ONLINE LEARNING
REWARD
Global mobility: key payroll issues
How can they ensure their reward schemes remain relevant and sympathetic to
Pay on demand is a form of employee payment method which allows people to receive wages as they earn them. Rather than being tied to the traditional model of weekly, fortnightly or monthly pay, pay on demand allows employees the ability to have their wages ‘streamed’ to them as and when they work shifts. This means avoiding long stretches of time between pay periods, where money might be tight. Another element of pay on demand is allowing workers the possibility to have their wages still tied into a rigid cycle but to also offer them the flexibility to draw down a portion of their salary early, to help cover emergency expenses, or simply to cover a period of unusual spend (such as Christmas time). What’s next? One of the key challenges currently facing businesses is that of talent attraction and retention. How an organisation rewards their people is now a key metric by which prospective employees will measure them. Considering the emerging cost-of- living crisis, pay has cemented itself as a core element of rewards and benefits structures. Payroll forms a key component of, not only your employee rewards structure, but also how your organisation is perceived by your employees. Payroll professionals work tirelessly to ensure accuracy with each pay cycle. It’s also now clear they have a much greater role to play in helping to create policy and procedure to educate employees around financial best practice but also to support their ongoing financial well-being. n Payroll forms a key component of, not only your employee rewards structure, but also how your organisation is perceived by your employees
the needs of their people?
This course is ideal for individuals managing a global payroll office or those about to move into this area.
between employer and employee regarding priorities. This also appears to support the research which suggests a preference for schemes structured around financial or emotional support. To ensure their benefits are as effective as possible, companies should focus on having a smaller pool of rewards focused around those areas, rather than spreading themselves thin with numerous initiatives. The role of payroll in rewarding your people With the cost-of-living crisis now a very real threat for so many, the need to have a benefits and reward scheme which works for your people is more important than ever. Many businesses won’t have the scope to reward their people in the more traditional ways, such as through salary increases or bonuses, so how can they ensure their reward schemes remain relevant and sympathetic to the needs of their people? Taking stock of the biggest challenges facing your people will offer the best foundation for restructuring your rewards programmes to support your people, with many businesses actively paying energy bills on behalf of their employees or offering a substantial stipend to alleviate rising costs. One of the chief responsibilities for businesses when focusing their rewards schemes will be to ensure they’re communicating the support and opportunities available to their people effectively. Your human resource and payroll teams will have a huge role to play in ensuring effective communication is pushed out to your employees, as well as acting as more personal touchstones for employees who may be feeling self- conscious about financial struggles. A cornerstone of emerging reward schemes, particularly considering freezes on wages, will be the ability to offer flexibility in how you pay your people.
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| Professional in Payroll, Pensions and Reward |
Issue 85 | November 2022
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