10 | YOUR CIPP
PAY AND PERSPECTIVE "Professional magazine is full of feature articles on innovation, technical updates, thought leadership, wellbeing and so much more. Ensuring you consume each issue is a great place to start with continuous professional development"
O ften, it’s at the turn of the calendar year when resolutions are considered. But, in payroll we have the tax year to consider as our crucial starting and ending point. However, for every single processing period, there’ll be different transactions for us to process, codes for us to adjust and new pay items for us to consider. Therefore, embracing constant change is part of a pay professional’s standard day. Whether it’s the introduction of new reward programmes, consideration of the impact of pension choices or wider shifts driven by technology or employer offerings (just some examples from a long list of changes which impact our profession), staying ahead is crucial. This quest for learning and the ability to adapt to changes and consider how they’ll impact the business (or businesses)
you serve are vital parts of your toolkit. So, I implore all of you to create time in your diaries to ensure you commit to learning. Lifelong learning is a strategic pillar for the Institute (see the February / March issue of Professional for more on that, here: https:// ow.ly/AVUK50YUVuv), and an important statement for all members. Staying ahead, being curious and forever adapting to, and embracing, new ideas is food and fuel for growth. Creating time in your diaries to reflect on what you’ve learned, and how it impacts the business, is key to ensuring that the value of pay professionals is recognised by senior leaders. Being able to articulate the cost saving, along with the financial and productivity benefits of a new reward scheme, for example, highlights the worth and value of your role to the wider business. More broadly, it’s important to consider the likely
take-up of such a proposal, its anticipated impact on attrition and the wider benefit to the organisation as an employer of choice, supported by robust trend analysis. Taking a forward-looking view means answering key questions: why we should invest, how the process will work (and whether it will be frictionless or complex), who it will affect (whether specific workforce demographics or the organisation as a whole) and when it should be deployed, recognising that timing can be critical Think about a challenge you see today within your business, and how payroll could influence its adoption, and mitigate its impact. It could be a new business area, or a growth opportunity which demands a lot more overtime from individuals who already feel stretched and are therefore less willing to work. Earned wage access or 'EWA' may help drive take-up of overtime and support
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