As 2019 comes to a close and we reflect back on this past year in HR, one word that aptly describes the current state of the industry it is transformation. Every year seems to bring its fair share of game-changing advancements; as the fabric of our economy takes shape in the wake of these new technologies, the way we conduct our daily business is changing on an elemental level, at all ends of the industrial spectrum, and payroll is certainly no exception.
As can be seen in every conceivable industry today, technological advancements of all kinds are making considerable changes to the way businesses operate. Artificial intelligence is making it possible to generate and analyze company-wide data on a whole new level, streamlining every facet of the day-to-day operation from employee experience to policies and procedures, right down to the product line. Adaptive, data-driven technologies are making a huge impact on the way we process payroll as well. From analyzing payroll data to determine the need to reduce or increase staff to sorting through applicant data and minimizing staff turnover rates during recruitment, HR procedures are becoming easier and more efficient thanks to automated technologies.
Every year, payroll and accounting software is becoming more comprehensive and multi-faceted. With iSolved, all payroll, HR, and time & attendance functionalities are accessed within a single unified system. Not only do these programs combine all payroll processes in one place, but they can also be augmented to include many of the other vital functions needed to keep a business operating at full capacity, such as training, learning management, employee performance tracking, and much more.