New Research Highlights Strategic Gaps in Payroll Functions
TL;DR
Automated and strategically aligned payroll systems offer a 16X advantage in efficiency.
HR.com's Future of Payroll 2025 report emphasizes the need for strategic payroll management for cost savings and employee satisfaction.
Implementing modern payroll strategies can enhance employee experience and overall organizational efficiency.
The HR Research Institute's findings highlight the importance of automation and integration in improving payroll functions.
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The latest findings from HR.com’s HR Research Institute shed light on the underutilization of payroll as a strategic function within organizations. The report, titled HR.com’s Future of Payroll 2025, indicates that only a quarter of payroll programs operate at higher strategic levels, with the majority lacking the necessary strategies and automation to optimize payroll operations.
Organizations with advanced payroll functions are reaping significant benefits, including a 16 times greater likelihood of high automation levels, five times the ability to keep pace with economic trends, and four times the enhancement in employee payroll experience. Despite these advantages, challenges such as lack of technology integration, the high cost of payroll systems, and inconsistent automation persist, hindering the potential for strategic payroll management.
Brent Skinner, Executive Community Leader of the Future of Payroll and Workforce Management at HR.com, emphasizes the need for payroll professionals to adopt a strategic mindset. The report suggests that overcoming operational, security, and compliance challenges with innovative solutions can free up resources to focus on strategic initiatives rather than reactive processes.
For those interested in delving deeper into the findings and strategies for transforming payroll into a strategic asset, the full research report is available for free download. Additionally, the webcast recording, Payroll 2.0: Transforming Strategy for the Modern Workforce, offers further insights into modernizing payroll functions.
Curated from Newsworthy.ai
