SHAPING FINANCE:
Payroll’s growing influence - REPORT
The pandemic has had a major impact on payroll processes.With businesses forced to furloughed employees under the Coronavirus Job retention Scheme, and payroll teams asked to work from home, this year has brought challenges nobody could have anticipated.
Once seen as a relatively conservative function, payroll must now adapt to uncertain times. Especially as economic hardships look likely to be here for the longer term, maximising cash is paramount. This means seeking efficiencies wherever possible, be that through a change in processes or relying more on automation.
In the midst of these difficulties, payroll has raised its profile. No longer seen as purely reactive, payroll stands to become more advisory, helping companies future-proof their businesses. Firms are awakening to the ways that payroll data might inform their strategic decisions, and with that the need for the right supporting technologies.
This is why Financial Director, in partnership with SD Worx, surveyed our readership in order to discover how the payroll function has been affected by the pandemic, and how attitudes to payroll are changing. This report presents the survey’s results, exploring the different issues facing payroll professionals and asking where payroll sits in HR’s wider transformation.