Industry leaders gather for insightful Reward & Payroll Summit

The summit kicked off with a compelling keynote address by industry veteran David Roberstson, head of Global Payroll at NatWest, who emphasised the "three Cs" crucial for securing investment: Cost savings, compliance, and colleague experience. This set the tone for a day filled with data-driven discussions and forward-thinking strategies.

One of the most striking revelations came from an attendee survey, which showed that a whopping 68% of organisations do not currently offer Pay on Demand services. Of those not providing this increasingly popular benefit, half cited cost and complexity as the primary barriers to implementation. 

In an era where artificial intelligence is making waves across industries, it was surprising to learn that 54% of attendees have yet to incorporate AI into their payroll processes. This statistic underscores the significant growth potential in the sector, particularly given the data-rich nature of payroll operations.

The conference also touched on broader economic issues, with speculation about the upcoming Autumn statement. While hopes are high for stability in the three main taxes, uncertainty remains about where potential new levies might be introduced.

A panel discussion on employee retention strategies revealed a counterintuitive insight: raising pay isn’t always beneficial to all employees. The consensus among experts was that understanding employee culture and values is crucial for retention, especially in a competitive job market where there’s always a higher bidder.

Mental health took center stage during the Solution Room sessions. Experts stressed the critical role of manager support in maintaining employee well-being and highlighted the importance of recognising diverse stress types and levels among staff. The use of mental health first aiders in the workplace emerged as a best practice for many organisations.

The event was made possible through collaborations with knowledge partner Lace Partners, membership partner CIPP, and support from Papaya Global.

As the summit concluded, attendees prepared for the evening’s Rewards ceremony, set to celebrate excellence in the field. The high level of engagement throughout the day, evidenced by the constant stream of questions from participants, underscored the event’s success in addressing pressing industry concerns.

With its mix of statistical insights, strategic discussions, and practical solutions, this year’s Reward and Payroll Summit has set a new benchmark for industry conferences, leaving attendees well-equipped to navigate the complex landscape of employee compensation and benefits in the coming year.