What HR and payroll teams should be thankful for

Payroll Services Alliance 3rd Dec 2018

The holiday season is a time to come together and to reflect on all the things we are grateful for. In business this should be no different as the season approaches.

From being thankful for colleagues to being thankful for coaching and mentoring, there’s plenty to be grateful for in the workplace. However, what should the HR and payroll industry be thankful for this holiday season?

Learning and development

Whereas some industries don’t change, the HR and payroll industry does not stand still. There’s plenty that professionals in this industry can continue to learn, which not only helps to progress their careers, but also helps HR and payroll departments to do their job better. From new laws and legislations around the world to the adoption of revolutionary technologies, in order to keep up to date and ensure the department (and organization as a whole) runs efficiently, there’s always something new for HR and payroll professionals to learn.

Rather than fearing new technologies being introduced into the workplace, learning how to utilize them can improve the jobs of the HR and payroll professionals, rather than replace them. Training staff so that technology can be fully integrated into the department means that they can be thankful for the development in technology rather than fearing it taking over their roles. Especially during the holiday season, technology can be help improve the work/life balance of employees, reducing their admin tasks and freeing them up to enjoy the festive celebrations and spend more time with their friends and families.

HR and payroll professionals must learn and develop with the industry in order remain compliant in the various regions in which the organization operates. Learning and development is certainly something for which to be thankful as, with the constant updates in local and regional legislations around the globe, if HR and payroll departments don’t remain up to date and have an in-depth understanding of the laws, they run the significant risk of non-compliancy. For example, with the introduction of GDPR earlier in 2018 affecting all organizations that hold data of EU citizens, non-compliancy results in a fine of €20m or 4% of annual turnover. Simply educating and training staff on compliancy procedures minimises the risks of this and the subsequent brand damage to the organization.

The opportunity to outsource

In today’s international landscape, the opportunity to outsource can revolutionize the payroll operations of a multinational organization. Working with a global payroll provider can provide the much-needed support to overstretched teams working both global and local payroll. Working with one single provider that provides global scope with local detailing can harmonise a once disparate operation. With payroll data handled by one provider, insights can be provided on the performance of the organization, their employee retention and employee satisfaction rates – information that can be used within the boardroom to inform important business decisions for the organization as a whole. Alongside the technology freeing up the staff from the mundane, speed and accuracy will improve and this can truly unlock the power of an organization’s payroll data.

To learn more about what the Payroll Services Alliance can do for your business, please get in touch.

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