REWARD
operations. Losing time underscores the value of collaborating with specialist payroll recruiters. On average, it takes 23 days to fill a position, and that’s assuming immediate success. Factoring in salary negotiations, background checks or potential relocations, it can take weeks, if not months, before you can fully staff your payroll team. In contrast, specialist recruiters streamline the process, leveraging their expertise to access the best talent. Employers attempting to attract and recruit niche payroll talent independently often pay significantly more. The Recruitment and Employment Confederation discovered that a poor mid- manager level hire with a £42,000 salary could cost a business over £132,000 due to recruitment-associated expenses. Since 77% of businesses reported difficulties attracting experienced candidates, it appears that in 2024, securing top payroll talent will be more crucial than ever. Cutting corners costs more than you think While skimping on recruitment, benefits or development opportunities might appear cost-effective in the short term, it can lead to an expensive talent drain in the long run. Research from the Chartered Institute of Personnel and Development revealed that organisations with limited learning and development opportunities often need help retaining staff. Therefore, offering perks like payroll qualification tuition reimbursement, mentorship programmes or flexible work arrangements may also significantly enhance the employee retention of your payroll team.
techniques to extract valuable insights from payroll data, influencing strategic decisions by predicting future outcomes to improve organisational success. Data scientists and engineers are already shaping the future of technology. I think it’s inevitable that we’ll also see them infiltrate payroll operations, as companies seek to leverage payroll data to improve organisational outcomes. However, many businesses have never recruited such personnel before. Therefore, in today’s competitive world, the ability to attract, recruit, engage and retain such talent could be the difference between organisational success and failure. “While salary often takes the spotlight in candidate attraction and retention discussions, it’s just one note in a larger symphony” Hence, paying employees a competitive salary isn’t merely about keeping current employees content; it also plays a pivotal role in attracting new talent into the industry. Potential candidates readily compare offerings, with competitive compensation packages often being a deciding factor. Therefore, investing time and resources into crafting competitive packages is vital to staying ahead in the payroll recruitment game. Offering competitive pay alongside benefits like earned wage access, health care, flexible work arrangements, career development opportunities and bonuses further entices top talent. Moreover, a robust onboarding process can be the instrumental difference that makes employees feel valued and integral to a team’s success. Create a vibrant workplace culture Creating a vibrant workplace culture and promoting engagement aligned with company values are both vital. Culture encompasses a company’s shared values, goals and attitudes beyond office decor. A vibrant culture fosters an appreciation for employees’ hard work and encourages feelings of belonging and diversity of
thought, leading to innovation, higher morale, improved productivity and, ultimately, better retention. Implementing mentorship programmes to nurture payroll leadership skills can also improve retention. Such programmes demonstrate a commitment to professional growth while strengthening bonds between senior staff and junior team members. To summarise… As we step into 2024, it’s crucial to anticipate your potential recruitment and retention challenges. That’s because securing the right talent is akin to winning a high-stakes game of musical chairs in today’s competitive payroll job market. However, the focus should extend far beyond mere salaries and benefits packages. That’s because attracting top talent represents one half of the equation. The second part concerns cultivating a workplace culture which retains those same employees. The numbers tell the story, because employees with a balanced work- life experience and adequate pay are twice as likely to stay. However, proper talent retention goes even further. It involves out-of-cycle reviews, a nurturing workplace culture, access to learning and development opportunities and creating personalised career development plans. It’s about fostering an environment that ignites commitment, productivity and genuine job satisfaction. Remember, it’s not just about the employee. For businesses, stable work environments which retain top performers are also far more likely to drive innovation, productivity and improved profits. Remember, the ripple effects of low retention will touch every level of an organisation, from direct hiring costs to diminished morale and productivity. Meanwhile, attracting the right talent will become more challenging as payroll roles evolve. Hence, organisations must invest and adopt intelligent hiring practices, robust onboarding processes and continuous learning initiatives to craft an environment where talent stays and thrives – not only in 2024 but also beyond that. The path to success in the year ahead lies not in cutting corners but in nurturing and valuing the heartbeat of every organisation – its people.. n
Payroll talent is evolving The onset of 2024 can provide an
opportune moment to evaluate payroll operations, restructure departments and prioritise employee retention. Anticipated difficulties in attracting suitable candidates may also stem from the rapid evolution of payroll job roles, driven by technological advancements, automation, data analysis, employee experience and changing market dynamics. Roles like payroll machine learning engineers and skilled payroll data scientists are gaining prominence in this evolving landscape. I expect to see more companies hire professionals with these unique skills in 2024 than ever before. These experts can adeptly leverage artificial intelligence
You can visit the JGA website here: https://ow.ly/Zy6O50Q556X.
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| Professional in Payroll, Pensions and Reward |
Issue 96 | December 2023 - January 2024
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