Power of Payroll revealed in SD Worx survey28th Jun 2018
SD Worx, the founding member of the Payroll Services Alliance, recently surveyed 1,500 respondents from nine European markets (the UK, France, Germany, Luxembourg, Switzerland, Austria, Belgium, Ireland, and the Netherlands), and found that up to 87% of business leaders are now asking for employee data to inform business decisions.
Business leaders in the Netherlands were most likely to ask for payroll data to inform business decisions, at 94%, with Ireland (93%) and the UK (89%) close behind. Payroll has historically been seen as an administration function, so it’s encouraging that organisations are beginning to harness the power of payroll.
In addition, more than half of respondents had used payroll data within the last month, and a further quarter in the last week. Two thirds of the respondents in France used payroll data for employee appraisals, with Ireland (54%), Austria (53%), the UK (52%), France (49%), the Netherlands (49%) and Germany (46%) utilising the power of payroll in providing information for the boardroom on performance, retention and employee churn.
Although business leaders are now asking for payroll data, 40% of HR and payroll professionals surveyed reported that it was ‘difficult’ or ‘very difficult’ to provide HR and payroll data. In addition, the biggest challenges for HR and payroll teams are multiple systems (45%) and compliance (40%), followed by confusing data (31%). The survey results are encouraging, but HR and payroll professionals still face challenges.
In terms of technology, the future is bright for HR and payroll teams. 61% of respondents think that blockchain will be either important or critical in the HR and payroll industry, and 63% predict that artificial intelligence and automation will also be important or critical.
The Payroll Service Alliance and its members find SD Worx’s survey findings encouraging for HR and payroll teams around the world. Technology and digitalisation will play a big part in the HR and payroll industry, which will be helped by business leaders embracing the power of payroll.
To learn more about what the Payroll Services Alliance can do for your business, please get in touch.
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