What is National Payroll Week?
Every year in early September, payroll professionals across the UK celebrate National Payroll Week. It’s a week dedicated to recognising and showing appreciation for the invaluable contributions of payroll professionals across all industries.
From ensuring that employees are paid right first time, on time to navigating the labyrinth of payroll legislation, these payroll heroes play a pivotal role in maintaining the financial and emotional wellbeing of employees, while also keeping businesses compliant.
The Office of National Statistics estimates in their ‘Earnings and employment from Pay As You Earn Real Time Information, UK: August 2023’ bulletin that there were 30.2 million payrolled employees in the UK in July2023. This is an increase of 578,000 employed personnel over the previous 12-month period.
National Payroll Week serves as a platform to recognise the tireless efforts of the UK’s payroll professionals who often work behind the scenes to ensure seamless, accurate and timely payment of wages to these multi-millions of employees.
What is the role of a payroll professional?
1. Delivering timely and accurate payments to employees: Payroll professionals are the unsung heroes behind every payslip. Their meticulous attention to detail ensures that employees are paid accurately and on time, fostering trust and confidence in the workplace.
2. Improving employee wellbeing: Payroll isn’t just about numbers. It directly impacts the financial and emotional wellbeing of employees. Timely payroll provides a sense of security, enabling individuals to meet their financial commitments and enjoy a balanced lifestyle. By ensuring payments are made correctly and on-time, payroll professionals ensure that employees can meet their obligations, helping them to reduce their financial stress.
3. Saving businesses money by keeping them compliant: Payroll legislation in the UK is intricate and wide-reaching with over 170 pieces of legislation for employers to adhere to. Payroll professionals ensure businesses remain compliant with regulations, avoiding legal repercussions and potential financial penalties.
They do this through a programme of on-going training and keeping up to date with changes, trends and legislative requirements. With payroll professionals taking on this responsibility, particularly in the case of outsourced payroll service providers, business owners don’t have to. This allows them to focus on the core needs of the business and feel assured that their payroll is in safe hands.
4. Improving employee relations: Payroll professionals also play a vital role in employee relations. They’re responsible for communicating with employees about their pay, answering their questions and resolving any problems that may arise. This helps to build trust and goodwill between employees and the business.
5. Improving financial health: Payroll professionals can also play a role in the overall financial health of a business. They can help to identify areas where costs can be saved and efficiencies made.
How do payroll professionals keep up to date with changes to legislation?
Payroll professionals need to have a deep understanding of the complex tax and HR laws that govern payroll. They’re required to keep up to date with the legislative changes which can occur frequently. They not only carry out their role within a business by running payroll, keeping business compliant and supporting employees, but they also undertake ongoing training and professional development to keep up to date with payroll legislation.
The Chartered Institute of Payroll Professionals (‘CIPP’) is the UK’s primary professional body for the payroll industry. The CIPP offers a variety of training, workshops and resources to help members to stay up to date with the latest industry trends and best practices. It also provides certification programs and qualifications that can help payroll professionals demonstrate their skills and knowledge.
Celebrating the Importance of Payroll Professionals
Payroll is a critical function for businesses of all sizes. It’s responsible for ensuring that employees are paid correctly and on time, in accordance with all applicable laws and regulations. This can be a complex and demanding task, which is why it’s so important to have qualified payroll professionals on staff.
Payroll done well can have a positive impact on both employees and employers. Employees appreciate being paid correctly and on time. They’re more likely to be satisfied with their jobs when they feel that they're being treated fairly and this, in turn, can increase loyalty and reduce staff turnover. Employers benefit from having a smooth and efficient payroll process, which can help to improve productivity and reduce costs.
During National Payroll Week, businesses and individuals come together to acknowledge and appreciate the dedication of payroll professionals. It's an opportunity for businesses to express their gratitude for their role in keeping the businesses successful and ensuring the stability of their employees’ finances.
National Payroll Week stands as a testament to the crucial role that payroll professionals play in our society. They work diligently behind the scenes, ensuring that employees are paid accurately, that businesses remain compliant and overall financial wellbeing is upheld.
National Payroll Week, which is 4th – 8th September 2023, is an opportunity to recognise the impact of payroll professionals on peoples’ lives and the economy and an opportunity to express gratitude to these often-unsung heroes!
PayCaptain Payroll Solutions Limited, www.paycaptain.com is a multi-award-winning Payroll/FinTech company that delivers a fully automated cloud outsourced payroll service. The solution contains many unique and innovative features for employees, helping them to take control of their pay and increase their financial wellbeing.
PayCaptain is a payroll solution that helps employers pay their workforce, regardless of their income and personal circumstances. The solution incorporates functionality, however, that's specifically designed to positively impact the financial resilience of people struggling with money, or vulnerable and low-income employees.
PayCaptain is the world’s first payroll company to be B-Corporation certified. To read more about B-Corporations, visit www.bcorporation.net
PayCaptain has been recognised and rewarded with two B Corp ‘Best for the World’ awards for being within the top 5% of highest scorers within both the Workers and Governance impact areas in the B Corporation B Impact Assessment. The company has also been included in ‘The Escape 100’ in both 2022 and 2023. The Escape 100 is the list of the top 100 organisations to escape to, as awarded by EscapetheCity.Org
PayCaptain is the current holder of the Chartered Institute of Payroll Professionals’ Software Product of the Year Award.