Payroll Pros Focused on Evolving Laws, Neeyamo-GPMI Survey Finds

Ever since the global COVID-19 pandemic struck the world, multinational organizations have been busy leveling up and stress-testing corporate strategies to ensure business resilience across all their countries of operations.

Neeyamo, in collaboration with the Global Payroll Management Institute (GPMI), administered a survey across the GPMI community worldwide that was aimed at presenting insights into how enterprises are coping with the abnormalities, how global HR and payroll functions of those enterprises have evolved to manage their workforce, and how enterprises are gearing up for the foreseeable future.

Some of the payroll insights and trends identified from the results include the following:

• About 86% of survey respondents said that staying updated on payroll-specific legislation and rapidly integrating changes into policies is the top priority to organizations from a payroll standpoint because of the global pandemic.
• Organizations should proactively monitor compliance and other subsequent measures taken by the different country governments. Payroll leaders need to pay close attention to the constantly evolving global laws and ensure their payroll compliance teams are updated.
• The good news is that about 52% of respondents felt that they do not see this global pandemic as a barrier to set the HR/payroll agenda.
• Furthermore, 92% of respondents said that the pandemic had not affected their company’s payroll accuracy.

  A few additional HR-specific highlights include the following:

• The need for HR teams to communicate with employees is growing. Around 46% of survey respondents said the HR teams at their organizations are communicating more frequently with employees.

• Despite the impending global recession, 66% of respondents said there has not been a significant change in the employee turnover rate across their organizations.
• 82% of the respondents chose embracing virtual interviewing and remote onboarding as the most sustainable talent management strategy for their respective organizations.

Survey Demographics

Survey respondents comprised experienced professionals from a wide array of industries. Most respondents are directly involved in managing processes such as HR, payroll, and finance (see Chart 1).

A majority of survey takers work in organizations with more than 10,000 employees (see Chart 2). The survey analyzed their opinions on the state of organizations from various outlooks, namely their functioning post-pandemic, complexities faced by HR and payroll departments, and the impact on employees at large.

To learn more about the survey findings, download the detailed report.

Do you like our content? Join the GPMI community to get free education and articles straight to your inbox!

Praveen Visal is Marketing Consultant – Content and Editorial at Neeyamo. He manages content development and editorial for the organization and predominantly writes on topics covering global payroll, background screening, compliance management, human resource outsourcing, and HR technology. He holds a master’s degree in business administration with a specialization in marketing.