How AI and ML can help transform payroll management
HUMAN resources (HR) is one of the last departments in a business to get access to bleeding-edge technology.
However, technological advancements in HR benefit every single employee in the company.
Through artificial intelligence (AI) and machine learning (ML) capabilities, organizations are able to effectively level up the company’s payroll system.
According to a global 2018 report, the cloud-based payroll software market was valued at roughly US$7.884 billion. The figure is expected to reach US$13.374 billion by 2026.
Chief HR officers (CHROs) are beginning to invest in ML-enabled payroll solutions to overcome payroll concerns that traditional setups have.
Here are three ways AI and ML are changing the game for payroll management.
#1 | Increasing interaction between payroll manager and employees
Contrary to popular belief, payroll management is not an operation that is run in silos. Payroll managers get queries on a constant basis from divisions across the business.
With AI, payroll managers can sort the queries based on the type of question as well as the urgency.
Then, ML can help the team process and handle the queries automatically. This means, a chatbot can handle day-to-day employee queries efficiently.
#2 | Consolidating other human resource functions
Traditionally, payroll management and HR functions are separate parts. Despite the obvious overlapping, there are nuances that restrained it from integration.
Now, ML will be able to consolidate the other HR functions altogether with the payroll system.
By doing so, businesses can administer the different functions of HR via a singular interface only. Furthermore, technology will eliminate human error and delays as well.
#3 | Making sure that wages and man-hours tally
When it comes to shifts work or working over time, the irregularities in man-hours are difficult to account for.
With AI, the system will be able to rid of clock-in-and-out frauds by recording work entries automatically.
The business can pay accurate and just wages to employees when integration of the record and payroll systems are successful.
Usually, sales and marketing get all the attention when the digital transformation agenda is put forth in boardroom meetings.
Despite that, enterprise technologies such as AI and ML in payroll management is one that can truly transform the business from its very core.
After all, digital transformation isn’t about the gadgets and gizmos that a company possesses, it’s about the people.