The Payroll Podcast: Episode 100 Special with Nick Day! #100

Wow, I cannot believe I am bringing you the 100th episode!

Today I will summarise some of the critical topics The Payroll Podcast has covered. These topics include payroll tax compliance; employee benefits; the use of technology; automation; innovation; global complexities; education; payroll's evolution from transactional operation to strategic function; payroll career pathways, and much more.

The Covid pandemic accelerated a change in perspective towards Payroll. Payroll professionals were rightly praised as they worked tirelessly to keep the UK paid after over 11.7 million employee jobs were put through the furlough scheme at the cost of £70 billion. World leaders, such as the Australian Prime Minister, Scott Morrison, even publicly thanked the efforts of payroll practitioners "for playing your part in what has been an extraordinary effort." As a result, Payroll has been thrust into the limelight, and with it, we have seen an explosion of new payroll career pathways open within the industry.

Therefore, as we embark on the next 100 episodes, I will continue to endeavour to cover a wide range of topics, from digitisation and automation to global payroll transformation and emerging trends, and much more!

However, before we look forward, I also want to look back at some of the many insights and conversations that have helped shape the payroll industry into what it is today.

Here are 18 key takeaways I have discovered during the 99 episodes recorded to date:

1. Automation of payroll processes is increasing, allowing payroll professionals to focus on more strategic tasks and improve efficiency. Meanwhile, remember that automation and technology will not replace the payroll professional, but tasks within the traditional payroll role will.
2. Integrating AI and machine learning in payroll processes will become more prevalent, providing new opportunities for automation, data analysis, and process optimisation. Companies are continuing to invest in payroll technologies. HCM and Payroll tech is a multi-billion-pound industry. On-Demand Pay is a particular area companies invest in because these solutions help employers manage earned wage access requests. Will this mean the dissolution of our traditional payroll cycles? Quite possibly.
3. The employee is now the centre of the payroll experience. The employee payroll experience is becoming more critical as companies strive to attract and retain top talent. Companies will increasingly focus on creating a positive payroll experience for employees to improve retention and attract top talent.
4. Payroll professionals should stay informed about the latest trends and technologies in the industry to position themselves for success in the future.
5. Continuing education and professional development are essential for payroll professionals to stay ahead of the curve. Skills are the currency of the future; employees need to take actions that enable them to prepare for the future of automation, analytics and AI.
6. The increase in global workforces will result in more cross-border payments and expertise concerning country-related payroll legislation. The barrier to hiring talent in international locations has been lowered, so this trend will only increase. In addition, the ability to deliver global payroll services remotely will become increasingly important, requiring new technologies and strategies to ensure smooth operations.
7. There are a variety of career pathways available in Payroll across Global Payroll, data analytics, and technology. In fact, we recently identified over 60 career pathways, and yet I suspect that number has already increased to almost 100.
8. Cloud-based payroll systems will continue to gain popularity as they provide increased flexibility, scalability, and security for remote payroll operations.
9. Smart Interactive Payslips will make the payment process more efficient and accurate while giving workers better information and resources.
10. The use of cryptocurrency for payrolling employees could become more prevalent, providing new opportunities for payroll professionals to explore and understand, especially now that over 300M people possess a digital wallet.
11. Self-service portals and other tools will become more prevalent, making it easier for employees to access their pay and benefits information.
12. Compliance with changing payroll legislation and regulations will become more critical, requiring payroll professionals to stay up to date on changing laws and regulations.
13. Companies should also focus on building resilience in their payroll processes to adapt to unexpected changes caused by the pandemic.
14. The importance of cybersecurity and data privacy in payroll operations will become more critical as payroll processes, and data move online and as ransomware and cyberattacks increase in likelihood.
15. The adoption of the pay-on-demand model will increase, requiring payroll professionals to adapt and develop new processes to manage these models. The concept of on-demand pay is gaining traction, which can help improve financial well-being and reduce employee stress.
16. Embrace change and welcome in the future of Payroll, as the line between global Payroll and reward, finance and HR will continue to blur.
17. The future of work will demand strong leadership and vision; transferable skills will be essential for bridging the gap between roles. Therefore, payroll professionals should focus on developing their leadership skills, as the successful future payroll manager will be one who can manage both machines and people.
18. Payroll professionals are shifting towards more strategic roles, such as providing insights and analysis to business leaders. From understanding regional pay gaps and reward scheme adoption rates to helping HR with absenteeism trends and pay review statistics, Payroll plays a fundamental role in supporting business leaders with information that enables them to compete more effectively.

My dream is for "The Payroll Podcast" to become a comprehensive resource for all payroll professionals wishing to stay informed about the latest developments and trends in the industry.

The show has helped equip all payroll professionals with the tools needed to succeed in the new world of work. This includes attracting new people into the industry and building the next generation of payroll leaders who can and will adapt to the ever-changing landscape and needs of the modern workforce.

Let us be proud of the profession. Payroll in 2023 will be more strategic than it has ever been before. Payroll has now been placed at the heart of the employee experience. Therefore. Payroll can influence employee financial health, wellness and engagement by putting people at the centre of its approach. The profession embodies the best of HR, Finance, Technology, Automation and Strategy. Together, let us continue to raise the profile of the profession!

From the bottom of my humbled heart, if you are one of the 80,000+ people who have taken the time to tune in and listen to any episode of The Payroll Podcast - Thank you!

I remain very grateful to you all, and if you can, I will leave with these three simple requests:

1. Please subscribe to the show so you can catch all future episodes.

2. Please share the show with all of your payroll colleagues.

3. Please take a moment to review The Payroll Podcast if it has helped you on your payroll journey.

Best Wishes,

Nick

• The link to Anita Lettink's book referenced in the show: How to Select your Next Payroll: The Ultimate Guide
• The link to the Tim Spiker book referenced in the show The Only Leaders Worth* Following:

The Top 35 Most Popular Downloaded Payroll Podcast Episodes

1. Episode: "Automation Doesn't Mean the End for Payroll" discussed the increasing use of automation in Payroll. While automation has the potential to streamline payroll processes and improve efficiency, many payroll professionals are concerned that it could lead to job loss. However, automation can open new opportunities for payroll professionals, such as focusing on more strategic tasks and providing more value to the business.
2. Episode: "The Future of Remote Global Payroll" discussed the future of remote global Payroll. As more and more companies adopt remote work policies, the payroll industry is facing new challenges, such as handling taxes and compliance for remote employees and providing support for remote employees. As a result, companies are looking for new solutions to address these challenges, such as using technology and automation to manage Payroll remotely and creating virtual teams to support remote...