Global survey reveals key trends
We would like to share with you the results of a recent study carried out by a global player in centralised payroll solutions, which aims to assess payroll’s current performance, resilience and strategic contribution, as well as reporting on its future potential.
The COVID-19 pandemic has highlighted the need for a more innovative approach to payroll operations. Companies need to make their payroll functions more forward-looking and pragmatic, with a focus on better integration at all levels.
The study also reveals that payroll transformation initiatives over the next few years are being driven by factors such as cost optimisation, digitisation, operational efficiency and improving the employee experience.
What do organisations need to ensure an efficient payroll?
Payroll accuracy
Payroll accuracy is crucial to employee retention. However, the study reveals that the average rate of payroll accuracy is only 78%, highlighting the need to streamline, connect and digitise payroll systems and processes.
Balancing a global vision with local expertise
In a global market, businesses need a holistic view while maintaining local knowledge, including payroll information. The study highlights the increased need for the right organisational structure and technology for integrated reporting and analysis, underlining the importance of leveraging local expertise rather than focusing too much on global delivery.
Consider the importance of IT
Data security is essential when processing payroll data. Yet the results show that many companies lack contingency plans and data security manuals, highlighting the need to minimise IT complexity and strengthen security protocols.
From operational to strategic – the modern payroll team
As businesses look to improve operational efficiency, a combination of the right payroll strategies and payroll talent is essential to meet business objectives and prepare for the future.
To deliver effective payroll, fundamental changes are required in the processes, tools and skills within payroll functions.
Working with payroll specialists such as ekspert ensures that the employee experience is improved, payroll is accurate, technology is more reliable and data security is strengthened.
*Source: ADP – What to expect from payroll in 2024?