Compliance
As the primary tax collection agent for tax authorities, payroll teams have to keep up-to-date with continuous legislative and regulatory change – not to mention new workforce mobility and flexibility models and unprecedented employment turnover rates. Compliance is critical, and very rarely straightforward.
Operations
Policies and procedures are at the heart of every payroll, from data collection to preparation, statutory reporting and payment. But are your organisation's policies and protocols fit-for-purpose and adding value? Or are they inadvertently introducing pain points?
Digital
An organisation's digital, technology and data capabilities are critical to the effective operation of payroll. Legacy systems and distributed roles and responsibilities for data and technology can prevent companies from cracking the payroll CODE. Digital isn't just a buzzword, it's a mindset that is necessary in order to future-proof the payroll function.
Employee experience
Employee engagement and experience are ongoing areas of focus for employers and payroll must be right, but how can it contribute more to an organisation's employee experience? And how do employees' actions impact payroll and the experience of the payroll team?
The four key actions businesses can take now
1. Consider your current payroll function and operations
Are roles and responsibilities known and effective? Is there an active, regular review for compliance requirements? How does it impact the employee experience?
2. Open a conversation
Talk to stakeholder teams internally to understand their insights and issues. Touch base with peers in other similar organisations for their experiences also.
3. Data, data, data
Organisations carry huge obligations when it comes to their employees' (and customers') data, especially the highly confidential personal data involved within payroll. It's essential to consider:
- data quality;
- data clarity; and
- how data builds benefits, or hazards, in any digital process or project.
4. Explore how payroll can benefit your organisation
Payroll is at the heart of your organisation. Getting it right is essential, and not easy – but it's not the limit. How can your payroll function and operations unlock other benefits for your organisation and employees?
We are here to help you
PwC has worked with Irish plcs, global pharma and technology companies, and retail and healthcare employers to identify and implement payroll-related opportunities.
Our team can help you crack the payroll CODE, from software configuration to full-scale payroll transformation, and from analysis or documentation of payroll policies to acting as a payroll service provider.
We have developed payroll consulting tools such as the Payroll Navigator, which produces a snapshot report of your organisation's payroll maturity after a 30-minute online self-assessment. If you are interested in the Payroll Navigator or any other PwC payroll consulting tools, do get in touch.
