The strategic importance of payroll data for finance leaders
Our new research surveyed hundreds of financial leaders from top UK businesses to understand changing attitudes towards payroll. And what’s clear is that although the payroll function in mid-market and enterprise organisations is highly valued, the payroll technology and solutions being used simply don’t make the cut.
The data revealed:
- 47% of finance leaders said they use payroll data to make strategic decisions
- 64% of those surveyed claimed that payroll isn’t currently valued as a strategic initiative, but they believe it should be
- 89% believe payroll is a big factor in HR transformation
- Over half the surveyed finance leaders have experienced issues with payroll during the pandemic
This shows how Finance leaders should be adopting a two-pronged approach when it comes to payroll. First, ensuring that the payroll solutions they use can deliver accurate, real-time data and analytics. Second, being able to extract from this employee data the insight needed to drive strategic decision making and power ongoing digital transformation.
Watch our on-demand webinar and learn as we discuss the survey findings in more detail – zooming in on:
- How the pandemic has urged Finance teams to assess payroll data strategically
- What technological changes have driven deeper insight into the payroll function, and how it’s powering business decisions
- Motivations behind why organisations have moved to a more bonus-related remuneration system
- How automation can reduce risk and ensure legislative compliance
- Where payroll and employee data sit in HR’s wider transformation plans