
Evolution of Pay: Remember Pay Cheques?
When it comes to payment methods, we have witnessed many advances ranging from the barter system to digital payments. An explosion of new payment methods becoming available has reshaped how consumers pay for things and have coincided with economic and demographic changes in the global workforce. Since we’ve been digitizing pay and going to online pay statements and direct deposit, the act of paying people has moved into the background where we don’t see it anymore.
As organizations continue to evolve in today’s ever-changing business landscape, companies face different challenges in attracting, motivating, and retaining their top talent. One such challenge that continues to haunt employers today is how to determine the appropriate approach to designing and administering salary structures throughout their organization.
Technology has completely changed our expectations about how things work. We can pay bills and transfer the money instantaneously from our phones now. We are no longer locked into a specific pay cycle, hence it’s possible to pay people at any time. Right now, we are focused on making pay both more convenient with technology and also making pay more personal to meet employees’ different needs.
In North America, direct deposit is common. Over 80 percent of employers offer this payment method, and 80 percent of employees prefer it. From being paid weekly by cash in a brown envelope with the details and deductions handwritten on the back to now being paid monthly by direct deposit into bank accounts, one can view thy payslip on their mobile phones too.
If you already use specialized software to process your employees’ pay, there are good chances that it offers you more or less advanced direct deposit functionalities. One thing is certain, automating direct deposit tasks is an excellent reason to obtain a solid payroll solution.
For example, the Laabdhi payroll solution is known for its reliability and its ability to meet all requirements. If your current tools do not fully meet your expectations or if you simply want to explore your options, contact our team of experts. We are leaders in Payroll Management & Compliance for a decade having served small, medium, and large-scale companies. Laabdhi understands the requirements and tailors solutions and services to make your operations smooth by offering our world-class service levels. We manage your entire payroll through its Payroll Processing & Payroll Compliance which integrates seamlessly into your existing business process.
Companies need to take care of several factors such as integration, security, and transparency. Employees are not only concerned about how much they are paid for work, but also how they receive their pay and how often. We are seeing both employers and employees looking at payroll and money management in new and interesting ways and also being open to new ideas and tools that could make pay both more efficient and more personal to meet individual needs.
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