In a recent conversation, Chris Howard sat down with LACE payroll experts Simon Bunday and Simon Puryer to unpack the not only the insights from our latest whitepaper but also the power of our payroll community. They emphasised how the community, through shared insights, can support a more holistic approach to payroll strategy, that goes beyond day-to-day transactions and focuses on payroll as a strategic, foundational element of business operations.
Written with the support of our community, our white paper, “Optimal Payroll Starts with the Foundations” breaks down the foundations of optimal payroll into seven key sections:
- Operating model
- Technology
- Skills and capabilities
- Data and reporting
- Process optimisation
- Adaptability and scalability
- Training and mindset
A common discussion at our community meet ups, many tend to see technology as the main fix for their payroll challenges, however the discussion emphasised that it’s just one of seven key pillars. A new system alone won’t solve deeper issues if other foundations, like the operating model, processes, and data, aren’t also aligned.
Among these, the operating model stood out as especially critical, as it brings together technology, people, processes, and data, yet is often undervalued. The discussion also highlighted ‘training and mindset’ as a commonly overlooked factor. Shifting the mindset of payroll professionals, who are typically very committed to their work but may be hesitant to embrace change, is essential for successfully rolling out new processes and systems. A truly effective payroll function depends on all seven pillars working in harmony.
At LACE Partners we have set up a payroll community and an executive payroll network to offer a safe space for professionals to share challenges and insights. The community brings together a diverse group through virtual and in-person events, roundtables, and formal dinners, helping members connect and realise they’re not facing these issues alone.
The executive network, on the other hand, is designed for a more senior, strategic audience, such as global heads or directors of payroll. This network acknowledges the “lonely place” that these leaders often find themselves in, as they deal with significant and varied challenges across multiple countries, in-house, and outsourced payrolls.
If you would like to become a member of these networks, you reach out to the team here.
