From AI to NI, the changes in payroll to expect in 2024

With 2024 in mind, and the ever-present cost-of-living crisis, financial wellbeing is high on the agenda for many companies. And as a result, payroll. So what is new in payroll – and how could it help you offer employees more financial stability, freedom and peace of mind?
HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
From AI to NI, the changes in payroll to expect in 2024

In its simplest terms, payroll is about wages, paying staff and salary. While referring to the process by which employers calculate and distribute compensation to their employees, it also involves, of course, withholding of taxes and other deductions. And it’s arguably at the heart of every business, critical for the function of any business large or small. After all, whatever else is happening day-to-day in your company and HR department, staff want to be paid on time – and correctly.

In the light of the Autumn 2023 budget, payroll hit headlines as employers begin to work out how they will adjust to National Insurance changes within a six-week deadline, a potential scheduling nightmare for many in payroll as they work out what needs to change, and what software updates need to be implemented to accomodate this.

The days of the paper pay packet and wage slip are long behind us, and payroll is now a hugely software-dominated area. And for those in HR, knowing what’s out there as well as emerging trends in payroll can help you streamline what you offer, how you support staff and ultimately the longevity of your workforce.

Jenny Flaherty, Payroll Product Localisation Director at Alight shares that: "The flexibility and freedom of modern working arrangements have only added to employees’ sense of individualism. They no longer want blanket packages of benefits or identical management styles from their employers, but personalised support and services that celebrate their unique needs and desires.

"The more relevant employers make their tools, programs and communication, the more likely their people are to engage with and value them. Currently, employees’ experiences with HR technology remain underwhelming. Less than half (47%) consider their system easy to use or effective. Streamlined HR platforms can make it easier for employees to know where to go, access the right programs and content and enjoy more time to focus on what really matters."

The days of the paper pay packet and wage slip are long behind us, and payroll is now a hugely software-dominated area

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