The latest survey for Alight’s Global Payroll Complexity Index (GPCI) is now underway and the GPA would like to extend an invitation for you to take part. The benefits of participation are two-fold: at the survey’s end, you will immediately receive an indicative view of the complexity of payroll in your company and see your level of risk. Then, following the conclusion of the entire survey, the results from all respondents will be compiled into the GPCI; a valuable biennial resource and insight into the payroll big picture.
With the latter in mind, we are looking back to the 2021 Global Payroll Complexity Index and exploring where priorities stood and what the expectations were for the future. The survey covered the years 2019-2021, a period of unprecedented turbulence and uncertainty for payroll when pressure on our peers to stay calm and carry on delivering timely and accurate pay was at an all-time high and played out against an ever-changing regulatory and legislative backdrop.
At the time, there was hope that lessons learned during the pandemic would encourage organisations to fill resilience gaps and prioritise employee wellbeing, going forward; understanding, amid talent shortages and a steep climb in resignations, that people were the most valuable asset any business possessed. It is, therefore, fascinating to review what payroll professionals in 2021 expected their organisation’s priorities would be today in 2023 when they were asked to give a 24-month forecast.
After experiencing the stagnation of global lockdowns, it makes sense that M&A were the event considered most likely to happen in 2022 and 2023. Companies that were prepared to evolve - whether by joining forces with a complementary firm or taking another organisation over - had a far better chance of maintaining a healthy bottom line. 46 per cent of people who participated in the GPCI survey predicted that mergers and acquisitions would be a priority for their business.
The understanding of the need for resilience is reflected by the 40 per cent of respondents who anticipated a digital transformation project on the horizon. The ripple effect of the pandemic taught us how essential agility is to an organisation’s survival. And we can now appreciate the value that a well-executed transformation can bring. In 2021, trends in the Index highlighted the need to overcome a prior reluctance to invest in payroll modernisation and to appreciate the benefits that embracing AI, automation and cloud technologies would bring.
Remote, hybrid and flexible working are pandemic practices that are here to stay. In 2021, having adapted to the challenges of paying a geographically scattered workforce, payroll professionals understood that compliantly expanding into new territories was possible. Combining that perspective with the knowledge that the C-suite were likely to be focused on growth, 27 per cent of survey participants expected expansion into a new country to happen within the next 24 months.
The Alight 2023 Company Payroll Complexity survey covers strategy, service delivery, vendor management and the intricacies of managing and compensating a workforce in fast-changing times, among many other areas. It will be interesting to see the priorities of respondents today when they are asked to look ahead and to discover whether the post-pandemic recovery and evolution of employees’ priorities have impacted their outlook for the months and years before us.
To take Alight’s 2023 Company Payroll Complexity survey and contribute to the big picture click here.
The latest survey for Alight’s Global Payroll Complexity Index (GPCI) is now underway and the GPA would like to extend an invitation for you to take part. The benefits of participation are two-fold: at the survey’s end, you will immediately receive an indicative view of the complexity of payroll in your company and see your level of risk. Then, following the conclusion of the entire survey, the results from all respondents will be compiled into the GPCI; a valuable biennial resource and insight into the payroll big picture.
With the latter in mind, we are looking back to the 2021 Global Payroll Complexity Index and exploring where priorities stood and what the expectations were for the future. The survey covered the years 2019-2021, a period of unprecedented turbulence and uncertainty for payroll when pressure on our peers to stay calm and carry on delivering timely and accurate pay was at an all-time high and played out against an ever-changing regulatory and legislative backdrop.
At the time, there was hope that lessons learned during the pandemic would encourage organisations to fill resilience gaps and prioritise employee wellbeing, going forward; understanding, amid talent shortages and a steep climb in resignations, that people were the most valuable asset any business possessed. It is, therefore, fascinating to review what payroll professionals in 2021 expected their organisation’s priorities would be today in 2023 when they were asked to give a 24-month forecast.
After experiencing the stagnation of global lockdowns, it makes sense that M&A were the event considered most likely to happen in 2022 and 2023. Companies that were prepared to evolve - whether by joining forces with a complementary firm or taking another organisation over - had a far better chance of maintaining a healthy bottom line. 46 per cent of people who participated in the GPCI survey predicted that mergers and acquisitions would be a priority for their business.
The understanding of the need for resilience is reflected by the 40 per cent of respondents who anticipated a digital transformation project on the horizon. The ripple effect of the pandemic taught us how essential agility is to an organisation’s survival. And we can now appreciate the value that a well-executed transformation can bring. In 2021, trends in the Index highlighted the need to overcome a prior reluctance to invest in payroll modernisation and to appreciate the benefits that embracing AI, automation and cloud technologies would bring.
Remote, hybrid and flexible working are pandemic practices that are here to stay. In 2021, having adapted to the challenges of paying a geographically scattered workforce, payroll professionals understood that compliantly expanding into new territories was possible. Combining that perspective with the knowledge that the C-suite were likely to be focused on growth, 27 per cent of survey participants expected expansion into a new country to happen within the next 24 months.
The Alight 2023 Company Payroll Complexity survey covers strategy, service delivery, vendor management and the intricacies of managing and compensating a workforce in fast-changing times, among many other areas. It will be interesting to see the priorities of respondents today when they are asked to look ahead and to discover whether the post-pandemic recovery and evolution of employees’ priorities have impacted their outlook for the months and years before us.
To take Alight’s 2023 Company Payroll Complexity survey and contribute to the big picture click here.