- January 18, 2023
- Posted by: Hannah Ingram
- Categories: HR Advice & Support, Legislation Updates, News & Annoucements, Pay, Reward & Benefits
Payroll news and HR Trends for 2023
It’s shaping up to be a busy year in payroll services and HR. With many updates to pay rates and trending HR topics around improving company culture and tackling employee retention.
We’ve rounded up some of the key trends for 2023 to keep your eyes on.
Winter Round Up:
1) Driving cost and time efficiency through payroll
It’s eye-opening that UK businesses lose £150,000 a year through payroll errors!
Reviewing your payroll tech can make a big difference, for example at Talk Staff we use an alternative to BACS which means you can upload payroll changes in hours instead of days.
2) Pay rates 2023
There are a lot of changes with pay rates in 2023 so here’s your quick view. NMW (National Minimum Wage) rates are changing and there are increases in statutory pay rates too.
3) Navigating the gig economy
Approximately 7.25 million people are working in the gig economy and the trend is here to stay. One study finds that 18% of Human Resource Directors in the UK expect gig workers to make up 75% or more of their workforce over the next 5 years.
4) Tackling the great resignation
The war on talent is leading some employers to reconsider their salary packets especially when hiring new teammates and retaining existing ones.
The Great Resignation will continue to have an impact on payroll. According to the PwC workforce survey, almost one in every five (18%) UK employees are likely to switch to a new employer within 12 months.
5) Quiet Hiring
Quiet hiring is a new buzzword for 2023. Should you train up your existing staff or hire new talent?
The answer is not one size fits all. The right solution depends on the unique culture, strengths, weaknesses, and talent demands of a company and its sector.
The best way to know whether to develop your team or hire new talent is to speak to a team who specialise in recruitment and team development. Our Talk Staff team are always open to a virtual chat to discuss your unique challenges.
One thing is certain. Whether you are hiring new talent or not, engaging with your team is key to increasing performance. A recent Gartner report notes a
6) Neurodiversity in the workplace
This is becoming a key topic for employers. There are lots of new resources around supporting neurodivergent teammates such as this one specifically for ADHD employees.
Taking the time to understand your people better on an individual level leads to better performance and improves mental health when teammates feel supported by their organisation.
HR professionals are turning to specialists in demographic diversity , neurodiversity and cognitive diversity to empower their teams and avoid costly HR situations too.
7) Increased flexibility
Employees are seeking extra flexibility beyond hybrid and remote working, including increased flexibility around school runs and in some cases 4 day working weeks.
However, what is also clear is flexibility in abundance is not viable for every business, therefore developing benefits for employees that are fair across the board and commercially right for the business can be a minefield. In many cases extra support can help shed light on your options to create a best of both world’s scenario.
8) Upcoming dates of interest
The spring budget will be held on 15th March as announced by Jeremy Hunt on the 19th December 2022. You can see focused people-related news from the Autumn Budget here.
There is also an extra bank holiday confirmed for the 8th May following the coronation on the 6th May.
Payroll services and HR support
Our Talk Staff team offer a sound board for employee support in 2023, from payroll to recruitment, HR to team development.
Have you got a challenge you want to chat through? Contact us at [email protected]
Last Updated on 10 months by Hannah Ingram
