The payroll function is one of the most important teams in an organisation.
They may not do the hiring, firing, selling, manufacturing, distributing or the doing, but the payroll team provides exactly what motivates every single employee across the land to work – their salary.
What exactly does payroll do and what skills do you need to go into that industry?
Sometimes falling under the human resources umbrella; sometimes part of the finance department, payroll is typically a shared service function. Its customers are the internal staff members; payroll serves the workforce and no external customers. one outside.
This means that they have to be extremely accurate, for who wants to upset a colleague by getting their pay wrong? Plus they must have great communication skills, as they often have to answer queries and explain complicated procedures or equations.
The ideal payroll applicant is methodical, pays great attention to detail, has a good grasp of mathematics, an interest in taxation and is IT literate enough to use any payroll software. In short, to work in payroll, you must possess a lot of crucial skills. The work is complex, can be very detailed but it is rewarding and challenging.
Plus, the constant updates, changes, amendments and revisions to pay legislation, national insurance, benefits, tax, maternity leave, etc., means that the payroll team are constantly learning. They have to keep up to date, hence the role is great for people who love to keep their knowledge fresh.
Payroll staff don’t simply pay wages; they facilitate pension contributions, flexible benefits allowances, student loan deductions, ad hoc bonuses, pay increases, parental leave and sick pay. They control budgets in some organisations and settle accounts. They may even process expenses and look after the payment of individuals who are seconded overseas.
Payroll managers are more likely to be assigned to different projects; be it tax audits, a review of company expenditure or process streamlining.
There’s far more to it than just that, of course. This is hardly an exhaustive list of payroll tasks and responsibilities. The work is strenuous, with deadlines that can’t be extended but the camaraderie within the team makes it all worthwhile.
Payroll is certainly a vital cog around which the organisation works.