Payroll Managers have to handle a complex and crucial component of business which is not just about paying employees on time. Creating a strong, high-performance payroll system is vital to a range of additional business needs, such as fulfilling tax obligations, avoiding costly compliance penalties, and much more. This is the base on which businesses consolidate their reputation, attract new talent, and facilitate growth month-by-month and year-by-year. Weak systems result in pay errors - errors lead to unhappy employees, and, ultimately, unhappy customers and clients.
With that in mind, let's find out what skills and traits should modern Payroll Managers develop to succeed in their job, and what trends or insights can we reveal through the job market analysis.
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Through our analysis we gathered information about Payroll Managers around the globe, here are some of the most relevant insights we drew:
As the role of Payroll Managers within an organization evolves, their job becomes more demanding in term of skill range. Our analysis has revealed some of the most common skills for these profiles that we try to explore here below.
- HR management: The strategic approach to effective management of people in an organization, so that they help the business gain a competitive advantage. It is designed to maximize employee performance in the service of the company strategic objectives. Payroll Managers have to be knowledgeable in HRM to get a clear idea of the organization's talent performance and predict future labor budgets.
- Performance management: A set of activities that ensure goals are met in an effective and efficient manner. Performance management can focus on the performance of an organization, a department, an employee, or the processes in place to manage particular tasks. Its standards are generally organized and disseminated by senior leadership at an organization, and by task owners. Payroll Managers play an important role in managing the employees' performance and making sure it is correlated with their compensation.
- Financial reporting: This is the process of producing statements that disclose an organization's financial performance and financial position over a specified period of time to the various stakeholders (investors, creditors, public, debt providers, governments & government agencies, etc.). Payroll Managers are often solicited to participate in the making of these statements and should have good financial knowledge to do it properly.
- Employee relations: An area within the human resources field with the purpose of strengthening the employer-employee relationship through identifying and resolving workplace issues, measuring employee satisfaction and morale, and providing support and input to the company's performance. Payroll Managers play a crucial role in this relationship as they are responsible for employees compensations, directly affecting their satisfaction and happiness at the workplace.
After discussing some of the most important skills for Payroll Managers, it's time to check out the companies most relevant for these profiles. Through our analysis, we create the chart below ranking the top 10 companies for Payroll Managers.
Now it's time to examine the early beginnings of Payroll Managers and see how they kicked off their careers. As our analysis reveals, many started their professional career in HR/Administrative positions, below are some of the most common first jobs of Payroll Managers.