22 Feb Payroll in the Gig Economy
The world is changing and so should your payroll system. Outside of the common challenges of hybrid work environments, there are other hurdles to overcome, such as contingent labour. Being able to recruit, process, and manage a varying workforce. The modern work environment requires flexibility. Contingent payroll management can be complex. In this guide, we discuss payroll in the gig economy.
Businesses that wish to benefit from the contingent workforce need to be able to facilitate instant, flexible, and compliant payment for completed jobs, which requires integrated technology and advanced payroll systems.
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Is your Payroll empowering you in the gig economy?
Companies that use a centralised human capital management (HCM) and payroll solution have easy access to complete, accurate data on the various types of workers in their employ. This saves them precious time when processing payments – especially if they’ve linked their accounting or financial management systems. It also provides more flexibility around payments – a crucial feature as mobile payments and multicurrency deposits fast become the norm.
While these alternative payment types – and the initial complexity in facilitating them – may appear difficult or even unnecessary at first, they enable greater mobility and flexibility for workers and improve the employee value proposition (EVP) of the companies who wish to hire them. The best part? These new payment methods also offer increased security and the improved compliance that goes with it.
Remote and contingent work
Remote work is set to remain popular with employees and organisations alike, and as such, many are reviewing their benefits packages – not only for their permanent workforce, but also their contingent ones. Benefits are becoming personalised, and are typically tailored towards mental health, career development, autonomy, and flexibility.