Over the last few years, payroll has become a very complicated and specialised function, and every business must be fully acquainted with the ever-changing rules for timely and accurate payment of wages – or outsource it to professionals. Research conducted in America in 2017 shows that nearly 50% of employees would consider leaving their employer after just two payroll errors. Staff retention and fines for late or the lack of submission or non-compliance are only some of the reasons for developing a better, responsive, and efficient payroll function for an organisation.
RTI, automatic enrolment and furlough
Over the years there have been many events affecting payroll processes in a significant way such as the introduction of Real-Time Information in 2013/2014, workplace pension Automatic Enrolment, 2018 General Data Protection Regulation (GDPR), 2020 COVID-19 pandemic and subsequent introduction of furlough or the April 2020 revision of reference period for calculating annual leave. If your payroll teams are not prepared for such challenges, they will not be able to stay on top of the game.
Currently, there are over 170 pieces of legislation affecting payroll. When payroll becomes more time consuming and stressful and when it takes you away from your core business activities, perhaps it is the time to outsource it. You may think it will cost you money, but it will save you the time you will be free to spend on money-making activities! Our scalable solution means the money-saving is also considerate.