Give Payroll its due credit

In 2008 the world seemed to realise the incredible role that credit control played, and from then on it became such an integral part in the success of so many organisations. 

Fast forward to 2020 and it’s the turn of payroll. Payroll professionals are having to adapt daily to new legislation and are being leaned on heavily by all to ensure the smooth running of furlough and payrolls.

The Importance of Payroll in Keeping Cash Flowing 

The payroll function is constantly evolving. In the past, it was seen as the ‘boring’ side of Human Resources, a department that did nothing more than pay its employees. Now it’s becoming a pivotal part of operations during the current COVID-19 pandemic, helping to ensure businesses survive these hugely challenging times.

Payroll is far from mundane, it can be hugely exciting as a career choice. Payroll specialists need to keep their finger on the pulse, as the working environment is ever changing. They’re also hugely important for keeping cashflow moving.

They need to be calm in the face of adversity, and work under pressure when the circumstances become challenging. We may not take much notice of the payroll function, but we certainly realise its importance when things get difficult in the economy.

How Payroll Impacts Retention and Reputation 

A good payroll specialist can also help improve the reputation and retention levels of a business. If employees are being paid incorrectly or there are delays with payments, it can have seriously negative effect on the reputation of a business and whether they can hold onto staff.

If you go the extra mile for employees, it will stand out – after all, you could be making the difference as to whether an employee can pay their bills or not. Good payroll specialists will do all they can to support employees and ensure their salary payments are not delayed. They are also excellent communicators, adept as they are at dealing with both internal and external stakeholders.

In many cases, the payroll function can keep the business afloat, especially during testing times. The one reason why businesses fail is that cashflow isn’t moving in the right direction, and this is where payroll becomes business critical.

Payroll as a 'Make or Break' Function for Businesses 

It can be exciting to know that your role can make or break an organisation, and that your skills, hard work and tenacity are helping to ensure a business is successful.

The visibility of payroll is becoming increasingly stronger, especially during these challenging times. What you can expect from a good payroll function is that no matter what businesses are faced with, they will roll their sleeves up, work together and ensure they come out the other side with the most positive outcome.

Recognising the True Importance of Payroll 

Let’s hope that the fantastic work being carried out by everyone in payroll gets the true recognition that it deserves.

Would you like to discuss your Payroll hiring needs?