[Global] Majority of businesses lack payroll transparency and visibility

New research has revealed that a majority of payroll teams lack visibility and transparency, leaving them unable to deliver on their core objective of accurate and timely payroll and risking their competitive standing and operational efficiency, London Loves Business reports.

The new report - Reaping the Benefits of Unified Pay Solutions - from Everest Group, supported by global payroll provider CloudPay, found that 80 per cent of respondents are unable to use payroll reporting for informed decision-making.

A further 45 per cent reportedly lack visibility into their payroll operations indicating that these payroll teams will struggle to deliver accurate and timely pay processing. Something report participants listed as their top objective for 2024.

In addition, improving the employee experience emerged as a core focus for payroll functions, with eight out of ten respondents listing this as a priority.

The insights were drawn from a survey involving over 100 senior leaders in payroll, finance and HR to understand the complexities of global payroll operations and highlight the significance of unified pay solutions in the dynamic work landscape of today.

The report also revealed significant geographical differences between approaches to payroll. On average, just 6 per cent of businesses within APAC and 27 per cent in EMEA use a global payroll solution at present, instead relying on local and regional approaches. This is in contrast to 47 per cent in North America.

These figures reflect the difficulties facing payroll teams running global solutions, as nuances in pay compliance across jurisdictions in EMEA and APAC cause disjointed processes. Everest Group reportedly stated that a joined-up global approach allowing for full visibility is critical in the contemporary world of work where consistency of experience across borders is key.

Matt Hillier - EVP of Product at CloudPay - broke down how a unified pay solution can address the issues that payroll teams face.

Mr Hillier said, “The data from this research reveals some concerning results, namely that the majority of payroll teams will be unable to meet their key objective for this year due to a lack of visibility and the inability to use payroll reporting for informed decision-making.

“This absence of robust reporting capabilities not only hinders operational and strategic visibility but also limits an organisation’s ability to spot trends, patterns and anomalies within payroll data.

“As payroll leaders listed the delivery of accurate and timely pay processing as their top objective for 2024, this lack of visibility will prevent already overstretched teams from fulfilling their goals. As global pay processes become increasingly complex and more widely used, having the ability to adhere to regional nuances while also delivering a consistent experience across borders is going to be a critical component for organisations.

“Those that are unable to adapt will not only feel the impact in terms of efficiency of operations, but also in boosting their brand’s competitive standing.

“By consolidating global payroll and payments under a single, unified pay solution that brings together multi-country payroll requirements seamlessly without the administrative burden on teams or errors that could impact employee pay packets – businesses will be able to gain from greater insights and support the development of more effective strategic decision-making.”

Source: London Loves Business

(Quotes via original reporting)

New research has revealed that a majority of payroll teams lack visibility and transparency, leaving them unable to deliver on their core objective of accurate and timely payroll and risking their competitive standing and operational efficiency, London Loves Business reports.

The new report - Reaping the Benefits of Unified Pay Solutions - from Everest Group, supported by global payroll provider CloudPay, found that 80 per cent of respondents are unable to use payroll reporting for informed decision-making.

A further 45 per cent reportedly lack visibility into their payroll operations indicating that these payroll teams will struggle to deliver accurate and timely pay processing. Something report participants listed as their top objective for 2024.

In addition, improving the employee experience emerged as a core focus for payroll functions, with eight out of ten respondents listing this as a priority.

The insights were drawn from a survey involving over 100 senior leaders in payroll, finance and HR to understand the complexities of global payroll operations and highlight the significance of unified pay solutions in the dynamic work landscape of today.

The report also revealed significant geographical differences between approaches to payroll. On average, just 6 per cent of businesses within APAC and 27 per cent in EMEA use a global payroll solution at present, instead relying on local and regional approaches. This is in contrast to 47 per cent in North America.

These figures reflect the difficulties facing payroll teams running global solutions, as nuances in pay compliance across jurisdictions in EMEA and APAC cause disjointed processes. Everest Group reportedly stated that a joined-up global approach allowing for full visibility is critical in the contemporary world of work where consistency of experience across borders is key.

Matt Hillier - EVP of Product at CloudPay - broke down how a unified pay solution can address the issues that payroll teams face.

Mr Hillier said, “The data from this research reveals some concerning results, namely that the majority of payroll teams will be unable to meet their key objective for this year due to a lack of visibility and the inability to use payroll reporting for informed decision-making.

“This absence of robust reporting capabilities not only hinders operational and strategic visibility but also limits an organisation’s ability to spot trends, patterns and anomalies within payroll data.

“As payroll leaders listed the delivery of accurate and timely pay processing as their top objective for 2024, this lack of visibility will prevent already overstretched teams from fulfilling their goals. As global pay processes become increasingly complex and more widely used, having the ability to adhere to regional nuances while also delivering a consistent experience across borders is going to be a critical component for organisations.

“Those that are unable to adapt will not only feel the impact in terms of efficiency of operations, but also in boosting their brand’s competitive standing.

“By consolidating global payroll and payments under a single, unified pay solution that brings together multi-country payroll requirements seamlessly without the administrative burden on teams or errors that could impact employee pay packets – businesses will be able to gain from greater insights and support the development of more effective strategic decision-making.”

Source: London Loves Business

(Quotes via original reporting)