With millions of apps available for smart phones, workers are ordering their coffee and hailing a ride at the touch of their fingers.
Providing such digital ease in the workplace is the idea behind the so-called “consumerization” of payroll, a trend in which businesses are creating a social, mobile and consumer-style employee experience in the workplace with payroll and HR platforms that provide anytime visibility into pay and benefits data and allow employees to exercise more control.
HCM software with mobile and self-service options allows workers to view and download pay stub information directly, reducing paper and requests to payroll staff and providing greater transparency.
Is it time for you to investigate this trend?
Recognizing Early Signals Key To Digital Success
Digital change in business happens quickly and keeping up means companies have to be able to spot and react to trends before they become a competitive factor, author and business professor Venkat Venkatraman writes in the MIT Sloan Management Review.
Venkatraman identifies three steps that companies need to take to ensure they are not left behind when a significant new technology becomes a force in the competitive landscape. It's a process that starts with recognizing the "weak signals" or early signs of a coming trend or shift that is likely to impact your business:
- Search for weak signals that indicate things are shifting
- Assess the potential impact of the changes
- Develop a coherent response
One of the most difficult challenges that companies face is recognizing when the environment around them is changing; those that don’t respond in a timely manner can find themselves at a competitive disadvantage, Venkatraman writes.
Weak signals can easily be overlooked in the "noise" of everything else that is happening but, he writes, "they can grow swiftly to transform the very foundations of an industry."
Time to Update Your Processes?
There are many areas in which your business may need to adapt to keep up with digital changes and the expectations of a work force accustomed to digital
efficiency and convenience.
The majority of small businesses have fewer than 20 employees, which means finding ways to do more with less. The right digital technology can increase productivity and employee satisfaction.
Mobile and self-service payroll platforms provide a low-cost benefit for both a company and its employees. At SBS we specialize in improving our clients' bottom line with customized and affordable payroll, HR, benefits administration and time and attendance solutions. Call us or click on the link below to learn more about how we can help you keep your competitive advantage in a fast-moving world.
Our clients have access to additional solutions through our sister company Payroll Tax Management.