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January 2025 report from the McKinsey Health Institute , produced in collaboration with the World Economic Forum, investing in employee wellbeing could create $11.7 trillion in global economic value. It found organisations making employee health and wellbeing a priority see marked improvements in productivity, reduced absenteeism, lower healthcare costs and heightened employee engagement and retention. The research further revealed the positive link between remuneration and holistic health. Only 41% of individuals with poor financial status reported good holistic health compared to 76% of those with good financial health. Those with low financial stability also reported 30% more burnout symptoms (70% versus 40%). Self- service portals give employees direct access to their payroll data, payslips, benefits, and tax information, allowing them control over their
payment preferences and enabling them to make informed decisions and update personal details when required. Through the greater transparency that real- time access to salary deductions and pay information brings, together with financial management support, employees’ financial and emotional wellbeing can grow. Enhanced transparency builds trust and improves financial wellness, reducing workplace stress and improving productivity. The option to electronically submit leave requests and timesheets is a benefit to payroll teams and workers, reducing manual errors and miscommunication and saving time. Cloud- based access to payroll data supports flexible and remote working, a boon for global expansion and employees seeking greater independence. Conclusion Forward momentum is essential for companies
hoping to survive the demanding
contemporary climate. However, companies cannot successfully grow and evolve effectively without a modernised, integrated payroll system. Integrating payroll systems with leading- edge tech capabilities is the way to gain and maintain the agility needed to navigate change and succeed. The remarkable new tools we have at our fingertips can change the way payroll works for the better and allow the wider business to understand its potential as a source of change- driving information and insights. By embracing payroll transformation, companies unlock agility, ensure compliance, and create a better experience for employees and leadership alike. Click here to download the iiPay/GPA white paper, Simplifying the Complexities of Global Payroll
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GLOBAL PAYROLL MAGAZINE ISSUE 10
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