5 Payroll Trends not to Miss in 2023

Payroll trends in 2023

Payroll is a cornerstone of business for companies of any size. But it is also dynamic and evolves together with technological and work revolutions, constantly raising the bar and setting new standards for efficiency. Don’t be the one to lag behind your competitors, read on and discover this year’s most prominent payroll trends with Africa HR Solutions:

1. Cloud-based payroll

While Cloud technology is certainly not new, cloud-based payroll has only recently taken off, aided by companies’ growing need for centralized global payroll systems. Cloud-based payroll is a viable solution to the challenges raised by the remote work revolution. Indeed, this type of payroll system can reliably serve companies whose employees work from home, follow a hybrid work schedule, or work in a different state or country altogether.

How cloud-based payroll works

A cloud-based payroll is, essentially, a payroll management software that is stored in secure servers. As such, you do not need to be connected to a specific computer or be on-premises to access your payroll system. The software and employee data are stored in the ‘cloud’.

This allows you to view, run, and manage any aspect of your payroll with just a computer and internet access. You can onboard employees, ensure compliance and administer benefits, among others.

Benefits of cloud-based payroll for your company

  • Fewer upfront software costs
  • Centralized system leads to reduced errors
  • Allows payroll staff to focus on other, pressing tasks
  • Access to real-time information anytime, anywhere
  • Payroll process is faster and more efficient

2. Gig economy adaptations

This trend is connected to yet another recent work evolution: The Great Resignation, or the reported mass resignation of employees following the pandemic. With more gig workers and freelancers offering their services in various industries – from delivery services to digital marketing – payroll systems need to adapt to handle this type of ad hoc work, as opposed to the consistent work done by full or part-time employees.

Benefits of gig economy adaptations for your company

  • Ability to compliantly pay gig workers
  • Avoid misclassification risks and sanctions

Help you make the most of gig workers’ services

3. Comprehensive payroll solutions

In 2023, payroll systems will not simply deal with payroll processes. They will offer comprehensive solutions, linking your payroll software with other related tools and software such as:

  • Time and attendance software
  • Accounting & Finance software
  • Human Resource software
  • Expense reimbursement software

The idea is that new payroll systems will connect all the different aspects of internal operations, sharing real-time data that other departments can work with easily. Find out more about payroll integrations and how they can help you here.

Benefits of comprehensive payroll solutions for your company

  • Centralization allows all departments access to data
  • Fewer data errors; increased accuracy
  • Streamlined payroll process

Time gain

4. Flexible payment solutions

To meet the needs of an increasingly diverse and dispersed workforce, payroll systems in 2023 will need to offer flexible payment solutions. This means the ability to make payments in multiple countries and in multiple currencies, all the while maintaining compliance. Of course, payments need to be secure and swift as well.

This feature is of special importance to multinational companies that must be able to coordinate and make payments to their various offices in different countries.

5. Employee equity & non-cash compensations

Employee equity and other forms of non-cash compensations are on the rise, and are part of companies’ efforts to incentivize employees and improve the employee experience.

What is employee equity?

Employee equity is a type of non-cash pay that gives recipients a stake in the business. Employers may provide it as shares to their employees. Employee equity can be an effective tool for finding and keeping talent, particularly in a company’s early stages. Employees also receive a portion of the company’s profits, which may motivate them to work more to ensure its continued growth.

Employee equity offers often include a waiting period during which an employee does not have access to their assets. Employee equity can occasionally compensate for a lower base salary.

What are non-cash compensations?

Non-monetary remuneration, as the term implies, is anything that isn’t a person’s pay. Benefits, retirement, holidays, personal days, and financial assistance for things like childcare and transport are a variety of non-financial rewards. They have a monetary value, but it usually isn’t specified anywhere.

Combining the best of technology and human ability

While payroll is getting more and more technology-focused, it is necessary to point out that the best payroll systems are the ones that seamlessly blend technology with human ability, because at its core, payroll is a human-centric process that requires human input and knowledge.

At Africa HR Solutions, our payroll offer is up to date with the latest trends on the market and our focus is on delivering impeccable service. We offer our clients the luxury of a single point-of-contact for all their payroll needs across the African continent, making communication more efficient and less time-consuming.

Contact us now to find out how we can help you modernize your payroll system.

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The Power of Flexible Payroll in Your Hands

Africa HR Solutions offers a wide array of customizable payroll solutions to meet your needs and demands. Contact us now to find out more on how we make your expansion goals a reality!
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GRANT GERAGHTY - Africa HR Team

GRANT GERAGHTY

HEAD OF CLIENT RELATIONSHIP

Grant Geraghty is the longest-serving member of the Africa HR team. This resident subject matter expert and client champion is responsible for gaining a deep understanding of our clients’ unique HR needs in Africa and providing tailored solutions that align with their business objectives. Grant collaborates closely with our clients to ensure that their requirements are properly implemented, providing ongoing support and guidance throughout the process.

Grant brings a wealth of experience to his role, having served as Africa HR’s longest-serving employee. He holds a Bachelor of Commerce degree, with a major in Economics and Business Finance, from the University of Natal in South Africa. Additionally, he has completed a certification program in Payroll and Tax Administration from the University of Cape Town, further enhancing his expertise in HR operations and compliance.

His commitment to delivering exceptional service and his extensive knowledge of HR in Africa make him an invaluable member of the Africa HR team.

KEVINA TAKOORDYAL Africa HR Team

KEVINA TAKOORDYAL

HEAD OF OPERATIONS

Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.

Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.

Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.

VILOSHNA PACKIRY POULLE​

VILOSHNA PACKIRY POULLE

Head of Finance & Business Support

Viloshna is an experienced finance professional with 18 years of expertise in strategic financial planning, financial analysis, cash flow management, systems and controls implementation, financial reporting, and continuous process improvements. She currently serves as Head of Finance & Business Support, where she has successfully automated and leveraged the financial reporting system capabilities to ensure efficient company operations.

Viloshna’s background includes senior roles in a multinational pharmaceutical company and a large listed Mauritian conglomerate. Her meticulous attention to detail and strategic thinking have streamlined financial processes, making her a valuable addition to any finance team. Viloshna is a qualified finance professional with an FCCA qualification and an MBA, bringing valuable expertise to any organization.

In her current role, Viloshna leads the company’s Treasury and Payments function, including the fulfillment of the company’s cross-border payments into Africa. With her strong educational background and extensive experience, Viloshna consistently demonstrates her ability to optimize financial operations, minimize risks, and improve profitability. Her expertise in financial reporting and process improvements make her a valuable asset to any organization.

MARK DU PREEZ​

MARK DU PREEZ

Head of Legal & Compliance

A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.

Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.

He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.

Alex Daruty - Africa HR Team

ALEX DARUTY

Head of Commercial

Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.

With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.

His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and organizations.

He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.

Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.