One significant post-pandemic change realisation has been that payroll professionals can remotely process an accurate and efficient payroll operation. The result is an awareness that talent pools now exist across all global areas. Recruiting remote workforces across global borders has resulted in many payroll departments evolving from UK-only operations to multi-regional, international functions overnight. If this hasn’t yet happened to your payroll operation, it’s only a matter of time before it does. Payroll leaders have learned how to design and implement new global payroll operating models to accommodate new multi-regional recruited workforces. They’ve discovered how to manage unknown global compliance risks and still deliver a seamless payroll experience. Subsequently, organisations are turning to technology to help them provide a seamless international payroll service because they recognise, if executed poorly, it can lead to costly compliance failures and impact that significant employee experience. The payroll landscape has accelerated rapidly. Changes predicted in 2020 that many thought would impact the industry in the next five- ten years have affected us in just 24 months. Predicted workforce changes that may have involved remote working or faster payments have accelerated due to employee demands and technological disruptions. Employees are asking for pay in real time; they demand transparency and they want payments made in different currencies or through new platforms. Meanwhile, pay transparency has become a priority for business leaders keen to improve or showcase pay equality across gender, disability and diversity pay gaps. All the above is causing organisations to invest heavily in payroll technologies and tools that can help them attract, engage and retain top talent. Disruption in payroll is here to stay, as companies continue to invest in technology that improves the critical employee experience. It’s good news for payroll leaders keen to develop strategic expertise and value within an organisation. These disruptive payroll technologies provide payroll leaders with more access to consolidated, real-time payroll data, helping organisations to make better strategic decisions.
The profile of payroll has never been higher.
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