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:
- 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.
- 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.
- 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.
- Payroll professionals should stay informed about the latest trends and technologies in the industry to position themselves for success in the future.
- 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.
- 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.
- 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.
- Cloud-based payroll systems will continue to gain popularity as they provide increased flexibility, scalability, and security for remote payroll operations.
- Smart Interactive Payslips will make the payment process more efficient and accurate while giving workers better information and resources.
- 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.
- Self-service portals and other tools will become more prevalent, making it easier for employees to access their pay and benefits information.
- Compliance with changing payroll legislation and regulations will become more critical, requiring payroll professionals to stay up to date on changing laws and regulations.
- Companies should also focus on building resilience in their payroll processes to adapt to unexpected changes caused by the pandemic.
- 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.
- 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.
- Embrace change and welcome in the future of Payroll, as the line between global Payroll and reward, finance and HR will continue to blur.
- 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.
- 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:
- Please subscribe to the show to catch all future episodes.
- Please share the show with all of your payroll colleagues.
- Please take a moment to review The Payroll Podcast if it has helped you on your payroll journey.
Best Wishes,
Nick X
- 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
- 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.
- 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 employees.
- In the episode “The Global Payroll Hyperloop“, the guest discussed how advancements in technology and automation are creating a new and more efficient way of handling global Payroll, known as the “Global Payroll Hyperloop.” This new approach can help companies to streamline global payroll processes, improve compliance, and reduce costs.
- The episode “Is Infrastructure and Data Changing Profile of Payroll” discussed how the increasing amount of data and the use of new technologies, such as cloud computing and artificial intelligence, are changing how Payroll is done. It highlighted how companies are using data to drive more strategic decision-making in the payroll function and how technology is helping to improve the accuracy and efficiency of Payroll.
- The episode “The Future of Global Payroll” discussed the emerging trends and challenges, such as the changing regulatory environment, the increasing use of automation, and the growing importance of data security. The episode also explored how companies adapt to these trends by investing in new technologies and building more agile and resilient payroll systems.
- The episode “How Fintech is Disrupting Payroll” discussed how fintech companies are using new technologies, such as Machine Learning and artificial intelligence, is being used to create unique and more efficient payroll solutions. It also highlighted how fintech is changing how companies handle Payroll, such as by allowing employees to access their payroll information and request time off online and providing more sophisticated analytics and reporting tools.
- The episode “Can we Automate Payroll?” discussed the increasing use of automation in Payroll and the potential of automation to streamline payroll processes and improve efficiency. However, it also highlighted the need to ensure that automation does not lead to job loss but opens new opportunities for payroll professionals to focus on more strategic tasks and provide more value to the business.
- Episode “Effective Payroll Data Gathering for DEI (DEI (Diversity, Equity, and Inclusion)” discussed how accurate data could help companies to understand their workforce better and improve DEI. It highlighted the importance of having proper controls and processes in place to ensure the accuracy of payroll data and to provide actionable insights that can help to improve DEI.
- The episode “Next-gen Payments to Modernise Global Payroll” discussed how new payment technologies change how companies handle global Payroll. It highlighted the potential benefits of these new technologies, such as improved security, increased transparency, and reduced costs, as well as the challenges that need to be overcome to realise their potential fully.
- The episode “What is at the centre of Payroll Innovation” discussed how companies can stay ahead of the curve by continuously innovating and adapting to new technologies and trends. It highlighted the need for companies to invest in new technologies, such as Artificial Intelligence and Machine Learning, and to build more agile and resilient payroll systems.
- The episode “AI & Machine Learning’s influence on the future of Payroll” discussed how AI and ML are transforming how Payroll is done. It highlighted the potential of these technologies to improve Payroll accuracy and efficiency and provide more sophisticated analytics and reporting tools. It also discussed the challenges that companies may face in implementing these technologies and the
- The episode “HMRC Transforming Payroll in a Pandemic” discussed the impact of the pandemic on Payroll and how the pandemic has forced the HMRC to quickly adapt and transform their payroll processes to handle the sudden influx of claims and support remote workers. The episode highlighted the importance of having a flexible and agile payroll system that can adapt to sudden changes and disruptions.
- The episode “Payroll Requires Trust. Examining the Speed of Trust with Stephen M. R. Covey” discussed the importance of trust in Payroll, building trust within payroll teams, and how trust can improve the overall payroll experience. It highlighted the importance of clear communication, transparency, and accountability in building trust and the benefits of having a high-trust payroll environment, such as increased productivity, improved employee engagement, and better compliance.
- The episode “Improving Financial Health through Payroll” discussed how Payroll could improve employees’ financial health. It examined the importance of providing employees with access to financial wellness tools and resources and how companies can use Payroll to help employees to manage their finances better and improve their overall financial health.
- The episode “The Employee Payroll Experience” discussed how the payroll experience could impact employee engagement, retention, and overall satisfaction. In addition, it highlighted the importance of having a transparent and efficient payroll process and providing employees with access to the necessary information and resources.
- The episode “Payroll Projects & Transformation” discussed the importance of taking a strategic approach to payroll projects and transformation. It highlighted the need for companies to understand their goals and objectives clearly and to plan and execute payroll projects and transformations that align with those goals. The episode also discussed the importance of involving key stakeholders, such as payroll professionals, finance teams, and human resources, in the planning and execution of payroll projects and transformations to ensure they are successful.
- The episode “The Future of Payroll, Technology & Pay-on-Demand” discussed how new technologies, such as mobile apps and pay-on-demand platforms, change how Payroll is done. It highlighted the potential benefits of these new technologies, such as improved convenience and flexibility for employees, as well as the challenges that need to be overcome to realise their potential fully. The episode also discussed how companies could leverage these new technologies to improve employee payroll experience and build more efficient and effective payroll systems.
- The episode “Cloud Payroll Technology” discussed the benefits of using cloud-based payroll systems, such as improved accessibility, scalability, and security. In addition, it highlighted how companies could leverage cloud technology to streamline payroll processes, improve compliance and reduce costs. The episode also discussed the challenges companies might face in implementing cloud payroll technology, such as data security and compliance concerns.
- The episode “Payroll Leadership, Apprenticeships & Training with Mark Bremner” discussed the importance of developing the next generation of payroll leaders and the role of apprenticeships and training in this process. In addition, it highlighted the need for companies to invest in leadership development and to provide opportunities for growth and advancement for payroll professionals.
- The episode “The Evolution of the Payday experience” discussed how technology advancements and consumer expectations impact how companies handle payday. It highlighted how companies are using digital platforms, mobile apps, and other technologies to improve the payday experience for employees and how they are working to ensure that employees are paid accurately and on time.
- The episode “What Makes an Exceptional Payroll Leader?” discussed the characteristics, critical qualities, and skills that set exceptional payroll leaders apart from the rest. It highlighted the importance of strategic thinking, strong communication skills, and the ability to build trust and lead teams effectively.
- The episode “The End of Jobs?” discussed how the increased use of automation and technology is potentially leading to the end of specific jobs and how it could impact the payroll industry. It discussed how companies use automation and technology to streamline payroll processes and improve efficiency. However, it also highlighted the potential downsides, such as job loss and the need for retraining and upskilling payroll professionals. The episode also discussed how companies could adapt to this changing landscape by investing in new technologies and building more resilient payroll systems that can accommodate the changes brought by automation.
- The episode “Digitising Payroll and the Future of Work” discussed how technological advancements are changing how companies handle Payroll and the future of work. It highlighted the potential benefits of digitisation, such as improved accuracy, efficiency, and accessibility, as well as the challenges that companies may face in implementing digital payroll systems, such as data security and compliance concerns.
- The episode “Are Payroll Robots Going to Take Over?” discussed the potential impact of automation on Payroll and debated how automation is changing the payroll landscape and the potential impact on jobs. It highlighted both the potential benefits of automation, such as improved efficiency and cost savings and the potential downsides, such as job loss and the need for retraining and upskilling payroll professionals.
- Episode “Payroll Automation and Transformation” discussed how automation and technology advancements are changing how companies handle Payroll and the importance of taking a strategic approach to automation and transformation. It highlighted the need for companies to understand their goals and objectives clearly and to plan and execute automation and transformation projects that align with those goals. The episode also discussed the importance of involving key stakeholders, such as payroll professionals, finance teams, and human resources, in the planning and execution of automation and transformation projects to ensure they are successful.
- The episode “Rising through the ranks of Payroll” discusses the importance of leadership and career development in Payroll. Jason discussed the opportunities for growth and advancement in the payroll industry and how to excel as a payroll professional. It highlighted the importance of developing the necessary skills, building a solid network, and taking on leadership roles to advance in the payroll field.
- The episode “Global HR/Payroll Transformation & Emerging Trends” discussed how companies are adapting to the changing global payroll landscape and the emerging trends that are shaping the future of Payroll. It highlighted the importance of taking a strategic approach to global payroll transformation, involving key stakeholders, and leveraging new technologies to improve employee payroll experience.
- “Smart Automation meets Global Payroll” discussed how companies can leverage automation and technology to streamline global payroll processes, improve compliance and reduce costs. It also highlighted the importance of involving key stakeholders in the process of industrialisation and transformation and clearly understanding the goals and objectives of automation.
- The episode “The Future of On-Demand Pay” discussed the potential impact of on-demand pay on Payroll and the future of work. It highlighted how companies use digital platforms and mobile apps to provide employees with more flexible and convenient ways to access their pay. It also discussed how on-demand pay could change how companies handle Payroll and the potential benefits, such as improved employee engagement and retention.
- The episode “Killing Payday Loans through Payroll” discussed how technological advancements and consumer expectations impact payday loans and the potential impact on Payroll. It highlighted how companies are using digital platforms, mobile apps, and other technologies to improve employees’ payday experience and help them manage their finances better and avoid payday loans.
- The episode “A Human First Approach to Payroll & HR” discussed the importance of putting employees and their needs at the centre of payroll and HR decisions. It highlighted how companies could use this approach to improve employee engagement, retention, well-being, and overall payroll experience.
- The episode “Strategic Payroll and Learning for Success” discussed the importance of taking a strategic approach to Payroll and investing in learning and development for payroll professionals. It highlighted how companies could use this approach to build more efficient and effective payroll systems and how it can help develop the next generation of payroll leaders.
- The episode “Payroll Policy, Strategy & Technology for Generation Z” discussed how companies could adapt to the unique needs and expectations of the Generation Z workforce and how technology and digitalisation can play a role in this. It highlighted how companies can use technology to improve the payroll experience for Gen Z employees and how they can adjust their payroll policies and strategies to meet the needs of this generation.
- Episode “Blockchain, Cryptocurrency and the Future of Payroll & HR” discussed how blockchain and cryptocurrency are changing how companies handle Payroll and HR and the potential implications for the industry. It highlighted the potential benefits of using blockchain and cryptocurrency in Payroll, such as improved security and transparency, as well as the challenges that companies may face in implementing these technologies, such as regulatory compliance and data privacy.
- The episode “Creating effective Global Payroll Control Frameworks” discussed the importance of having effective global payroll control frameworks to ensure compliance and manage risks. It highlighted the critical components of effective international payroll control frameworks, such as data governance, risk management, and compliance, and how companies can use these frameworks to improve the efficiency and effectiveness of their global payroll operations. The episode also discussed how companies could implement and maintain these frameworks in a way that aligns with their business goals and objectives. In addition, improved security and transparency and regulatory compliance changes add layers of complexity and opportunity for further growth within the industry.
Links:
- Nick Day LinkedIn: https://www.linkedin.com/in/nickday/
- Leading Payroll Recruiters: JGA Payroll Recruitment
- Enjoyed this show? Why not ask your HR Team to check out our other show The HR L&D Podcast?
Remember, if you are a #Payroll Leader listening to this podcast and you have a Payroll-related vacancy that requires specialist payroll recruitment support – please get in touch with me! I would love to help show you what an excellent payroll recruitment experience feels like! You can reach me directly at [email protected] or call 01727 800377
Find out more at: www.jgarecruitment.com.
Thanks for listening! I hope you enjoyed this episode of The Payroll Podcast, and I look forward to bringing you the next episode soon!