In the emerging post-pandemic era, the Australian and New Zealand (ANZ) payroll industry continues to face significant challenges. One of the most pressing is a surge in workload leading to burnout among payroll professionals. As the global workforce continues to adapt to changing working conditions, the need for efficient payroll services has intensified, creating fierce competition for top talent. However, retention strategies must go beyond competitive salaries. They must encompass provisions to mitigate burnout and provide adequate training.
The toll of the pandemic has led to a startling increase in workload for payroll professionals, resulting in higher than normal burnout rates. According to an Australian Payroll Association (APA) survey, 56% of payroll professionals reported an increase in their workload, with 48% working 41-50 hours per week on average. Alarmingly, two out of every five payroll professionals currently suffer from burnout, and 28% are expected to quit their jobs within the next year. This phenomenon, termed ’The Great Resignation’, is a serious, ongoing concern that organisations must address in order to retain skilled payroll talent.
Understanding employee burnout
Burnout isn’t just a buzzword. It’s a real issue that affects employees across various industries, including payroll. The consequences of burnout are far-reaching and can lead to physical, emotional, and mental exhaustion, decreased productivity, detachment from work, and disengagement from job responsibilities. For the payroll industry, there are several factors that contribute to burnout. These include:
- A lack of leadership support.
- Minimal understanding of payroll operations.
- Reduced payroll resources.
- Insufficient investment in the payroll function.
- Unrealistic deadlines and expectations.
In recent times, the discovery of mass underpayments at large, well-known companies across ANZ has exacerbated the burnout epidemic among payroll professionals. The pressure to ensure compliance and accuracy in payroll calculations has intensified, leading to increased workloads and stress. The industry turnover rate is rising, further risking potential non-compliance with employee payments.
Winning the war for great talent
In today’s competitive job market, attracting and retaining top talent is a significant business challenge. To win the war for great talent, organisations must demonstrate that they’re equipped with the best tools and resources to support their employees. A supported payroll service, powered by cutting-edge, innovative technology, can help to achieve this.
Here’s how good technology — as a part of a supported payroll service — can help your business secure and retain top talent:
- Streamlined payroll processes: Robust technology in the context of a supported payroll service interprets payment rules and integrates disparate systems, resulting in improved business performance. This automation drives best practices and reduces administrative burdens.
- Real-time payroll: With real-time payroll capabilities, businesses receive important alerts, which ensure compliance and provide actionable insights for more informed decision-making.
- Pay on-demand: Employees can access money they’ve already earned, avoiding the need for payday loans. This promotes financial wellbeing and boosts employee self-esteem.
- Employee self-service: Employees can manage their own payslips, leave, and personal details, enhancing their experience and reducing human resources’ (HR) administrative workload.
- Seamless integrations: Experience easy integration with systems that best fit the business, unifying employee data for a holistic view and smooth operations.
- Accurate payments and compliance: The combination of people, process, and technology in payroll ensures accurate payments and compliance, and minimises errors and risks.
- Qualified payroll experts: Supported payroll offers a team of trained and experienced payroll professionals, reducing the challenge to find qualified staff.
Struggling with payroll burnout?
Don’t let payroll burnout impact your operations or drive away valuable talent. Affinity Payroll’s supported payroll solution is designed to address the challenges of increased workload and burnout among payroll professionals, providing you with the assistance you need while you continue to retain control over your payroll operations.
With our supported payroll solution, you’ll benefit from a collaborative approach that combines the expertise of our team with yours.
With a dedicated team by your side, you can overcome burnout, achieve greater efficiency, and stay ahead in the ever-changing payroll landscape. To explore how Affinity Payroll’s supported payroll service can fit your business model, contact us today at firstname.lastname@example.org.
For over thirty years, Affinity has been a trusted partner for mid-market and enterprise businesses in Australia and New Zealand, empowering them to transform their payroll operations. With a focus on turning payroll from a cost into an asset, we have established ourselves as industry leaders in delivering innovative cloud-based payroll software and exceptional payroll services.