22nd August 2019
People may wonder what all the excitement is about. I felt the same when I first entered the payroll industry some five years ago. Most people don’t give much of a thought to payroll. I just looked at my payslip at the end of the month, or cheekily I left looking at it till later when I felt I was flush that month. It didn’t cross my mind to give a thought to those people who put it all together. Was it finance, HR or someone else who had responsibility. I didn’t care as long as I was paid.
As employees, we should be eternally grateful that the payroll people get your payslip to you every pay period, and get the money safely into your bank account.
The Payroll Industry in numbers
The payroll industry in the UK collects income tax and National Insurance which is expected to contribute in the region of £301bn to the UK economy in 2019/20. In the US through payroll withholding, the industry contributes, collects, reports, and deposits 70%, of the U.S. Treasury’s annual revenue, about $2.4 trillion per year. It’s a pretty big deal.
Employees probably only ever touch base with someone from payroll when something is wrong – you didn’t get paid the overtime you were due, your holiday pay was missing, or something else.
You never give a thought to all those times when it all went smoothly. But behind the scenes, there are critical deadlines that have to be met every single month. Payroll people can’t get it wrong or delay it. Think about the effect that would have on employee motivation and morale. Of course, having a professional, qualified payroll team in place in your business is so important.
Payroll professionals do more than just push a button. It’s time to love payroll teams around the globe. National Payroll week 2-6 September 2019.
A Guide to Payroll Outsourcing
Your payroll team might not be loved.
Things change in your business. Expanding employee base, lack of in-house experience, loss of key personnel.
And, payroll legislation continues to change at pace.
It all makes payroll difficult. We can help your business to love payroll again.