Payroll has a tremendous effect on the employee experience. Apart from their expectations to be paid in a timely, fair and equitable manner, employees increasingly expect modifications such as daily pay, pay transparency, and better access to their pay information. Further, organizations must strive to keep up with inflation rates, which lead to added financial stress for many employees, and to comply with the payroll-related laws and regulations of the regions in which they hire their employees.
This study shows that many organizations are struggling to meet the moment. Under half of organizations are confident in their ability to enhance their employee payroll experience, and under two-fifths are confident in their ability to keep up with economic trends.
In this report, we delve into the current state of payroll systems and future trends that will shape this function. Specifically, we discuss:
- The degree to which organizations see their payroll function as strategic or administrative
- How confident organizations are in the capability of their payroll function to meet organizational goals
- Common challenges facing payroll strategy and processes
- Methods used by organizations to devise a competitive and equitable pay strategy
- How organizations deal with pay transparency and paying globally dispersed employees
- How organizations rate their ability to comply with wage, hour and taxation policies and regulations
- The role of technology and degree of automation in payroll
- Future trends affecting payroll
- The key differences between organizations that take a more strategic approach to payroll and organizations that do not
Download this report to learn more.