How does payroll transformation impact employee experience?
The impact on an employee if you miss a payment date or pay incorrectly, is significant. Employee experience is key to the success of any internal process transformation. Any payroll transformation will be felt by the employees — whether it’s a positive or negative experience. A great payroll function facilitates transparency, availability and accessibility to employees at all times.
Most of the time, a transformation project like this is completely transparent to the employee. The minimum expectation is to minimize disruption for employees, but challenge ourselves to find new ways to quietly improve the employee experience.
For instance, providing easier access to information through technology can help employees address basic questions quickly and resolve issues independently and efficiently. It also frees up in-house resources to deal with complex queries and strategic work rather than with practical and tactical issues.
Reliability, dependability, accuracy, compliance and timeliness are the qualities that will help your payroll function make people feel secure.
What are the benefits of outsourcing payroll operations?
Resource availability is a major requirement for back-office operations. If an organization is facing a key person risk in the delivery of essential functions such as payroll — a possibility that the COVID-19 pandemic highlighted — you might suddenly realize how thinly spread you are, as an organization.
In such times, having a qualified payroll vendor who takes care of these operations is pivotal. Even in the face of a crisis or while battling a resource crunch, organizations can lean on a trusted vendor that has vast resources and is contractually bound to supply services according to agreed standards. While the ultimate responsibility always lies with the employer, you can dilute the key person risk substantially.
A specialized service provider can also tap into a more extensive list of capabilities and abilities within its network, so you can get specialized knowledge and leverage a broader experience base than you may typically get in-house.
How do EY teams work with clients to make payroll transformation ambitions a reality?
There are different complexities surrounding payroll in every country. Locally, the EY organization covers close to 160 jurisdictions and stays close to the ground, following country market trends and statutory evolutions. We then help ensure that the local experience that EY clients prefer, is combined with one process across the globe. EY teams also leverage knowledge from their global experience to provide clients with the right access and visibility regardless of whether their role is local, regional or global.
The EY organization has a wealth of project experience — about diverse operating environments and associated challenges — thanks to the extended services it provides. EY professionals across the world are recognized for their subject-matter knowledge and form a global network that works together to provide leading services for clients.