As an executive, you’re always looking for ways to improve your business and make it more efficient. One way to do this is by finding the best way to run payroll for your company. This decision gets even more difficult when you have an extended workforce, run a talent marketplace, or decide to utilize a global workforce. In this article, we will outline the top factors that will determine the best payroll service in 2022. So, whether you’re looking for a new payroll service or just want to stay ahead of the curve, read on for insights into what’s next for payroll possibilities.
What factors will determine the best payroll service in 2022?
Payroll has evolved over the years. Some companies advertise they can solve all your HR and payroll needs, but they are lacking when you look at what they actually provide. In 2022 and beyond, payroll platforms, services, and software must go beyond paying payroll with one click. They need to be ready to accommodate the needs of each of the clients. The best payroll service will provide:
An easy to use interface
The best payroll provider in 2022 will be one that is easy to use. This means that it will have a user-friendly interface and simple, straightforward features. You should be able to use the payroll system or platform with ease and not need a degree in computer science to understand it. If the system is difficult to use, your team will get frustrated and may make mistakes when running payroll or getting started as a contractor.
Integrations with other technology
The best payroll system will integrate with the systems you already have in place. Your payroll platform should bridge the technology gap and integrate with other tools used for sourcing talent through their UI or via API. This way, you don’t have to enter data into multiple systems and can avoid errors.
Accurate and timely payments
You need to be able to trust that your workforce will be paid on time and that the amount they are paid is accurate. This requires a robust platform that can handle different types of payments (including global ones) while remaining compliant.
A focus on automation
The platform should automate as much of the payroll process as possible, from tax compliance to onboarding new hires. This will save you time and energy so you can focus on other aspects of your business.
Great reporting tools
The best payroll services will offer detailed reporting tools that allow you to see in a matter of clicks where your money is going and how your workers are being paid. This information will be vital in helping you make informed decisions about your business.
The best payroll platforms will help you mitigate compliance risk and make sure you’re always up-to-date with the latest rules and regulations. They’ll do reduce risk in an efficient way if they are utilizing AI to help with classifying workers.
For businesses with global goals, the right payroll platform will likely need to be a Global Employer of Record. This will allow them to send and receive global payments in a seamless way.
Excellent customer service and HR support
When you have questions or problems, you should be able to reach customer service easily. The best payroll providers will offer customer support so you can get help when you need it. They should also provide HR support for independent workers being paid through the platform.
Benefits for independent workers
Thanks to the power of technology in 2022, employees aren’t the only workers who can get benefits with their jobs. Using the right payroll platform, independent workers who qualify get access to benefits and can start building credit.
The best payroll service will be flexible enough to accommodate your unique needs. This means being able to scale up or down as needed, support different types of employees, and offer various pay periods. The payroll service should be able to accommodate the unique needs of your business, whether you have a global workforce or run a talent marketplace.
With all the sensitive information involved in payroll, security is a top priority. The best payroll services use the latest security technologies to protect your data.
Advice for those who are looking to switch to a new payroll service
If you’re looking at this list and realize that you aren’t getting these benefits from your provider, schedule a demonstration with a platform like GreenLight with dynamic functionality tailored for the modern workforce.
In the words of our CEO, Jason, in a recent interview: “We’ve been an incredibly intuitive platform with a huge focus on the user experience. We built features specific to managing the unique needs of the contingent workforce, and we made it all accessible through APIs, so we can easily integrate with any type of talent matching technology – direct sourcing, VMS, ATS, and marketplaces. We also offer AI-powered worker classification, integrations with partners like Checkr for background checks, and Berxi for business insurance.”
GreenLight is proud to be among the most innovative HR technology available in 2022, and we can’t wait to show you. Schedule a demo today.