Many businesses facing payroll tech challenges

A new survey shows that 40% of firms are facing significant challenges with their payroll technology.

This is due to businesses having to adapt to changes created by the Employment Rights Bill amendments.

According to Cloudpay’s Tech Talent Equilibrium report, many businesses either have insufficient payroll technology in place or are struggling to maximise its capabilities.

As John Pearce, Chief Customer Officer at CloudPay, explained, it’s crucial that payroll tech investment is prioritised before more changes are rolled out.

He said, “The latest legislative changes in the UK may now be in force, but there’s still much more to come, and the administrative burden that payroll teams face when such amendments are announced shouldn’t be underestimated. Technology – delivered alongside the right balance of high-performing payroll people – can streamline a large proportion of this burden, but unfortunately many businesses are still struggling to find this equilibrium.

“It’s now more crucial than ever that payroll functions innovate, rather than wait. Taking a reactive approach to changes that are happening across the globe is simply unsustainable and puts professionals on the back foot. Having the right balance between people and technology in payroll will provide the foundations to be agile.

“Payroll needs to be nimble, adaptable and so much more in the current market. While we are seeing some innovation, there are also far too many businesses that are yet to properly invest resources and funds into the appropriate payroll technology.

“The return on investment on best-in-class payroll technology is significant, both financially and in terms of employee experience, which is why immediate action is needed now to mitigate unnecessary errors and stress.”

To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.