May 2, 2023 4 min read

Payroll Technology is the Future of Payroll:

What it Means for Payroll Clerks and How to Upskill

According to a recent report by World Economic Forum, payroll clerks are one of the top 10 fastest-declining jobs in 2023. This news may come as a surprise to many individuals who have dedicated their careers to the field of payroll. However, the emergence of payroll technology is changing the landscape of the industry, creating both challenges and opportunities for those in the field.

Payroll Technology is the Future of Payroll

Payroll technology has the potential to streamline payroll processes and reduce manual labor. By automating payroll tasks such as time tracking, data entry, and tax calculations, companies can reduce costs and improve accuracy. This can create a more efficient and effective payroll system for both the company and the employees.

But what does this mean for payroll clerks? As payroll technology continues to advance, some tasks that were once performed by payroll clerks may become automated. This could lead to a decline in job opportunities for those who are solely focused on manual payroll processes.

However, this doesn’t mean that payroll clerks are out of a job. In fact, with the emergence of payroll technology, there are new opportunities for payroll clerks to upskill themselves and embrace the changing industry. By learning about the latest payroll technology trends, payroll clerks can position themselves as valuable assets to their organizations.

One way for payroll clerks to upskill themselves is to become experts in payroll software and technology. By learning how to use and troubleshoot payroll software, payroll clerks can become the go-to person in their organization for payroll-related technology questions. This can help improve the efficiency of the payroll process and make the payroll clerk an indispensable member of the team.
Another way for payroll clerks to upskill themselves is to learn about data analysis. With the emergence of payroll technology, there is an abundance of payroll data available to companies. By analyzing this data, companies can make informed decisions about payroll and employee-related issues. Payroll clerks who have the skills to analyze payroll data can become valuable assets to their organizations and open up new career paths for themselves.

5 additional points on how employees can upskill themselves with payroll technology:

Conclusion

In conclusion, the future of payroll is payroll technology. While this may be a cause for concern for some payroll clerks, it’s important to recognize that there are new opportunities for those who are willing to upskill themselves and embrace the changing industry. By becoming experts in payroll technology and data analysis, payroll clerks can position themselves as valuable assets to their organizations and create new career paths for themselves.

Source
World Economic Forum | Future of Jobs Report 2023

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