SME companies are no longer playing catch up. Today, just about every single mid-market company is using some form of augmented or virtual reality while at least half of them are using interactive tools and demos to improve both employee and customer interactions. Within payroll and HR we see a huge rise in the implementation of Robotic Process Automation (RPA) too, and it seems this is a trend that is set to stay. Attitudes have shifted greatly, and SME companies are now embracing technology. Especially new technologies. They can see that these technologies can significantly impact on efficiency leading to considerable savings integral to business growth strategies.
New technologies and Robotic Process Automation (RPA) is automating management and people requests; reducing process delays; cleansing data to ensure consistency and accuracy; streamlining information across platforms; handling notifications and more. These technologies can be attributed to delivering significant ROI (return on investment) by improving cost savings and increased productivity.
Where before most mid-market companies viewed IT as more of an administrative function, they now view it as something that can drive strategy, technology adoption, and integration. Payroll and HR Managers are also at the heart of this, realising that a new HRIS or Payroll system can dramatically impact overall efficiency. This change began with companies moving to the cloud which has allowed businesses to adopt emerging technologies. By embracing new technologies and Robotic Process Automation (RPA), they can maximise growth quicker than ever before. Subsequently, we see more and more IT, Payroll & HR leaders taking control and setting the technology agenda within businesses. By harnessing the latest innovations, SME’s are no longer forced to play catch up with their larger competitors.
Companies are always looking for the next innovation, and we are now seeing a rise in the implementation of IoT (Internet of Things) into business / IT programs. The building of IoT capabilities will do nothing but increase forward momentum. Cloud computing evolution has laid the groundwork for an acceleration in emerging technology adoption. This is helping SME’s to grow faster as they anticipate and track business processes and performance more accurately and in real-time allowing them to develop a corporate strategy quickly and proactively in response.
In addition to new tech, RMA and IoT is the increased usage and reliance on cognitive and predictive analytics to allow SME’s to gain valuable insights into employee and customer behaviours. These analytics help firms to become leaders in their sectors – leading to both economic growth and new employment opportunities.
HR and Payroll software is now more affordable than ever due to the increased competitiveness of the industry. This new-found affordability is allowing businesses to obtain and access complex tools and systems that can significantly contribute to corporate growth. Implementing excellent human capital solutions allow fast-growing companies to expand much more quickly without the dilution of their corporate culture and it is evident recent HRIS and Payroll technology trends are already driving changes in the workplace.
Not so long ago, a lot of HR departments thought that they could lure Millennials in with free snacks, massage chairs, and ping-pong tables. Millennials don’t want bean bag chairs anymore. They want effective monitoring and appraisal from senior management and more efficient collaboration in the workplace. With this in mind, the companies that embrace these new technologies are now able to attract the top talent that they’re looking for more quickly. This stronger corporate culture and the new outlook on the values in the workplace is what employees in their twenties and thirties are seeking. They want a work environment that reflects their core values and embraces current technologies.
Though the idea of people analytics isn’t new, HR and payroll professionals will be applying them in a variety of new ways over the next few months and years. Attracting top talent remains and developing employee branding remain key HR priorities, and this often hinges on the implementation of smarter / better HR technology.
The bottom line is that Payroll and HR managers have started to recognise and accept these changes. However, they need support from the company the directors who hold the purse strings to enable them to implement technical change. The ever broadening advancements in HRIS and Payroll Technologies are often behind current corporate surges in growth. I suspect that as these purse strings loosen, we may see a few more growth surges yet too from unexpected players.
Be prepared. The robots are coming!
I would welcome your views on how your business is embracing new technologies and how you see the future HR and Payroll technologic landscape shaping up for the future?
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This article was written by Nick Day, Managing Director at JGA Recruitment – the leading Global Payroll and HR Recruitment Specialist Employment Agency.
If you are looking for expert talent or advice on anything Payroll or HR related, then please contact me for a 15-minute call and I would be delighted to help.
Nick Day | Managing Director
JGA Payroll & HR Recruitment | Email: firstname.lastname@example.org | T: 01727 800 377