Managing your company payroll isn’t that simple anymore – that is, if it ever was in the first place!

The continuing growth of part-time, freelance, and gig employees has added new and complex layers to the whole payroll puzzle. But take heart: If you continue to be befuddled by it all, familiarize yourself with these trends and know how to best prepare for them as you finalize your business plans for 2023 and the future:

Payroll Trends to Note in the Near Future

The Gig Economy Has Changed Old-School Ways of Thinking

The days of every employee being on a set monthly, biweekly, or weekly pay schedule are gone – and the current movement toward daily or real-time payroll is here to stay. You need to adjust accordingly and be ready to continue running your payroll effectively and efficiently – for your sake as well as your employees’ well-being.

A Solid IT and AI Structure is Critical

Excel spreadsheets were awesome in their day – but that day was yesterday. To stay abreast of payroll going forward, you need a robust IT architecture, including the best artificial intelligence (AI) options. This will enable you to manage the ongoing challenge of scattered and opaque data, as well as eliminate human error.

You Need a Global System

And “global” means having cloud-based payroll and data: a system that runs solely on the internet, with all operations handled digitally. This enables you to be more agile and to support your employees wherever they are located. It also helps ensure safe transactions and data maintenance.

Crypto is Here to Stay

Cryptocurrency, or crypto for short, is a digital currency that works through a computer network that is not reliant on any central authority, such as a bank or government. It’s here to stay, so you need to keep pace with it as part of the changing world of work and finance. A likely upcoming trend is crypto payroll, whereby employees can choose whether they want all or part of their salary paid in crypto assets. For an increasing number of people, crypto provides a stronger sense of financial well-being.

Want to Learn More about Trends on the Rise?

Key HR is aligned with preferred provider companies to meet your current and ongoing payroll and other talent management needs. Turn to us to learn more about emerging trends – and for the latest and most innovative payroll management solutions, custom-tailored to your company and its unique needs.