Safeguard Global Pay, in collaboration with the Global Payroll Association, has released the “Payroll as a Career: Insights from Senior Payroll Professionals” report. This study highlights the challenges faced by payroll professionals, their perceived value within organizations, and emerging trends shaping the payroll landscape. Despite operating in the shadows of HR and finance, payroll professionals are integral to ensuring seamless operations, maintaining compliance, and driving strategic insights.
1. Challenges Faced by Payroll Professionals
- Consistency in Policies and Processes: Identified as a key issue by 56% of respondents.
- Accuracy of Inbound Data: 53% struggle with receiving correct and timely data.
- Legislative Compliance: Keeping up with changing laws and regulations is a concern for 51%.
- Reporting and Analytics: 42% face challenges in generating actionable payroll insights.
2. Role of Payroll Within Organizations
- Varied Reporting Structures: 47% of payroll functions report to HR, while 42% report to finance.
- Wearing Multiple Hats:
- 45% ensure behind-the-scenes accuracy for timely employee payments.
- 34% act as problem solvers and strategic advisors.
3. The Strategic Evolution of Payroll
- Payroll professionals are increasingly driving clarity and insight within organizations.
- As companies expand globally, ensuring accurate payroll across geographies is becoming a strategic imperative.
4. Key Findings from the Report
- AI in Payroll:
- 60% believe AI will enhance efficiency and accuracy.
- However, 77% are not yet utilizing AI in their operations.
- Dashboards and Reporting:
- 76% find gross pay dashboards essential.
- 80% emphasize the importance of consistent reporting formats.
- 70% value visual payroll analytics for spend insights.
- Staying Updated:
- 74% rely on industry media and independent research to track payroll trends.
5. Perspectives on Payroll’s Importance
- Payroll professionals are often misunderstood as mere number crunchers, yet they play a pivotal role in financial health and employee satisfaction.
- Leaders in the field emphasize the need for a broader appreciation of payroll’s contributions to business success.
The “Payroll as a Career” report sheds light on the complexities of payroll management and its critical role in organizational success. From navigating global compliance to leveraging AI for efficiency, payroll professionals are emerging as strategic contributors. As organizations recognize their value, the future of payroll is poised for innovation and elevated importance.
