Conclusion
WITH THE TURBULENCE EXPERIENCED IN THE PAYROLL PROFESSION,
The Benchmarking Report is framed in a way that allows its readers to assess their processes against similar businesses. By seeing what the average business is doing, trends can be identified, and businesses can see if they’re going above and beyond, or falling behind, other employers. This has never been more important as the ’great resignation’ and focus on employee well-being were staples in the news before the current cost-of-living crisis. As the cost-of-living increases, these things become even more important, even if less discussed. Surprisingly, there were a lot of similarities between this year’s data and that from last year. While businesses cannot directly affect the legislative framework in which they operate, internal structure and processes are fully within control. With the turbulence experienced in the payroll profession, it may be that businesses are opting to keep processes and business practices the same for a level of continuity. If changes settle down over the coming year, will innovation and experimentation start to grow again?
IT MAY BE THAT BUSINESSES ARE OPTING TO KEEP PROCESSES AND
BUSINESS PRACTICES THE SAME FOR A LEVEL OF CONTINUITY.
Additional options were added for the salary portion of the survey, however, responses for board level pay were insufficient to draw meaningful conclusions. An increase in average salaries can be seen from last year, which is positive for the profession. The report didn’t make any comparisons against the inflation rates as the survey may have been completed at different times for different respondents. The CIPP may wish to explore this in further detail in future, however, with current inflation and interest rate changes still happening with regularity, this may prove difficult. The focus on employee well-being, benefits and overall remuneration can be seen from the survey responses. A huge range of offerings being seen and additional comments indicating types of benefits not previously discussed are positive to see. The CIPP will continue to explore the changing trends in the payroll profession. Initiatives such as earned wage access didn’t present the level of involvement as anticipated, and so care must be taken to correctly pitch questions in future surveys. With such a complex and diverse array of responsibilities, tasks and roles, it may not always be possible to correctly predict emerging trends. This report has provided some key insights into the
inner workings of payroll teams up and down the United Kingdom. The CIPP will continue to build on the success of this report over the coming years. The CIPP hopes this report will help shape the future for companies that wish to improve their offerings to employees, develop a world class payroll team and exemplify the profession.
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