Payroll Index – You Think You Know, But You Have No Idea
Phew. That was hard.
I usually say I’m lucky that I only have to research and write about HR topics, and not actually execute on them every day. But when it comes to payroll, even writing about it is hard.
I have newfound admiration and respect for those of you living and breathing payroll every day, and those of you making choices around your payroll technology. You’ve heard me say that it’s not work if you don’t get paid, and payroll by definition touches every single employee in your organization, from senior executive to part-time hourly employee.
It also has to deliver a very different experience for employees, business users, and payroll administrators. And, it interacts with multiple other enterprise HCM and financial systems. Just to keep things light and easy. All of which are reasons why we are very proud to be sharing our first Aptitude Index Report on Payroll.
What this report is not:
- A comprehensive list of all payroll providers
- A guide to making a final decision on a payroll provider
- A ranking or scoring of payroll providers
What this report is:
- A framework for looking at how an organization can diagnose its payroll needs
- A set of criteria by which organizations may look to understand the type of provider they need
- A new way of looking at payroll providers that gets beyond the demo
Some people may yawn and go get coffee when you start talking payroll, but it is evolving to be so much more than people may think. One of my favorite parts of the report is the top 10 key insights. You have to download the report to get all of them, but here is number one:
Compensation data and execution of payroll are the lifeblood of the digital economy.
The conversation about pay is going to dominate much of the next decade. Increasing regulatory complexity, continued globalization of even smaller organizations, and the networked nature of the digital economy, seeking talent wherever it may be, will require deep expertise in calculating and delivering pay locally and globally. In addition, continued transparency around the value of key skills will be required, as buyers and sellers of “work” embark upon a new relationship around the world of pay. We have the data to understand the impact of various activities, but organizations will still struggle with both the philosophy around pay as well as the mechanisms to deliver it.
Hopefully that gets your attention.
As buyer needs, provider solutions, and market conditions change, the Aptitude Index Reports are designed to evolve, and we will be updating them regularly. We hope you enjoy its inaugural version, and look forward to hearing from you.