Bizimply payroll integration partner, Moorepay, surveyed 400 businesses with teams ranging from 5 to 5,000 team members. The goal of Moorepay’s survey is to help ensure everyone supporting payrollers are informed on current industry standards and emerging trends.
1. Payroll is moving in-house
Payroll software use is up 15.5%, indicating that payrollers are moving their processing in-house. This is a reflection of the ‘big shifts’ businesses are making: two thirds are now using payroll software to make the process easier and more accurate.
2. Heads in the cloud
One significant change is payrollers’ use of cloud-based software. Cloud-based software saw an increase of 14.6% along with a managed service with a cloud-based interface (up 26.3%). Out of the 400 businesses surveyed, 44.3% are now relying on cloud-based solutions. Moorepay predicts cloud-based solutions will overtake on-site and legacy managed options as the preferred payroll practice by 2022.
3. HR software usage grows
A big trend noted from the survey is the overall usage of HR software in integrated and separate systems. 75% of businesses are using HR software to manage their workforce, which is a 44% increase from last year.
4. Switching payroll providers is down
As businesses around the world cling to certainty, it is not surprising loyal to their current provider. Switching to another payroll provider has, “plummeted” by half compared to this time last year.
Payrollers want better Onboarding and Training
Payrollers are looking for better onboarding and training services (up 16%). Though there is still huge unmet demand in areas like reporting and analytics (47.5%) and payroll automation processes (45.2%). 36% of payrollers want to see better team-member self-service. Finally, 30% are looking for a simple, clean look & feel to their payroll software.
Want to see how Bizimply and Moorepay work together to make payroll a breeze? See how we can help your business soar through payroll by clicking this booklet.