4 Ways HRMS Payroll Will Change in 2014
HRMS Payroll has always been a constant and known quantity; slow to change as no one wants to touch payroll when it’s performing perfectly. However times are changing in 2014, so if you’re involved in HRMS Payroll, hold onto your hats, here is what is coming:
The Emergence of New Options including Cloud Providers
For many years, a handful of companies were the main providers of HRMS payroll systems, or the HRMS would interface to a handful of downstream niche payroll providers. The entry of cloud HRMS options is changing that landscape however. It’s causing a shake-up in the industry as companies are moving from traditional on-premise HRMS or ERP systems to hosted HRMS solutions, and many are making the leap on to the hosted solution’s payroll as well.
The Move to Offshore Payroll Shared Service Centers
Overall, HR has been moving towards shared service centers since the early 1990’s. The need for further cost savings as well as the ease of access to cloud HRMS means that the payroll support team can now be trained in a low cost labor country such as the Philippines or Mexico. While a few companies have previously been the vanguard in this space in the past 10 years, the maturity of this model now makes it a proven option for the mainstream.
The Quest for Global Payroll Reaches a New Level
For many years, global HRMS payroll has been a holy grail. While everyone agrees it’s a great idea, no one has been able to deliver all countries including all tax regulations and local needs. The big payroll providers are starting to listen, however, as global companies are clamoring for this functionality. As a result, global payroll providers are starting to add country solutions to their portfolio, so from a purely HRMS perspective, we may see a need for new interfacing as companies change to these global providers.
Payroll Providers Challenge HRMS Providers
Historically, there were core HRMS standalone systems, HRMS that included payroll for the US and Canada, and purely payroll systems that had some HR functionality. Traditional payroll systems are now stepping into solid HRMS territory by incorporating more of the self-service and HR data functionality, thereby becoming more competitive in the HRMS space.
Featured white papers
Four key principles of HRMS payroll management
A comprehensive guide to help you manage payroll effectively with HRMSDownload
HRMS Software Pricing Guide
Get your comprehensive guide to the cost of HRMS software.Download
HRMS Software Vendor Directory
Put the most up-to-date HRMS vendor directory on your desk today! Over 60 vendors listed.Download
5 steps to payroll compliance with HRMS
Learn how an HRMS system can support a company with payroll compliance.
Everything you need to know about HRMS payroll
Your complete guide to HRMS payroll
The pros and cons of outsourcing your payroll
Should you outsource your payroll or not? Use these guidelines to find out