A comprehensive study on the state of pay and its future in mid and large Indian enterprises.
Pay is the core foundation of financial wellness. Employees have greater peace of mind if they know when they will be paid and how much, which helps them deal with their myriad of life’s challenges and plan for the future.
Delving deep into the heart of contemporary HR and payroll practices, ADP’s Future of Pay in India 2024 research provides valuable insights into current trends and can serve as a compass that guides India’s HR and business leaders towards informed decision-making and sustainable growth. This second edition captures the perspectives of senior leaders with responsibility and oversight for payroll in Indian organisations with 500 to 2500 full-time employees. Key topics include top HR considerations in 2024, reimagining pay, pay equity and parity, major initiatives impacting payroll and impact of AI.
Key findings : Main themes
Reimagining pay
Key priorities for organisations aiming to enhance their payroll services centre around compliance, expertise, accuracy of payroll, and employee experience. Technology integration and process simplification also garner significant attention from respondents.
- Compliance remains a top priority. 54% of respondents are focusing on new labour laws like the Code on Wages and 51% express strong interest in what’s required to comply with India's Digital Personal Data Protection Act.
- Technology integration, simplification of processes, and self-service capabilities are also significant areas for improvement, with 50%, 49%, and 40% of respondents expressing their importance, respectively.
Emphasis on financial wellbeing
The importance of financial wellness takes centre stage as a key HR consideration for 2024 in Indian organisations. Financial well-being refers to an individual’s overall financial health and stability.
- 62% are prioritising financial well being and 46% are advocating for equity across HR practices.
The demand for ‘sensible’ AI
Innovations in AI continue to impact on payroll operations with a majority of respondents clearly recognising its potential benefits in optimising payroll operations and ensuring competitive pay.
- Attendance/overtime calculations have been most positively impacted by AI, with 17% of respondents acknowledging its positive influence.
For further insights into the perspectives of senior HR and payroll leaders regarding the future of payroll landscape in India, access our research publication, 'Future of Pay in India Report 2024.'
