Since 2008, the Chartered Institute of Payroll Professionals (CIPP) have conducted an annual survey in order to measure the trends in payroll processing.
While these surveys can be used to gauge the extent to which businesses are remaining compliant with evolving regulations, they also serve to highlight general trends that can inform anyone specialising in payroll on areas of interest.
The latest report is available for exploration, and it is worth taking the time to understand the most recent information.
We will break down the most significant data points and determine what they could mean for the future of payroll.
What are the key takeaways from the CIPP payroll survey?
As business becomes more digital and we leverage automated solutions to assist in day-to-day business dealings, it is tempting to assume that this is a universal truth.
However, a surprising number of businesses still utilise some form of paper payroll information.
Only 65 per cent of businesses record all payroll information digitally.
Meanwhile, only six per cent have taken the step to fully store records in both digital and paper formats rather than relying on either one in particular.
There is a significant number, 28 per cent, that rely on a mix of digital and paper solutions, meaning that these businesses may struggle to pull up specific information when needed.
For these businesses, they would need to first check the format of the information being sought before attempting to locate it.
This exposes an interesting problem wherein the mixed approach may result in some payroll information becoming lost or misfiled due to the discrepancy in management.
For those working with payroll, there is also a firm indication that, while digitising records is becoming more common, there is still a vast untapped market that can be engaged with on the basis of centralising and standardising their payroll information.
Notably, most businesses elect to store payroll records for the current tax year and the previous six years, meaning that digitisation could aid in condensing this valuable information.
The retention of these records has grown by 26.49 per cent.
Overall, compliance with payroll legislation has seen some increases, particularly regarding the implementation of itemised pay statements and full payment submission for pay day reporting.
Despite the positive steps being taken by many employers, there is still not enough being done to help employees understand their payslips.
Over half of employers do not use any tools to ensure their employees understand the payslip information.
Given the tumultuous state of the global economy, many workers would likely benefit from full transparency regarding their wage information.
Providing assistance with clarifying payroll information for employers and employees is another avenue that seems largely underutilised by the sector.
How can payroll processing be modernised?
By utilising automations to gather client payroll information, you can position yourself to do more high-value work.
Given the resistance to digitisation that seems to be prevalent in some businesses, having an optimised, digital solution can help assuage any reservations that your clients may have and result in a more efficient process.
Instead of storing payroll information in disparate ways, the time has come to embrace a technological solution.
A fully optimised payroll process can remove barriers to assisting employees in understanding their payslip, as less time needs to be spent on processing payroll, thus allowing more time for quality of life improvements.
As workers want to better understand their payroll information, finding an optimised solution to deal with the mundane aspects of the work frees you up to provide greater insight and address the knowledge gap.
Glasscubes is an optimised, effective solution that ensures information is not misplaced, lost, or sent to the wrong client.
Your time is more valuable than endlessly chasing information, so using Glasscubes’s automated reminders will ensure that deadlines do not get missed.
Glasscubes allows you to provide the highest quality service and keep pushing the sector to its full potential.
Don’t stick with antiquated payroll processing, book a demo with our team today.
