TECHNOLOGY
A re you finding it hard to fill a payroll position? Have you considered that your payroll technology may be one reason you’re failing to attract and retain the best candidates? Speaking at the Payroll and Reward Conference in London in June 2023, I said we’re facing exciting times regarding technology advancement. This will have an impact on elevating and broadening the scope of careers for payroll professionals. The consensus from the delegates at the conference was that they were struggling to fill payroll vacancies and also finding it difficult to retain qualified professionals. You’re not alone if your payroll software is between 10 and 20 years old or even older, and if it’s a stand-alone software that doesn’t integrate with human resources (HR) or financial software. The fact your software is old, potentially out of date and unsupported is a problem, but the bigger problem is the pain you’re putting your payroll team through each working day, making them use software that isn’t fit for purpose. This means the whole payroll cycle is complex and stressful. It’s no wonder, therefore, that it isn’t attractive to work in your payroll department. The new world of work of hybrid, flexible working and shorter weeks requires employers to continually review how they manage a modern workforce and which technology solutions are adopted. The change in employee expectations is driving innovation in payroll software and more change is inevitable as we navigate further into the new world of work. So, it’s good to keep abreast of the trends. Let’s look at two payroll software trends I believe are helping to boost employee retention, through focussing on financial and personal well-being and arguably changing the role of the payroll professional. Pay on demand Yes, ‘pay on demand’ is the buzz phrase of the profession at the moment, and a ‘must have’ component of your payroll offering to attract and retain employees. The change in the working week, flexible working and the reform in terms and conditions of employment is fuelling the rise in employee expectations that pay on demand is becoming the new normal. So, how do you set this up and implement it so that it’s a positive addition to your financial well-being initiatives?
our pure payroll responsibilities. For me, this is exciting, as it’s where we showcase how we can look after employee financial and personal well-being. The employee self-service portal (HR and payroll integrated solution) is your platform to share information and educate your audience on everything related to: l pay l personal budgeting l saving tools l retirement planning l mortgage information l rewards l employee discount links. It’s basically a one-click shop for your employees. How can technology make payroll an exciting career for future generations? Circling back, let’s review how technology can make payroll an exciting career for future generations. Firstly, technology has removed the requirement for humans to complete repetitive tasks. Gone are the days when we’d ask payroll administrators to work on huge spreadsheets with multiple tabs and columns, and everyone’s role in the payroll team has evolved and changed. The innovations I’ve spoken about in this article pivot the role of the payroll professional – payroll used to be an office-based role but there’s been a change in attitudes towards homeworking. This has opened payroll up as a remote career choice, and subsequently extended the pool of talent for recruiters. I urge all payroll managers to complete a thorough review of payroll job descriptions, training / development and career paths. Complete the review with your team and incorporate technology as a key component. Payroll professionals will need a healthy desire to learn about the power of artificial intelligence and new technologies. They must also be open to change. Stepping into the future, payroll professionals must embrace new technologies for the advances they can offer. By actively engaging and growing with technology, the profession will further evolve to be an important influencer of corporate strategy. It’s exciting times, embrace technology and it will transform your world. n
Firstly, speak to your payroll and HR software provider. It may be that pay on demand is a module option of your current software, therefore offering a fully integrated payroll solution. Alternatively, your software provider may have the option of an approved partner solution. My preference would always be a fully integrated payroll solution rather than purchasing a standalone pay on demand product, but this may be your only option with your technology stack. Ensure the pay on demand solution aligns with your financial well-being initiatives; it would be a good idea to kick the project off to include HR so that you’re aligned on the strategic goals and outcomes. Finally, add pay on demand as an option on your payroll self-service portal, with clear instructions and information. “Gone are the days when we’d ask payroll administrators to work on huge spreadsheets with multiple tabs and columns, and everyone’s role in the payroll team has evolved and changed” Create some collateral to share with your employees. Pay on demand is a relatively new concept, and as payroll professionals, we have a responsibility to educate our employees on how to use the facility for a positive impact on well-being. I’d suggest a launch with briefings and the option for employees to ask questions to HR and payroll. Once you’ve adopted pay on demand, you’ll need to organise regular reviews. For some of these meetings, it would be beneficial to invite the pay on demand provider, as they’ll have detailed reports and information on engagement which will help your discussions. Financial and personal well- being: educational resources for employees This is where our world now merges with HR / internal communications and changes
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| Professional in Payroll, Pensions and Reward |
Issue 93 | September 2023
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