Only 16% of human resources professionals identify their organization's payroll function as highly strategic, according to the free research report available at https://www.hr.com/hrresearchinstitute. The study conducted by HR.com's Research Institute examined current trends in payroll, changing regulations, new technologies, and evolving payroll offerings to help employers navigate today's challenges. Findings indicate significant areas needing improvement where HR departments should focus their efforts.
The biggest challenges organizations face with their pay strategy include paying competitively in today's market, keeping pace with economic trends, staying abreast of evolving payroll legislation, and dealing with employees' financial stress. These challenges contrast with areas where employers excel, as the majority of respondents indicate their payroll operations perform well in complying with laws and regulations (87%), adjusting pay for work in different geographies (63%), and enhancing employee payroll experience (60%).
Debbie McGrath, Chief Instigator and CEO of HR.com, emphasized the critical need for organizations to develop intentional payroll strategies. A progressive modern approach that evolves with technology will be essential for ensuring compliance and maintaining employee engagement, productivity, and business success. The full report provides actionable strategies and key takeaways to help understand current trends regarding attitudes, concerns, priorities, and skills of today's HR professionals.
The recording of the research presentation examining payroll trends and strategies is available for viewing on demand through HR.com's platform. The comprehensive findings underscore the growing importance of transforming payroll from an administrative function to a strategic business component that can drive organizational success in an increasingly complex regulatory and economic environment.
