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The future of payroll – #NPW18

Financial wellbeing

Julie Lock, Innovation Director for Mitrefinch, shares her thoughts on the future of payroll to celebrate National Payroll Week 2018.

Employers are starting to feel the demand for changing the way in which it interacts, engages and cares for its workforce. This change is driven by the Human Experience Revolution which is one of the unpredictable outcomes of technology advancement. People now are more in-touch with their human emotion and are learning about what they need to do and become to be truly fulfilled.

For the working population their lives are made up of home life and work life; roll back 10 years and work and home life were two very separate entities. Due to the rapid advancement of technology the lines between work and home life are blurred and one day will become a thing of the past.

The impact on the role of a payroll professional will be significant.

People want more from their job than just a pay packet. They need to feel fulfilled at work. This means employers need change the way in which they engage with the workforce. They need to think about the culture of their organisation, how can it attract the top talent, and align its culture to what people need. They need to feel like they are making a difference, that they are recognised and valued for their work, they need to be supported in their journey to become the very best version of themselves in and outside of work. Employers that evolve to become people focused will be the employers of choice, those that don’t embrace the human experience will struggle to attract and retain the talent needed to sustain and grow their business.

So how does this impact payroll? Glad you asked.

The role of payroll software companies is about to evolve to the next generation of workforce managers, who are responsible for creating, implementing and managing financial well-being support for the workforce. Working closely with business leaders to advise and design the right kind of financial well-being packages that suits the demographics of the workforce. Driving the right level of communication and engagement out to the workforce; sharing knowledge to assist people to make the right choices for themselves. The next generation of payroll professionals will analyse workforce data and provide solutions to problems and advice The Board on strategies to improve staff engagement, well-being and how to attract and retain the top talent. The future of payroll requires strategists as well as administrators to deliver.

For more information on our time and attendance software or workforce management solutions, contact Mitrefinch today.

Financial Wellbeing

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