or payroll professionals , 2024 is about balancing

F conflicting priorities , challenges and opportunities , and risk and reward as economic uncertainty continues . Our comprehensive research into global payroll reveals a payroll function that ’ s becoming more ambitious but mustn ’ t lose sight of the fundamentals .

Balancing payroll priorities

Welcome to ‘ The potential of payroll in 2024 report ’, where we take a deep look at the global payroll function to understand how it ’ s evolving to meet the rapidly changing needs of organisations and their employees . To compile this report , we surveyed senior leaders ( departmental managers or global senior leaders with responsibility for payroll ) in multinational organisations of more than 1,000 employees , headquartered around the world . We wanted to access how payroll is performing both in terms of the fundamentals , such as accuracy and compliance , along with its increasingly strategic role in aiding senior decisionmaking and providing operational agility to support business expansion . Finally , we wanted to explore its innovation journey ; how payroll is progressing in integrating emerging technologies , providing robust data security , enhancing employee experience and future-proofing its operations .

For global organisations , 2024 is all about balancing conflicting priorities , challenges and opportunities , as well as risk and reward , as economic uncertainty continues . Many are looking to reduce overheads , but not at the cost of business performance or innovation . Digitalisation continues across business operations , payroll included , and the key is ensuring that any investment delivers payback in terms of efficiency savings and ROI . This is clear from the research , which reveals that finding cost efficiencies and digitalisation are jointly the most common drivers for payroll transformation in the next two to three years ( both 33 %), followed closely by finding operational or productivity efficiencies ( 30 %).

At the same time , organisations mustn ’ t neglect their role as responsible employers . Improved employee experience is a significant priority for payroll leaders , named by 30 % as a key driver for payroll transformation . Achieving this goal demands that organisations first and foremost get the basics right . Paying employees accurately and on time is more critical than ever amid a worldwide cost- ofliving crisis and failing to do so could have serious reputational repercussions . But beyond that , payroll wants and needs to go further , to proactively contribute to providing a positive experience for employees , by aligning with the drive for pay equality and transparency , protecting employee data and aiding employees with managing their own financial health and wellbeing . �

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