HOWWILL TECHNOLOGY ENHANCE THE PAYROLL PROFESSION?
Workday foreword At Workday, we’re delighted to continue to partner with the Chartered Institute of Payroll Professionals (CIPP) for this year’s Future of Payroll report . Getting the results from this research is a highlight every year, and it’s interesting to get an insight into the trends that are fast emerging. The pressures on the payroll function continue to increase as the world changes, and as the way people work continues to adapt. Technology advances are bringing new solutions and pressures, and ensuring compliance with legislation continues to be a challenge. What strikes me in this year’s report is that payroll is starting to play a different role within organisations, and I think this is closely linked to payroll professionals embracing the change.
Daniela Porr Senior product, marketing manager, Workday
The challenges that 2020 is bringing to the workforce – and payroll professionals – have a special quality. We see them responding to COVID-19 and the related compliance and legislation changes, while managing the shift to remote work, a remote economy and remote payroll. We also see them taking measures to protect and support their workforce, and their businesses, as they prepare to recover and emerge from the crisis stronger. Responding to changes quickly requires a high level of agility, flexibility and resilience – and it’s impressive to see the payroll function responding in this way. Crises like this often intensify and speed up trends that were apparent before. And so it’s especially encouraging to see respondents are positive about technology, and embrace these advances as a way to enhance their role. Modern systems, including Workday, allow the use of automation, machine learning and artificial intelligence. And these technologies are seen as a way to make payroll more effective – freeing up time to focus on the more strategic elements. As a result, the value of the payroll function is increasing. It’s becoming increasingly recognised within organisations as payroll professionals can focus on strategic tasks, and become more involved with other departments. At Workday, we’re already seeing HR, time, absence, payroll, compensation and finance work closely together in some organisations. We’re also seeing more payroll departments have a seat at the table. They’re able to become a part of the conversation as they deliver unique insights based on real-time payroll data analysis, and by looking at history and sharing trends, they can often anticipate potential problems. For instance, when payroll experts begin to work with compensation and finance departments, and start participating in planning meetings, they become a strategic partner in business decisions. And these decisions could be mergers and acquisitions, adjusted business models as companies respond to changing customer demands, or designing crisis response and recovery plans.
This report emphasises the value of the payroll profession. We hope you find it as useful and encouraging as we do, and as always, we’re looking forward to hearing your thoughts and feedback.
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