Staying Ahead: 8 Key Payroll Trends for Your Business

Payroll trends show where the industry is headed and can help a company set priorities and achieve its goals.

After years of changing business practices, particularly during the COVID-19 pandemic that rocked the global economy, workers and employers are looking for something different. They want a new relationship with work characterized by balance, connection and fairness, especially when it comes to payroll.

According to a 2022 Gallup poll, 64% of workers list pay and benefits as a top priority when looking for a job. For companies that still rely on outdated payroll systems, legacy payroll software, and even manual processes, understanding the modern landscape can go a long way toward growing a successful business.

This article looks at some of the payroll trends this year. These trends not only point to the future of payroll, but could also lead to a better climate in your company.

1.Earned Wage Access

Earned Wage Access (EWA) has become increasingly popular as workers feel the effects of the recession and increased cost of living.

With the help of third-party providers, employers can offer their employees the opportunity to access their earned wages. Employees can access part of their wages sooner rather than waiting for payday. One of the benefits of this is that it helps them manage their finances.

At the heart of this payroll trend is flexibility for employees and stress relief through an automated, cost-effective process that typically does not disrupt the employer's payroll process.

2.Pay transparency practices

In line with other trends in the payroll industry, employees value pay transparency. This is so important to employees that employers should consider implementing pay transparency procedures to improve employee retention and employee culture.

Additionally, some states and localities have implemented pay transparency laws, and it is expected that this will continue to be adopted in other states and localities. Make sure your company is compliant with these pay transparency laws.

3.Easy payroll processing

More than ever, employers want simple and uncomplicated payroll accounting.

Thanks to the increasing availability of user-friendly payroll software interfaces, employers can make the payroll process easier for everyone involved. This also results in faster payroll processing and more accurate billing.

IceHrm's only online payroll platform makes it easy for customers to manage payroll across the entire employee lifecycle - from hiring to promotion to exit.

IceHrm's full-service HR solution, including payroll software, can help your business adapt to the digital landscape by allowing you to manage payroll, benefits administration and other HR functions through a single online HR -Manage platform.

Additionally, we simplify the time card process with automatic time tracking and scheduling. Our virtual time and attendance tools allow employers to track total hours, overtime, and project expenses while allowing employees to view their schedules, clock in/out, and request/manage time off. Thanks to real-time data from your employees, you can make informed personnel decisions immediately.

4.Artificial intelligence

Artificial intelligence (AI) tools are becoming ubiquitous - an essential part of every business.

AI embedded in software can help increase automation, allowing employers to focus on important tasks that require more human attention. This can be particularly important for small businesses.

AI tools can help companies support regulatory compliance, such as: through automatic minimum wage updates, and they can help monitor - and potentially correct - compliance. This feature can help make payroll more accurate, reduce human errors, and automate processes.

Although the use of AI tools and their capabilities are still evolving, employers should be aware that the use of AI is becoming more widespread.

With access to standard and customizable reports and dashboards, gain insights into your workforce analytics, including HR, payroll data, and IceHrm-sponsored performance information. Payroll, invoice and HR reports are available in the platform and can be easily exported and translated into convenient charts and graphs that can quickly identify trends.

5.Gig economy

Another change in the U.S. economic system in recent years is the growing gig economy, made up of independent contractors and a global workforce. With the dramatic increase in independent contractors and a global workforce, questions about pay also arise. It is possible that onboarding and paying independent contractors and international workers will become an important factor in the gig economy equation.

6.New payroll software

Developers and payroll systems continue to improve performance and usability for businesses and workers. IceHrm's comprehensive software makes payroll easier than ever. Our online payroll services include direct deposit payroll, as well as simplified paperless capabilities with digital paystubs and electronic W-2 preparation and delivery.

The self-service platform allows our customers' employees to enroll in direct deposit, view pay stubs and tax forms, change their status, and even track their time off in one convenient app. IceHrm also integrates with leading accounting systems. IceHrm's software provides HR departments with professional support and the latest payroll technology.

7.Focus on financial wellness

Employees want their company to care about them as people, not just as a business entity. They want to feel like their well-being is being considered, and that includes financial well-being.

More and more companies are showing this commitment by offering financial wellness services, such as: Access to financial wellness providers, equal contributions to 401(k)s, and financial education opportunities.

8.Compliance support

Payroll compliance remains an essential function of payroll. And this task seems to become more complicated every year as payroll rules and requirements change. IceHrm provides experts to help customers comply with federal, state and local payroll laws related to payroll.

IceHrm calculates, withholds and remits federal, state and local payroll taxes for payroll processed through its platform. The platform can also process tax documents, including electronic W-2 preparation and delivery, as well as other functions such as managing unemployment taxes and claims.

Keep up with payroll trends

Amid all the change in the payroll industry, keeping up with trends in the payroll world can help your business. IceHrm's payroll service helps its customers stay informed about trends and changes in the industry and provides timely best practices for compliance with payroll rules and requirements. This helps business owners stay informed to make decisions and gives them more time to focus on their passions.

Embrace the future of payroll with IceHrm. Stay compliant, streamline processes, and prioritize employee financial wellness.