Presented by ADP

Keeping pace with pay rise expectations: is your payroll function ready?

 ·15 Jun 2023

The demand for wage increases among employees is at an all-time high. Are you equipped to meet their expectations?

Despite a 6.4% average increase in pay for six in 10 employees last year, the desire for higher salaries continues to grow.

According to ADP’s People at Work 2023: A Global Workforce View, optimism about pay increases remains high across industries.

Setting aside the question of affordability, if you’re responsible for payroll there will be a long list of questions that need answering.

Do you have visibility of pay data?

When it comes to deciding who deserves what, can you easily see what your employees are doing and earning?

ADP’s research reveals that 73% of companies lack the necessary payroll data to achieve this level of visibility.

Without a comprehensive understanding of your workforce’s contributions and compensation, making fair and strategic decisions becomes a challenge. 

Can you create reports easily?

The demand for timely, insightful reporting is growing rapidly, with 98% of business leaders expecting payroll data to inform their strategies.

Whether your business is experiencing organic growth or navigating mergers and acquisitions, accurate modelling, forecasting, and reporting are vital for informed decision-making.

Are your results based on integrated data?

ADP’s research indicates that 74% of companies are still running different payroll systems across multiple geographies.

This lack of integration creates obstacles and complicates decision-making processes, hampering efficiency and effectiveness.

Considering these challenges, businesses must address the need for streamlined and integrated payroll systems that enable quick access to accurate data and facilitate seamless decision-making processes.

Embracing technology and partnering with payroll service providers can empower organisations to overcome these hurdles and pave the way for efficient, future-ready payroll operations.

Download the full report to find out more.

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