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critical knowledge resides with individuals, which can create vulnerabilities when it comes to ensuring continuity and efficiency. It’s not uncommon to find systems and practices that have served well in the past but now require modernization to meet business environment. For instance, our 2024 Company Payroll Complexity Report found that 51% of respondents still use spreadsheets to handle payroll processes while 19% use manual or paper-based methods. This outdated approach breeds inefficiencies, increases the risk of costly errors, limits scalability, exposes businesses to compliance issues, the demands of today’s dynamic
and creates potential employee retention challenges. The risk of getting it wrong is
compliance easier. There are between 500 and 1,000 unique pieces of data related to each employee, so bringing all this information together can reveal potential opportunities to fuel the company’s overall performance – something especially important as we move into a new year of challenges and transition. 2. Harnessing artificial intelligence With centralized data establishing a single source of truth, payroll leaders can leverage artificial intelligence opportunities that extend far beyond current applications. Those who have been using cloud-based solutions for years are in the best position to capitalize on AI developments. If 2024 was the year to discuss AI, 2025 will be the year to put it into action. From streamlining recruitment and onboarding to optimizing payroll management and automating repetitive
significant; for example, just two payroll errors are enough to prompt 49% of employees to start job hunting. With only 37% of business leaders trusting the data and analysis provided by HR departments, it is crucial that leaders regain control of their data to win back C-level trust. Upgrading and globalizing payroll and HR systems can future-proof operations by enhancing accuracy and streamlining processes. By integrating data into a single source of truth, payroll teams can minimize errors, reduce tedious manual data entry, and make regulatory
Those who have been using cloud- based solutions for years are in the best position to capitalize on AI developments. If 2024 was the year to discuss AI, 2025 will be the year to put it into action.
tasks, AI will act as a gateway for future
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GLOBAL PAYROLL MAGAZINE ISSUE 8
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