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Moving forward with open minds and agility
Agility is a word we return to whenever we discuss the contemporary world of work, and a key area where today’s employers need to be flexible is allowing staff some freedom to determine where and how they work. The pandemic caused a seismic shift in mindsets and working practices, and while we are all trying to needs and experience, integrating HCM and payroll and allowing new technologies and tools to underpin and unite HCM and global payroll processes for compliant growth. Through new tech payroll can become a more strategic function, driving change and earning its seat at the table. find a better work-life balance for newer generations of workers, flexible working is a requirement, not a request. Deloitte’s Gen Z and Millennial Survey revealed that 77% of Gen Z employees and 75% of millennials holding remote or hybrid roles now would get a new job if their employer imposed a return to office mandate. Effective global workforce management can be achieved through that magic word agility. Being open to new ways of working and paying, seeing and responding to the intersection of employee
Employee experience Organisations will be empowered with a real-time view of their payroll and people across multiple countries and regions, and the ability to make big decisions backed up by reliable information. The rise of remote working means that the instance of a single employee choosing to work from their home country is more likely than it has ever been. This shift can lead to new and unforeseen compliance obligations and challenges, driving organisations to seek external support for managing payroll for their global workforce. The myriad gains payroll and HR data can bring will only going to grow as advances in data analytics, through AI, open the door to predictive analytics reporting with trend analysis. Employee engagement is at the heart of productivity, and we are beginning to understand the value of prioritising employee experience. In its State of the Global Workplace report for 2024, Gallup found that low employee engagement had led to an $8.9 trillion global GDP loss. Its research revealed that 77% of those surveyed were either not engaged or actively disengaged with their work and workplace. A worker’s perception of their worth within an organisation directly impacts productivity and retention. When we have the structures in place to treat employees as individuals and support their unique needs and aspirations, we take huge strides in building a loyal and resilient workforce. Central to this is payroll. We know it only takes two payroll errors for an employee to consider finding a new job. By supporting businesses to optimise their payment processes, we enhance the employee experience. Emerging platforms that integrate HCM and payroll play a pivotal role in consolidating information, bringing together hiring, people management, data security and payment processes. They manage currency conversion and support multi-country payroll processing. Such innovation facilitates the rapid, secure onboarding that progressive companies strive for, enabling them to build a truly global workforce of accurately paid and satisfied employees, and to leverage this committed resource for success and growth. Being open-minded about technology is one easy way to make a dynamic change for the better. In its 2024 Global Human Capital Trends report, Deloitte found that 73% of respondents recognised the importance of aligning human capabilities with technological advancements, yet only 9% reported progress with striking that balance. With employees seeking new pay solutions and a radical overhaul of the way the traditional working week looks, HCM and payroll tech are likely to become our best safety nets.
c ompliance, c ompliance, c ompliance,
When we discuss payroll, we often emphasize the three Cs:
Source: Deloitte - Gen Z and Millennial Survey
The way we pay is another once-rigid area being forced to limber up. On-demand pay, or earned wage access, is an employee benefit that has grown exponentially as the cost of living has soared. With financial worries high on the list of reasons for absenteeism and mental health issues for workers, offering them the opportunity to access funds as they are earned rather than waiting for a traditional payday can pay off for employers and their workforces. intersect, it might be wise to adopt three Cs of our own: communication, communication, communication. An uninterrupted flow of data between the two, an ongoing dialogue between functions and the most powerful communication tool of all; the ability to remain open to new perspectives and solutions. When we consider the future of work and how global payroll and HCM will increasingly
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Global Payroll + HCM = Future of Work
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Global Payroll + HCM = Future of Work
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