Sean Manning, CEO and Founder of Payroll Vault Franchising LLC, and a thought leader in the financial field, has observed significant changes in the payroll and employee management sector over the last few years. These changes have been driven by technological advancements and evolving industry practices, accelerated by the Covid-19 pandemic. A Pew Research Center report from March 2023 revealed that 35% of U.S. workers were working remotely full time, and 41% were using a hybrid schedule of in-office and remote work.
Manning’s company assists clients in updating and upgrading their payroll and employee management systems to meet changing standards and best practices in their respective industries. He has identified recent improvements in payroll technology, leading to increased efficiency, accuracy, and benefits for both employers and employees. Businesses are transitioning to online payroll processes, adapting to hybrid and remote workforce structures, improving compliance and data integrity, and enhancing payroll accessibility for gig economy workers.
The advancement of technology in the payroll and human resources sector is ongoing, with continued improvements expected in the next five years. Manning highlights seven key areas of advancements, including online benefits administration, employee onboarding, scheduling and time management, remote work functionality, biometric payroll technology, AI acceleration, and internal communications tools. These advancements aim to streamline processes, enhance security, and improve communication within organizations.
As more businesses embrace remote work and adopt digital tools, the importance of preparing for future payroll advances becomes crucial. Manning advises employers to assemble a team of technical and administrative advisors, regularly evaluate their business practices for opportunities to adopt new technologies, and transition away from inefficient or obsolete systems. Automation opportunities, such as recording employee work hours, can significantly improve payroll processes.
Employers have a duty to stay informed about and adapt to new tools and practices in the payroll and employee management sector to remain competitive and viable in their industries. Compliance with current industry standards is essential for attracting customers and talented employees. Manning emphasizes the importance of businesses staying current with payroll practices, as it is not just a matter of smart business but also a responsibility to the employees who rely on them for their livelihoods. The Forbes Business Council is a leading organization for business owners and leaders looking to expand their network and grow their businesses.
