The recent Employment Rights Bill reforms have introduced significant changes to statutory pay, prompting payroll teams to adapt swiftly. A CloudPay analysis reveals that over 40% of businesses face challenges with their payroll technology, impairing their ability to adjust to new regulations such as Statutory Neonatal Care and Statutory Sick Pay. John Pearce from CloudPay emphasizes the importance of prioritizing technology investment and achieving a balance of high-performing personnel to streamline operations. Without modernization, companies risk falling behind as legislative changes continue to evolve, creating an unsustainable reactive approach that hampers agility.
It's now more crucial than ever that payroll functions innovate, rather than wait. Taking a reactive approach to changes that are happening across the globe is simply unsustainable.
The latest legislative changes in the UK may now be in force, but there's still much more to come, and the administrative burden that payroll teams face shouldn't be underestimated.
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