In Episode 116 of 'It's About Payroll,' hosts Brian Escobar and Walter William Duncan II welcome special guest Christine Stolpe. Dive into the transformative world of payroll as Christine shares her journey from HR to payroll, the creation of her comprehensive Payroll Encyclopedia, and insights into the future of payroll technology. Learn about the latest industry innovations, the essential blend of human resources and IT in payroll, and her vision for a more streamlined, secure payroll process. Don't miss this enlightening discussion filled with practical advice and forward-thinking strategies. Tune in now!
50:53 Final Thoughts and Advice
Pay News Update & Commercial!
Brian
https://www.businesswire.com/news/home/20240620948154/en/Veritas-Prime-Americas-Uniting-Veritas-Prime-US-and-Veritas-Prime-LATAM-for-Enhanced-Payroll-Services-and-Operational-Excellence
Walt
https://suna.com/2024/06/14/innovations-in-payroll-technology-whats-new-in-2024/
The article on innovations in payroll technology for 2024 highlights how advancements are revolutionizing the way businesses handle employee compensation, aiming to streamline processes, improve accuracy, and ensure compliance. Here’s a detailed breakdown of the key innovations discussed:
1. **Cloud-Based Payroll Solutions**:
- **Benefits**: These systems offer real-time access to payroll data, enhancing transparency and enabling self-service for employees and managers. They are scalable and flexible, integrating seamlessly with HR and accounting software.
- **Cost-Efficiency**: Reduced reliance on on-premise infrastructure lowers operational costs.
- **Security**: Advanced encryption and compliance with data protection regulations ensure sensitive payroll information remains secure.
2. **AI and Machine Learning**:
- **Applications**: AI automates complex payroll tasks such as wage calculations, tax deductions, and fraud detection. Machine learning predicts payroll expenses and identifies anomalies, improving accuracy and reducing risks.
- **Benefits**: Predictive analytics help forecast payroll needs and preempt potential issues, while AI algorithms enhance security by detecting and preventing fraudulent activities.
3. **Mobile Payroll Applications**:
- **Features**: Essential for remote work scenarios, these apps empower employees to view pay stubs, request time off, and access tax documents anytime, anywhere.
- **Convenience**: Managers can approve payroll and handle other tasks on the go, enhancing operational efficiency and responsiveness.
4. **Blockchain Technology**:
- **Advantages**: Blockchain provides a transparent and secure platform for payroll transactions. It ensures accuracy through decentralized ledger recording and automates processes via smart contracts, reducing administrative overhead and enhancing data integrity and security.
5. **On-Demand Pay**:
- **Benefits**: Also known as earned wage access, this innovation allows employees to access earned wages before the scheduled payday. It promotes financial wellness by reducing reliance on payday loans and improving job satisfaction and retention rates.
- **Employer Benefits**: Offering on-demand pay can attract and retain talent, leading to cost savings associated with reduced turnover and related hiring and training expenses.
**Impact and Future Outlook**:
- These innovations collectively transform payroll management by increasing efficiency, accuracy, and security. Businesses adopting these technologies not only streamline payroll processes but also boost employee satisfaction and retention.
- The article emphasizes the importance of staying ahead in the competitive landscape by integrating these advanced payroll technologies. Companies are encouraged to leverage these innovations to enhance operational effectiveness and meet evolving workforce expectations.
In conclusion, innovations in payroll technology for 2024 represent a significant leap forward in how businesses manage financial operations, aligning with the needs of a modern workforce and ensuring sustainable growth and competitiveness in the market.
Effective July 1, 2024 a final rule that expands overtime protections for millions of the nation’s lower-paid salaried workers by increasing the salary thresholds required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025.
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