Payroll strategies; are your payroll professionals ready for the future? (Dayforce)
Payroll strategies Are your payroll professionals ready for the future?
Sunila Jethwa MCIPP, vice president global payroll, customer support, Dayforce, advises on how organisations can ensure their payroll function is well equipped for the future
Build a culture of learning Beyond gaining an understanding of the skills they will need in the future; payroll professionals need training in those skill areas. Here too, employers should lead the way. Having a well-trained, future-ready payroll team is highly beneficial. You can accomplish this by building a culture of learning. Providing continuous and ongoing development opportunities is more effective than one-off, periodic training courses. Dayforce’s 14th Annual Pulse of Talent Survey (https://ow.ly/cXtj50QR7Jo) found that 80% of global respondents are interested in their employer using artificial intelligence (AI) to recommend internal development opportunities. This tech- powered method could help reduce time to launch for new development initiatives. And if the return on investment on upskilling wasn’t already apparent, 29% of respondents said skills development would help them to be more productive at work. Help your payroll professionals eliminate obstacles to learning by building AI- supported development strategies and providing the time they need to upskill and reskill. And ensure your payroll personnel know that skills development is an organisational priority – the training you take for tomorrow is just as important as the work you do today. The evolution of the pay function will enable payroll professionals to become significant drivers of value, efficiency and transformation for their organisations. But first, they must be given the right tools to shed the challenges of today and be empowered to prepare for tomorrow.
Payroll is set to undergo a radical change. Spurred by technological advancements and changing business / employee expectations, payroll will evolve from a back office function to a strategic business partner, imitative of how the role of human resources (HR) has matured in recent years. Today’s organisations are experiencing a complexity crisis fuelled by the boundless workforce that is increasingly fluid, borderless and always on. Payroll is feeling the pressure to keep up with hybrid work setups, employee questions / expectations and complicated regulatory environments. But as organisations contemplate and prepare for this change, there’s often one critical component left off their checklists. While they consider the technologies and processes needed for future payroll strategies, payroll professionals themselves tend to be overlooked. Payroll professionals are ready to embrace the changes ahead and they love the work they do. Now, organisations must ensure their payroll teams are ready for those changes. Here’s where to start. Equip payroll teams to overcome today’s obstacles Payroll professionals can’t prepare for tomorrow when they’re busy handling the challenges of today. The top payroll pain points may change slightly year over year, but some of the most common ones include: ● compliance challenges ● managing the complexities of multi- jurisdictional payroll ● inefficient processes. These are all challenges which could be resolved today with the right technology in place. To help improve efficiency and promote compliance in an increasingly borderless world, organisations will need to replace
legacy payroll systems with technology that can help minimise the complexities of multi- jurisdictional and global payroll. A single system which unifies HR and payroll functions can deliver a more holistic view into your organisation’s people operations. This will become even more important as the payroll function increasingly contributes to the employee experience, with initiatives like on demand pay, pay benchmarking and pay equity. Discuss how job roles and payroll skills will change According to the CIPP’s Payslip Statistics Survey Report 2023 (https://ow.ly/ tC8G50QR7CV), 28% of those surveyed changed the distribution of payslips since the pandemic and 84% use a self-service platform to offer staff immediate access to payroll information. This points toward a payroll landscape with increasing demands on payroll admin flexibility and proliferation of payroll technology. And payroll professionals want to know what their organisations are doing to prepare them for this new, complex world of work. Employers must lead the way in outlining what future job roles might look like and the payroll skills that will be needed in those jobs. Organisations have more insight into market trends and how that translates to the world of work than their employees do, so they can use these resources to inform their employees. If these conversations are framed correctly, employees won’t view them as a threat to their jobs. In fact, they’ll take the opposite stance. Moving into a more strategic role rather than being bogged down by administrative tasks is a tremendous development opportunity for payroll professionals. Just remember to offer guidance as to what skills will be needed to seize that opportunity.
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