Resourcing for in-house payroll specialists is not set to get easier anytime soon. Resourcing involves the attraction and recruitment of individuals into the right role at the right time and cost.
A question to ask here, with the increased use of automation and AI in payroll, what skillsets specific to payroll do you require, if any? For example, payroll administrators in the event of payroll modernization will offer less value to the business than payroll data specialists.
The latter is perhaps where the greater gaps are. But working with the finance team (which is also set to undergo digitalization) and digital data analytics and the means to translate the outputs into meaningful business intelligence, is a skill and therefore a resource that offers greater value to the business – provided these skills are progressed in line with innovation.
A managed payroll service removes the need for traditional payroll personnel. Those already within the business can be trained to take on new roles more suited to an automated payroll process.
The ambition of many forward-looking CEOs is for a frictionless enterprise with free-flowing data. Their objective is to revolutionize non-core, but critical activities with easy-to-integrate solutions that lift the burden in tax, risk, compliance, finance and beyond. This can help them create long-term value, improving security and efficiency as well as ensuring compliance. Managed payroll is just one of the links in this chain.