Human resources software – payroll management in particular – is a crucial part of a modern business’s operations. It handles important tasks such as the payment of new and existing employees, as well as bonuses, raises, tax deductions, and pension and healthcare contributions. For these reasons, it’s highly in demand!
Most interesting of all, however, is the fact that experts are predicting that demand for payroll and HR software is only going to grow in coming years. But why? Well, an intelligence firm called Transparency Market Research(TMR) has released a new report titled ‘Payroll and HR Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020’in which it identifies two key reasons.
Firstly, TMR have said that demand for payroll software is increasing in line with a growing global economy, with more and more businesses being created and existing business growing in size. These businesses need software that’s up to the task of helping them manage their workforce.
Secondly, TMR have noticed that payroll software designed to be compatible with mobile apps is driving a demand because it enables HR managers to work remotely and still do their job effectively. The ability to work flexibly from a variety of locations, whatever time of day and from anywhere in the world, is a key factor in driving demand for payroll software. It fits with our modern way of working and enabling HR managers to keep close control over the payroll for the business.
So, what’s been holding back demand for payroll software up to now? Well, TMR believe that the global payroll and software market has only been so small so far because people haven’t realised how useful it could be for their business. But, with businesses growing and using more technology than ever before, it’s natural that people will come to expect the level of technological sophistication that HR software now provides. So long as payroll software can be customisable and scalable for business, the market ought to grow.
So, do you think your business should be using payroll software? If you’re undecided, there a number of ways it could benefit your business…
- You’ll save time and money by moving your payroll process online, making the procedure behind paying employees and contractors more efficient than it is when you’re managing it mechanically!
- In turn, due to the fact that you’ll save time and see processes speed up, you’ll reduce your employee and other overheads.
- Another great benefit of using payroll software is that managers, employees and business owners can access information about their pay far more easily than they can if you all had to keep approaching a HR manager directly.
- And finally, payroll software helps to reduce the number of queries people have about their payslips and eliminates the chance of error and duplicate data entries. Software also enables you to store payslips on record for as long as your business requires.
It all sounds good, doesn’t it? Check out HR Payroll from CIPHR and see if it’s right for your business.