REWARD
firms constantly up the ante on service improvements, with one firm noting they have set a target of a 48-hour turnaround time for running and returning clients’ payrolls, automation is becoming key in tracking this. “Many are ensuring that resources, attendance at training courses (with entrants citing CIPP industry events) and webinars are available to team members to support their personal growth and success at the firm” While the digital transformation of payroll continues to open firms and teams up to new opportunities (and free team members up from tedious tasks to focus on more complex areas of the role), the spectre of artificial intelligence (AI) looms over the sector. Firms are trying to grasp the benefits (and threats) of the technology as the hype continues unabated. One firm acknowledged that, as AI continues to progress and develop at a pace, they’re left standing on the sidelines.
They’re monitoring the potential impact of the technology on the payroll industry but are left scratching their own heads on what the profession will need to do to adapt. Meanwhile, AI was conspicuously absent from many other entries, indicating that many firms are unprepared for the evolution of the technology. Another perennial challenge for payroll teams is data security. Firms noted in last year’s award entries that they’re combatting this through implementing secure online portals, while still ensuring General Data Protection Regulation compliance. Quality of service These challenges are also driven by client service. In a competitive space, payroll firms and teams are turning to technology, training and development or recruiting new talent to get the edge on delivering the right level of care for their clients. The reward in providing quality service is obvious, as one firm noted: “The team’s success is reflected in its positive feedback and the increasing number of referrals received.” They even track client satisfaction, alongside payroll efficiency and cost- effectiveness, and found that this has resulted in a 50% increase in payroll fees for the firm. While the trend of client satisfaction surveys has fast become the go-to tool for many, firms have installed client satisfaction officers to continuously improve their offerings. In the ‘Payroll team of the year’
category, one firm revealed every client has an account manager who carries out quarterly reviews. This brings to the surface several actions that need to be managed, which would have ordinarily simmered and risked polluting the client relationship. However, the challenge in providing quality of service is a balancing act with the cost per payslip, with competition using cheaper labour which ultimately drives down the costs. But those determined payroll firms are confident they can overcome these challenges with experienced and trained staff. As one firm noted: “Quality of service is our biggest attribute… we make the client feel like we are their internal payroll department.” The secret to overcoming all challenges The future is full of obstacles for payroll professionals, but insights from the Accounting Excellence data shows that firms are prepared for any challenge which comes their way by striving for excellence in client service, technology and training. n “Firms are prepared for any challenge which comes their way by striving for excellence in client service, technology and training”
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| Professional in Payroll, Pensions and Reward |
Issue 99 | April 2024
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