Making Payroll a Growth Mechanism for Your Business
One of the earliest known examples of payroll, dating back to around 3,000 BC, is a pay stub showing workers being paid in beer rations. Less than 100 years ago, some companies paid employees in company scrip. During the company scrip days, workers would find themselves in a less-than-ideal cycle of debt due to fees and the high prices of goods, as portrayed in the song Sixteen Tons by Tennessee Ernie Ford.
Turn Payroll Technology Into a Revenue Opportunity
Certain companies that have businesses as clients, should view payroll as a potential new product offering. Apps or platforms that already support business workflows like scheduling, time tracking, or workforce onboarding or management are ripe for launching a payroll product. However, building payroll from scratch is a daunting task. The good news is that today there are Payroll-as-a-Service companies offering solutions for launching payroll experiences and operations within weeks, allowing companies a faster turnaround time to grow their revenue and attract new customers.
These solutions usually offer white-label UIs for a seamless experience and embedded components, which also speed up time to market by solving critical workflows, like new worker onboarding, with pre-built components. This allows businesses to deploy them into their own environment with little dev work required.
The Changing Expectations of Payroll
We’ve seen the expectation in how people get paid change, and that’s been driven largely by the gig space and the gig workforce. With nearly 60 million gig workers out there, representing 26% of the workforce, payroll expectations are evolving. These expectations will likely bleed into the rest of the workforce, and in the next decade, 1099 and W-2 workers alike will expect faster paydays.
More and more companies are relying on gig workers to move their business operations forward. For these organizations, it is critical to ensure that proper infrastructure and payment processes that specifically support this workforce are in place – not only with faster payments but also with 1099 compliance and the ability to meet ever-shifting worker classification requirements.
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Discover, HRTech Interview with Kayla Lebovits, CEO and Founder of BUNDLE - https://hrtechcube.com/hrttech-interview-with-kayla-lebovits/
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