Technology is expected to play a larger role in personalizing benefits, especially when it comes to payroll processes. In a new report by ADP, future workplace trends will rely heavily on technology advances that will allow employees to choose how and when they would like to be paid. ADP found 29% of prospective employees would choose a company if they offered early access to paychecks, and 36% said the ability to choose their own pay schedule would make a difference in their decision.
"Employee expectations of technology and the immediacy of money itself is so drastically different than just five years ago," Doug Politi, President of Compliance Solutions at ADP, said at a panel presenting the findings of the report. "All these things affect the way [employees] want to get paid. They have expectations of pay flexibility — as such, we are shifting away from brick and mortar banking institutions to very flexible, open, mobile-based tools.”
Payroll advances is one way companies are personalizing their payroll, though just 15% of companies offer this service, according to the Society for Human Resource Management. DailyPay, an app which offers early access to wages, has partnered with ADP since November, 2018 and also has partnerships with over 100 companies, including Vera Bradly and Sprinkles Cupcakes.
Advances in artificial intelligence and machine learning software are expected to help streamline employee workflow. This will reduce the time it takes to complete tasks and allow employee access to more support through AI “chat bots,” the study found. Additionally, companies are utilizing cloud-based systems to streamline employee collaboration and encourage flexibility and accessibility in and out of the office.
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According to technology company Sage, 82% of HR executives expect their jobs will transform away from administrative tasks as AI is adopted in the workplace.
“We are seeing a business-critical convergence of technology and data in the workplace,” says Don Weinstein, corporate vice president at ADP. “In 2020, companies will look to leverage customizable tech solutions that meet the needs of their organization, their teams, and their workers to provide a more engaging and productive work environment."
Additionally, ADP found companies are banking on technology and data analysis to both retain current employees and more easily hire top talent. Currently, 24% of companies currently use AI during recruitment.
