. Kanika says in the last five years, with significant improvement in technology, outsourced payroll systems now can complete any task automatically, which has made HR a significantly more efficient function. The next 5 years will have more positive changes, like:-
Use of Cloud-Based Payroll
Cloud computing refers to the delivery of computing services—servers, storage, databases, networking, software, analytics and more—over the Internet (“the cloud”). Today well use the cloud on computing without realizing it like to send email, save and edit documents (like Google Drive), watch online movies or TV, listen to music, play games or store pictures and other files.
In the payroll management, the next 5 years will witness the extensive use of the cloud by the service Payroll providers. Cloud gives better access and allows payroll expects to easily incorporate numerous users into a single account. The use of the cloud computing will allow business outsourced payroll systems to scale with their employee reductions and increases. Ultimately, the cloud makes payroll services more accessible on mobile devices, not only PC.
Increased outsourcing Payroll Services-
The next couple of years and onwards will witness increased investment and focus on Payroll Process Outsourcing from Indian small and middle size businesses. More Indian SMEs will recognize outsourced payroll as a proficiency increase process– that allows them to re-focus their HR budget on skill development, training and employee incentives.
Outsourcing payroll turn out to be a way of business life and it will be integrated more seamlessly into human resource systems, accounting software and online banking methods.
Outsourcing payroll will receive increased investment and focus from companies who recognize the importance of a motivated workforce. Venture capitalists, Companies & individuals have seen the strong demand for outsourced payroll, meaning more money will be invested in developing payroll outsourcing services. It will lead to even better services offered for Indian businesses and more competitive pricing.
Increased access to the right information
The next couple of years will witness employers, as well as employees, will be able to log into personalized accounts to review their personal records and vital information. They can easily analyze the amount of tax they are paying and ultimately be more engaged in their financial situation.
Tax Processes Will Become Complex
The next couple of years the regulatory & tax environment will continue to become complicated as it grows and fluctuates. Outsourced payroll services will turn out to be more sophisticated to efficiently integrate these changes into their systems so companies can focus on their core competency.