Payroll and Business Success

Payroll service teams have a huge range of hidden talents. The trick is knowing how to use payroll teams to their full potential. Here’s 3 ways to start you off…

Consulting with your payroll team

Your payroll team have a lot of data at their disposal that allows you to consider new options for your business. Get your leaders and payroll professionals in a room together regularly. This allows for knowledge to be shared, resulting in more accurate forecasting and informed decision making.

Restructures – If you’re looking to shake up your business there will be organisational implications to consider, including how you’ll effectively communicate the change, but there will also be payroll related ramifications too. Your payroll team can provide insights here to keep things running smoothly.

Pay rises – Salary reviews are important; they allow you to remain competitive and retain great talent, especially during the cost-of-living crisis. What’s more, counteroffer culture is strong. The best solution is to review your payroll data and explore sustainable ways you can increase pay across the team or to reward individuals.

Benefits – You can look at the ROI of additional benefits including how a four-day week might impact your business or how a bonus structure could work effectively including any tax implications.

Visibility for other departments

Collecting the right data and then reporting on it in a useful way can provide valuable insights which your payroll team can help to interpret.

Leadership Teams – As mentioned above by getting leadership teams and payroll teams together at regular intervals you can uncover patterns, explore developing trends and set future forecasts.

HR teams – HR and finance departments can support each other by swapping who inputs and who audits to avoid errors in real-time.

When HR and payroll work closely together you can uncover valuable information about employee performance, engagement and productivity.

Hiring managers – If you’re looking to grow your team then payroll data can help you assess the available budget for this and the implications on the wider team including the gender pay gap and any imbalances in new starter salaries vs existing employers.

Continuous Learning for Payroll Trends

Payroll teams often have their fingers on the pulse of what’s happening in the wider world, particularly with changes to legislation. This can influence:

Older and younger workers – In the autumn and spring budgets the government often introduce incentives to help certain age groups or to support diversity, help those experiencing poor health or encouraging people back to work. By knowing about these trends, you may be able to access grants or attract new talent. Knowing about these also allows you to find ways to stand out from the crowd by doing more than the bare minimum.

Employer Brand – Staying compliant is more than just avoiding costly fines. If you don’t stay on top of legislation you can end up in the news for a tax infringement or HR related disaster. As a result this can damage recruitment potential.

Looking to explore this further?

We know the importance of using payroll service teams to their full potential. And the powerful impact of making your business attractive as an employer, to retain and attract talent.

What are your questions? Let us know. Let’s talk!

Last Updated on 2 months by Hannah Ingram

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