What benefits should you offer to attract the best payroll talent?
With large parts of the country under COVID-19 lockdown for much of 2021, it’s been a challenging year for many payroll teams and their businesses.
The latest figures from the Australian Bureau of Statistics reveal that seasonally adjusted employment fell by 138,000 people (1.1%) in September. This combined with job losses in prior months saw employment and hours worked both drop below pre-pandemic levels.
Despite this, payroll professionals are currently in high demand. As a payroll recruitment specialist for Access, I speak to our Australian business clients daily to help them source quality payroll personnel. And what I’ve experienced is that hiring for payroll professionals has dramatically increased.
Our recruitment team at Access have helped our clients fill over 60 roles in the past year, compared to just 31 in the year prior. I’ve also noticed that the salaries for payroll roles we are placing have increased on average by 15%, and even more in some states.
Are you offering the benefits payroll professionals are seeking?
With payroll professionals in such high demand, the onus is now on employers to stand out from the crowd and attract top talent. Skills shortages have shifted the balance of power from employers to candidates, who are increasingly seeking a range of benefits beyond just a competitive salary.
So how can your practice effectively recruit and retain the best payroll talent, and become an employer of choice?
Last month, Access ran a survey of over 80 payroll professionals to understand what benefits they are seeking in a potential role. Respondents were asked to rank the following benefits in order of importance, and here’s how the results turned out:
- A good culture and supportive manager
- Having the right payroll software
- Flexible working conditions
- Salary
So it’s clear from our survey that payroll professionals are now seeking much more than simply an attractive salary. Having a supportive working environment, and one in which they are empowered with the right payroll software and flexible working conditions, are considered more important for candidates.
If you’re looking to recruit payroll staff, act sooner rather than later
In the current job market where payroll professionals are the choosers and increasingly seeking non-financial benefits, it’s imperative that you take a proactive approach to recruiting for your payroll team.
If you need to replace someone in your payroll team, my advice is that you need to start the recruitment process early. In this market, where candidates will be entertaining offers from several employers, starting your recruitment process only once you have received notice from your employee will place your business at risk of missing out on the best talent available.
And as our survey results suggest, offering those non-financial benefits will be critical to attracting talent. Not to mention ensuring that you are offering an attractive salary, and in some cases, being willing to negotiate.
How can Access help your payroll recruitment efforts?
Our experienced recruitment consultants at Access can provide dedicated support to help your business find the right payroll candidate. Our team understands the skills and competencies required in payroll, and have an Australia-wide network of high quality payroll candidates available for temporary, permanent or contract positions.
Discover how the Access recruitment team can help you find the best talent for your business.
