To say that payroll professionals have endured a rollercoaster these past couple of years would be an understatement.
At the very peak of the pandemic, the introduction of new COVID-19 legislation, and updates to the same, were a constant challenge. The rapid adjustment to remote working created just as much disruption for everyone.
And although these initiatives were a lifeline for businesses and individuals alike, the pressure fell directly onto payroll teams to continue business as usual during what was an extremely unusual time.
Thankfully, as the pandemic disruption continues to settle, the payroll community can now start to refocus its attention on building resilient strategies to suit a changing future of work.
We’ve compiled a list of three payroll trends and topics that we think will be prominent throughout 2022 and beyond to help you plan accordingly.
1. Returning to work in the new normal
A major area we’ll see almost every organisation looking to get right this year is returning to work in the ‘new normal’ while meeting the changing employee expectations around flexible working.
Of course, with many offices having to close temporarily throughout the last 24 months, businesses have had a good while to think of a robust, longer-term plan for successful remote or hybrid working while also ensuring consistent payroll accuracy and compliance.
This means that this year, we’ll see a continuation of the work that had just begun in 2021. This includes the introduction of new, integrated, and modern payroll technology to better support employees and provide them with secure, frictionless experiences wherever they work.
2. Retaining top payroll talent
The remote working response to COVID-19 challenges has meant that location is less of a barrier to new career opportunities – and enterprising job seekers have access to a much broader range of choices.
As such, we may start to see highly skilled payroll professionals, especially at management level, being recruited towards global businesses operating across the EMEA (Europe, the Middle East, and Africa).
With the reduced requirement to work from a set location and the exciting opportunity to make use of language skills, organisations must be prepared to make effective retainment plans for the most business-critical skills.
What’s more, in 2022, businesses must also consider an additional hurdle that has been front of mind for everyone over recent months – rapidly spiralling levels of inflation.
Many employers have made their intentions to increase employee pay to cover inflation rates clear on platforms such as LinkedIn. This leaves other organisations debating whether to jump on the bandwagon of implementing pay increases across the board or risk losing their best talent.
3. The global goal of going green
Environmental, social, and governance (ESG) issues have climbed steadily to the top of the agenda for business leaders, with many organisations, (including our own), setting out detailed strategies to make meaningful change within this space.
Due to growing concerns around global warming, the ‘E’ in ESG has been facing the full glare of the corporate spotlight in recent years. 2022 should demand huge strides get made towards sustainability goals, not only across the UK and Ireland but across the globe.
On the one hand, this could fuel a shift toward electric vehicles and, with it, the need to review outdated company car policies and/or allowances to reflect the reduced home-office travel that comes with hybrid working.
On the other, organisations can take this opportunity to review their current employee communications and payroll processes. Are you handing out paper documents such as payslips and P60s? Are you using physical holiday or uniform request slips? Or are you printing out weekly timesheets?
If so, it may be time to consider the option of managing everything through a single, secure, and intuitive, waste-free online and mobile app.
Are you ready to face the payroll trends of 2022?
To best prepare your organisation for success, you must first be ready to review, and make the necessary changes to, whatever current practices you may have.
The question is, armed with the necessary knowledge and desire for change – do you have access to the technology, expertise, or processes to do so?