Ryan FowlerResearch by Everest Group, supported by CloudPay, shows that one in three payroll, finance, and HR leaders believe that disjointed payment systems negatively affect employee experiences. The report, ‘Reaping the Benefits of Unified Pay Solutions’, indicates that 31% of leaders see their payroll systems as a negative influence on workplace experience, which could impact recruitment and retention.
The survey involved over 100 senior leaders to understand global payroll complexities and the importance of unified pay solutions. It found that 90% of leaders believe payroll significantly shapes employee experience, and 80% say improving worker experiences is a key goal.
Matt Hillier, EVP product at CloudPay, said, “The statistics from our report confirm what many within the industry have felt for some time; namely, that payroll is critical in shaping overall employee perceptions of their workplace and employer. However, the fact that one in three leaders felt their systems were having a detrimental impact on the employee experience should be of concern, particularly when so many are struggling to recruit and retain talent.”
He added, “While payroll obviously plays a critical role in all businesses, its impact on the employee experience has often been overlooked, but our survey indicates a growing shift towards broader objectives. It’s now becoming more apparent that the function plays a central role in how employees feel about their employer, and this should encourage HR practitioners to adapt and place more focus on their payroll systems and how they approach payroll as a whole.”
“By investing in a unified approach enterprises can boost employee morale, reduce stress and foster greater levels of loyalty amongst their staff. Naturally, payments have to be the priority for businesses, and ensuring that they are transparent, seamless and accurate is the single most important aspect to focus on. However, by integrating global payroll, payments and other aspects, like earned wage access, all under a single, unified umbrella, the function can have an even greater impact on shaping employee experiences.”
