New survey highlights over half of payroll professionals believe AI will enhance their efficiency and accuracy, while 77% aren’t using AI in their processes
AUSTIN, Texas, Dec. 3, 2024 /PRNewswire-PRWeb/ — Safeguard Global Pay, a leading global managed payroll provider, today released the findings of its Payroll as a career: Insights from senior payroll professionals report in partnership with the Global Payroll Association, a membership organization for global and in-country payroll professionals, which explored the challenges payroll professionals face and how they believe they are perceived and valued.
Payroll is a complex and essential process that impacts the entire organization. Yet, for many employees outside of its operations, it remains a mystery. Chief among the challenges encountered by the payroll leaders surveyed in the report were consistency in policies and processes (56%), the accuracy of inbound data (53%), keeping up to date with legislation and compliance (51%), and reporting and analytics (42%). Additionally, the data found a discrepancy between who owns the payroll process with 47% of respondents stating that payroll reports to HR in their organization, while 42% report to finance.
This complexity can also be seen as payroll professionals themselves report wearing many hats. Almost half (45%) said they manage a behind-the-scenes process that ensures everyone gets paid correctly. Meanwhile, 34% said they are problem solvers and strategic advisors for their business, ensuring smooth financial operations. As companies expand into new geographies, paying the global workforce accurately and on time can present a huge logistic and compliance challenge. But despite these pressures, a whopping 86% of payroll leaders report feeling valued and respected within their organizations.
“Payroll is one of the most critical functions within any organization, yet its complexities are often misunderstood by those outside the industry,” said Danny Gillespie, President at Safeguard Global Pay. “These professionals are not just number crunchers – they are experts who navigate a complex web of processes to ensure accuracy and transparency at every step. As our data indicates, they are increasingly proactive in driving clarity and delivering actionable insights to their organizations. These insights are the invitation to the strategic conversations surrounding their company’s total workforce. Our goal at Safeguard Global Pay is to foster a deeper appreciation for the crucial role they play as they are paving the way for the future of work.”
Melanie Pizzey, CEO and Founder of the Global Payroll Association, says: “Payroll professionals are, and always will be, the unsung heroes of the professional landscape, playing a pivotal and often complex role that is vital to the success of many businesses and the harmony of the professional workplace.
It can be an incredibly fulfilling career path that involves a myriad of processes and challenges and its proper execution is vital, not only to the financial health of an organization, but also in maintaining employee satisfaction at a base level.
Unfortunately for many payroll professionals the role they play often goes unnoticed by those they primarily benefit and many employees will wrongly assume that payroll is just one singular function of a wider human resources department, rather than the vital, standalone entity that it truly is.”
Additional key findings from the report include:
Over half (60%) of payroll employees believe that AI will enhance efficiency and accuracy in their job function. That said, 77% of respondents said they are not currently using AI in their payroll operations.76% of respondents found the ability to see gross pay information on a Gross Pay Dashboard essential. This sentiment was even stronger in response to the importance of consistency in reporting formats, with 80% of payroll professionals finding it essential.Payroll analytics that provide payroll spend data visuals were found to be somewhat essential by 70% of the senior payroll professionals surveyed.Respondents reported that industry media and independent research online (both 74%) are the most popular ways they stay abreast of payroll trends and technologies.
The full report is available here.
Methodology
Safeguard Global Pay and the Global Payroll Association conducted the Payroll as a career: Insights from senior payroll professionals survey online between April and June 2024. It reflects the opinions of 139 global and in-country payroll leaders based across the globe.
About Safeguard Global Pay
Safeguard Global Pay manages, accelerates and scales payroll for organizations around the world. We deliver a unified client experience through a global community of local payroll experts, partners, and an agile platform, for accurate, compliant, complete and timely pay with every cycle. As a leading global managed payroll provider, we offer certified, bi-directional integrations with Workday for a consistent and optimizeglobalpayrollassociation.com [d experience. Seamlessly integrate HR and payroll data around the world, gain comprehensive insights to labor costs, and ensure maximum engagement with Workday.
About Global Payroll Association
The Global Payroll Association is a one-stop shop for global and in-country payroll professionals. Our expansive range of resources offers everything from interactive training courses to comprehensive directories and in-depth country resources. Join us to connect with world-leading payroll experts and network with other like-minded professionals at globalpayrollassociation.com.
Media Contact
Lindsay Mahaney, Safeguard Global Pay, 419-764-9705, safeguardglobal@meetkickstand.com, https://www.safeguardglobal.com/
View original content:https://www.prweb.com/releases/safeguard-global-pay-and-global-payroll-association-launch-new-report-reveals-high-job-satisfaction-among-payroll-professionals-despite-operational-challenges-302320574.html
SOURCE Safeguard Global Pay
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