Key Points
To respond to this, organisations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%) and privacy (89%), according to 'The Future of Pay in India 2024' study by ADP, a human capital management solutions company...
The report, in partnership with The Economic Times HRWorld, covered more than 200 senior leaders from Indian companies having 500-2,500 full-time employees...
As much as 62% of the companies surveyed say employee wellbeing, including financial well-being and wealth creation, is the top consideration in their HR strategy for the year...
Companies now recognise they must prioritise their employees financial wellbeing to create a motivated workforce and boost productivity, employee retention and satisfaction, said Rahul Goyal, managing director of India and southeast Asia at ADP...
More than half (57%) are also willing to invest in AI-power payroll systems to significantly improve accuracy and efficiency, despite concerns about bias and data privacy with a third already using or planning to implement AI-driven tools within six months...
You might be interested in
One in 10 companies in India transformed their AI capabilities in last 3 years: Report by IIMA- BCG
13, Jul, 23Only one in 10 companies in India have transformed their artificial intelligence (AI ) capabilities in the last 3 years, according to a report released by BCG X, the AI, and digital transformation unit of the Boston Consulting Group (BCG) and the Brij Disa Centre for Data Science and Artificial Intelligence (CDSA) at the Indian Institute of Management Ahmedabad (IIMA). According to the report, India has only around 4.5% of the worlds AI professionals. The talent (AI) crunch will get more acute, said the report.
Report: Indian companies invested $4.9bn in Canada creating 17k jobs
11, May, 23The report was prepared by the Confederation of Indian Industry or CII, in partnership with the Canada – India Business Council and India’s High Commission in Ottawa. | World News
Indian pharma market can more than treble by 2030, says industry report, urges focus on quality
23, Nov, 23Report by Organisation of Pharmaceutical Producers of India and Ernst & Young says growth could be propelled by expansion in the domestic market, spurred by India's economic growth.
India Inc may see 9.6% average salary hike in 2024: EY report
06, Mar, 24The report, ‘Future of Pay 2024’, highlighted that e-commerce is expected to have the highest salary growth in 2024, at 10.9 per cent, followed by financial services with a projected growth of 10.1 per cent.
Govt allows firms to list on GIFT IFSC to attract foreign flows
28, Jul, 23Public and privately held Indian firms can now list their shares on the International Financial Services Center at Gujarat International Fin-Tec City, Finance Minister Nirmala Sitharaman announced at a briefing Friday.