How Has COVID-19 Impacted The Cloud-Based Payroll Software Market?
Organizations keep revamping their processes and introducing new technologies to ‘up the game’ in the market. One top-notch HR solution to revolutionize human resource operations is a cloud-based software. Cloud enables a user to store information and programs on a remote system that can be accessed by any computer system with an internet connection. The software and databases that run on the cloud servers save companies from manually managing physical servers or running software applications on machines. Such advanced features led to the inception of cloud-based payroll software, which is part and parcel of the HR department.
This blog is meant to highlight the impact that COVID-19 has made on the market of cloud-based payroll software India has, and how it has high chances of surviving the storms.
In 2016, $6,738 was the value of the global cloud-based payroll software market, and by 2023, this worth is estimated to reach approximately $10,336. This data is enough to suggest that the outbreak of novel coronavirus has had next to a negligible effect on this space. The whole point of combining cloud with payroll is to track the time spent by employees at work, store information safely, involve the relevant factors to make the calculations, and deduce the final payout. The compliance of internal HR processes and regulatory agreements with global HR standards can slightly hamper the market. However, the payroll process would hardly have to bear any significant adverse outcome as the pandemic continues to give businesses a minute shake on the broader front.
Top industries, including IT, Retail, Healthcare, and Production & Manufacturing, among others, have actively contributed to the HR software India adoption. These are the end-users or key players in the market that help sustain the growth of the market.
Let’s have a look at the ‘WHY’ factor behind this strong popularity of cloud-based payroll software:
Employee Data Is Secured With Cloud Backup
Cloud storage is an easy and cost-effective way of storing and distributing company information. Also, the vendors of payroll software giveaway tools, including biometric authentication, security through password protection, and other relevant features in the product to optimize the process. Improved data management is possible because of centralized information and high-speed networks due to which the government agencies also move their data to the cloud. As a result, better information sharing and collaboration, along with enhanced productivity, is achieved.
System Update & Upgrade Is Easily Enabled
Where on the one hand, manual intervention is required to facilitate the payroll processing, in the case of cloud-enabled systems, the system is updated automatically. Whenever the payroll software needs to be upgraded, vendors are not required to keep running to and from the installation spot. Thus, the advanced payroll software India has, quickly initiates and runs system updates accounting to the cloud-based technology. The vendor only needs to push the initiation, and the rest is carried forward by the software.
Works Better Than On-Premise Solutions
If you compare an on-premise payroll solution with the cloud-based one, the latter will turn out to be better in every way. Initial costs incurred on an on-premise system such as installation & set-up charges, hardware, server, and power backup investments, among other expenses, are saved in case of cloud-based payroll software. Moreover, there are additional service and maintenance payments for IT personnel. On the other hand, cloud-enabled solutions are hosted and maintained by the server. It runs on a ‘pay as you go’ subscription model with more straightforward payroll & HR policies planning. Furthermore, the import and storage of a huge amount of data are enabled, including employee information, time & attendance data, payroll data, tax details, reimbursements, etc. So, cloud-enabled systems are “hands-down” far better than the on-premise solutions.
HR One HCM suite is acing the cloud-based payroll management with its advanced payroll module. In these tough times, when employees all over the world are facing salary-related troubles, HR One is sailing through with its unparalleled payroll services.
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