CONCLUSION
This report has focused on the trends and direction of the payroll profession, and there are many conclusions to be made.
Payroll’s influence is getting stronger, and more business owners are recognising the value of payroll professionals and the importance of providing an efficient payroll service. Remote working is here to stay, and many payroll departments have encountered a period of rapid change, bringing with it new experiences. New payment methods are becoming more popular, and the way payments are made will continue to change. Pay on demand and cryptopayments are not widespread in practice now, but the idea and willingness to try them is increasing. Furthermore, employers are likely to increase reporting and begin to start publishing more information about pay gaps and banding. Education is now one of the pathways towards developing a career in payroll, and many payroll professionals are interested in receiving qualifications, to help them in their roles. As legislation increases in complexity, and vacancies for skilled payroll professionals increase, it’s likely that even more employers will invest in the education of their payroll teams. Technology is one of the main drivers of the profession, broadening the horizons of the industry through innovation. It played a crucial role in the promotion of the profession through the pandemic and is opening many doors and opportunities for payroll teams. Technological advances assist with reducing the time payroll professionals must spend on transactional tasks. Recruitment, and arguably communication, have benefitted from the new working models available thanks to technological versatility. The report sought to represent the payroll profession in its entirety. Respondents included bureau and in-house staff from a range of industries. They ranged from payroll professionals working alone, to those working in large teams consisting of more than 20 people. The findings have highlighted the continually changing nature of the profession. Strategic value, payments, education and technology are all topics that are currently in the profession’s spotlight. While we can predict a lot about the future of payroll based on this report, there’ll always be unpredictable changes that transcend expectations. Two years from now, who knows what the topics of discussion may be in the Future of Payroll Survey 2024?
futureofpayroll22_220819_v1
16
Made with FlippingBook - Online magazine maker