How Transforming Payroll Functions Is Unlocking Strategic Business Potential
Business practice solution specialists, The Access Group, has released a research paper that examines how businesses can utilise their payroll and Workforce Management capabilities to build business confidence in challenging times.
Serving as an open letter to the payroll industry, the paper delves into the untapped potential residing within payroll systems, recognising data as a key driver of organisational decision-making.
Australian businesses are facing unprecedented challenges, with Australian Bureau of Statistics data showing 15 per cent of businesses failed to be profitable within the past 12 months and a 57 per cent increase in business-related costs. Businesses of all sizes are struggling to weather this perfect storm while remaining compliant with workplace legislation changing three times in the last 14 months.
Utilising payroll data to provide insights that go beyond traditional administrative functions offers strategic advantages in areas such as workforce planning, compliance, and overall business performance.
Read the ACCESS THE FUTURE Research report PDF entitled Strategic Payroll as a Business Enabler here: TAG Research Paper-1
“In today’s competitive landscape, organisations must leverage every available resource to gain a competitive edge,” said Kerry Agiasotis, President APAC at The Access Group. “The launch of the research paper highlights the often-overlooked goldmine of data that’s right in front of us and offers tangible steps for businesses to turn this information into a strategic asset, assisting organisations to make informed decisions and drive efficiencies.”
“Any organisation without a defined payroll strategy which mitigates the risks involved in paying employees and looks to add value to the employer by the use of technology, data and insights, is potentially missing a competitive advantage in their industry.” said, Tracy Agwin, Director of Australian Payroll Association
Currently, only 28 per cent of business leaders believe their payroll system extends beyond simply paying employees, with 62 per cent of leaders wanting to utilise this system more strategically, underscoring the desire for the valuable insights the paper’s learnings can provide.
Key highlights of the research paper include:
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Insight Into The Payroll Landscape: Data-driven research into the current state of Australian organisation’s uses of payroll within their functions. Examining the findings of this research highlights the untapped potential of payroll as a strategic enabler, broken down into business outcomes and organisational specifics.
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Business Benefits: A deep examination into the broad spectrum of operations and business practices that can be uplifted through strategic payroll and increased efficiencies is covered through analytical investigation. Explanation of how organisations can implement this system into their practices efficiently and effectively as well as an overview of external considerations such as legislative and compliance factors. Key findings in the report outline what happens when payroll becomes a strategic enabler, such as improving workforce efficiency, increased visibility and confidence in workforce data, better financial and cost controls, greater workforce visibility and operational outcomes as well as better management of compliance and risk.
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Payroll Maturity: The ongoing utilisation of strategic payroll implementation yields evolving insights over time as data accumulates, contributing significantly to driving sustainable growth within organisations. A crucial aspect involves meticulous attention to the capturing and consolidation of data, ensuring optimal benefit extraction for each organisation. Detailed methodologies are provided to guide the proper adoption, implementation, and maintenance of these systems, facilitating the development of enduring, sustainable practices tailored to organisational needs.
In order to view the research paper, visit: https://www.
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