The future of payroll services and emerging trends in payroll technology
For any business, managing payroll is of utmost importance to keep track of the overall payment they offer to their employees and streamline payment disbursement every month. And especially when you are managing a business in a tax-free economy like Dubai, initially everything seems to be perfectly fine but the scenario is even more complex than you think.
UAE (United Arab Emirates) is home to more than 200 million expats who are employed across various sectors throughout the country and managing this diverse payroll in compliance with the local regulations and Dubai’s Wage Protection System (WPS) requires professional assistance to avoid fines and penalties. Especially handling the payroll for the international workforce in a detailed manner is challenging for firms with limited resources.
But, thankfully, leading payroll service providers such as Orion Infinity HR are implementing the latest payroll technology to ensure each component of your payroll management is rightly met and secure your business from unwanted legal penalties. If you have a business in Dubai, leave your payroll management stress to a team of adept professionals and focus more on productive dealings.
Here are 5 emerging trends in payroll technology that are going to dominate in 2023:
Cloud-based technology: As industries are now relying more on cloud-based technology to store and access data anytime and from anywhere, eliminating the risks of data theft, even payroll services are migrating to cloud-based payroll for maximum efficiency, accuracy, and convenience. Since it is also infrastructure-free, one doesn’t need a server farm or pay separately to IT professionals.
Mobile payroll technology: As workforces are going mobile, and with the rising trend of remote working, mobile devices, and smart phones are becoming the go-to mode of communication between employees and employers. Leading enterprises are implementing mobile payroll technology to allow employees to access their payroll, hours, and tax via online portals to ensure fair pay and complete work satisfaction.
Integrated Systems: An integrated payroll management system includes HR+payroll management in a single software. By integrating workforce management activities under one roof, structuring payroll is now just a click away with integrated payroll systems.
Compliance: Compliance is the key to managing fair payroll in UAE. By deploying payroll technology, enterprises in Dubai now can confidently comply with local, state, and international regulations regardless of any fresh amendments that you might be unaware of. The advent of payroll technology like cloud computing has certainly simplified a lot of payroll concerns for bigger enterprises.
Data-driven strategy: Using data to drive decisions is the latest addition to payroll technology. By integrating HR and payroll in a single integrated system, payroll professionals can use the data to make accurate payroll decisions timely and thus avoid unwanted legal penalties.
These are some emerging payroll trends, companies are eyeing in 2023 to accelerate efficiency, accuracy, and strategy. If you own a thriving business in Dubai with a vast pool of workforce, connect with the payroll experts of Orion Infinity HR Solutions to get your payroll system sorted. We are one of the leading payroll service providers catering our professional expertise across multiple commercial sectors in Dubai like gas and oil refinery, hospitality, construction, and automobile to name a few.