There are a number of new trends for the payroll and HR professional to keep a pulse on: from wellness programs to full-time remote workers to unlimited vacation, the workplace is changing. If you want your business to thrive in 2020 and beyond, it pays to stay ahead of new workplace trends, and even embrace them if they’re a good fit for your business! Let’s dive into three payroll and HR trends to keep an eye on in 2020.
Outsource Payroll Processing
If you’re still processing payroll in-house, 2020 is a great time to consider outsourcing your payroll processes. Running payroll in-house may appear cheaper on the surface, but consider the time, labor, and possible penalties incurred from processing payroll internally. Outsourcing payroll to a software company specializing in payroll and HR management can be incredibly beneficial for your company. Price-minded individuals will see that outsourcing payroll will generally be the more expensive option. However, most organizations agree that the benefits far outway the cost of service. Here are a few perks of using a payroll software:
Accurate and timely pay stubs: Payroll software companies are experts in processing tax, staying up-to-date on the latest laws, and can handle all manners of deductions, pay frequencies and any other specialized request.
Saves an enormous amount of time: Businesses of all sizes benefit by delegating payroll processes. Outsourcing payroll allows you to stay focused on managing your employees and achieving company goals.
Long-term savings and peace of mind: While an outsourced payroll solution may seem expensive upfront, it’s more affordable in the long-term. Paying for a single-source payroll solution eliminates tax errors and the need for an accountant solely focused on payroll processes.
If 2020 is the year you finally decide to improve or outsource your payroll processes, request a quote to get started!
Improve Performance Reviews
I’m willing to bet your business dreads completing performance reviews. They’re uncomfortable, time consuming, and generally built around inefficient processes. But with a few changes, performance reviews can be a real benefit to your organization. Start with an effective, modern performance review software. Dominion’s Performance Reviews are fully equipped to rate performance, track and manage goal progress, and gather helpful feedback.
Next, ditch the annual review and implement quarterly performance conversations. Conducting reviews on a more frequent basis allows you and the employee to touch on positive or negative feedback in a more timely fashion. Repeat problems should drop off and hardworking employees will feel more recognized.
Focus on Financial Wellness
Engaged employees are productive employees. And one of the best ways to keep employees engaged is to demonstrate that you value their financial wellbeing. Financial wellness programs are intended to promote and improve employee literacy around finances, often covering retirement programs, budgeting, or short-term and long-term savings goals.
If you’re serious about implementing a financial wellness program, send out an anonymous survey asking what your employees would want and need from such a program. Are they interested in the details of their 401(k) plan? Do they want to learn how to budget their paychecks for a long-term savings goal? Determining what your employees value is the first step in ensuring the success of such a program.
If you’re serious about improving your payroll and HR processes in 2020, request a demo with Dominion to get started!