PAYROLL IMPACTS ON PRODUCTIVITY

The Economic Impact of Payroll Professionals in Canada

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Payroll is the largest single expenditure for many Canadian organizations. Payroll professionals are responsible for ensuring that the vast array of payroll activities occur in a seamless and timely fashion, making their role critical for enhancing organizational productivity. The productivity impacts driven by payroll professionals range from managing costs to improving operational performance.

In this section of the report, PwC Canada provides highlights of the productivity initiatives that payroll professionals are often involved in and discusses key performance indicators (KPIs) associated with payroll that can help measure and drive positive organizational impacts.

PRODUCTIVITY INITIATIVES:

As a part of a survey, PwC Canada asked payroll professionals to identify the different types of productivity initiatives they are involved in at their organization. Their responses are summarized in the graph below:

KEY PERFORMANCE INDICATORS (KPIs):

PwC Canada’s survey results also show that the top three KPIs being tracked are cycle time to process payroll, timelines in submissions of statutory remittances, and payment errors as a percentage of total payroll payments. While the submission of statutory remittances is a mandatory compliance issue for organizations, its high priority suggests that payroll professionals recognize that processing such submissions as efficiently and effectively as possible reduces payroll costs and allows payroll professionals to focus more of their time on higher impact and strategic tasks.