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Mar 12, 2024

Small businesses investing in payroll professionalism as they grow

Research by the National Payroll Institute (NPI) demonstrates that Canadian small businesses are investing in payroll professionalism as their businesses grow.

NPI says professional payroll practices are essential for organizational health and longevity. Properly conducted payroll not only ensures the organization stays compliant but ensures employees are paid for the important work they do – minimizing the costs lost to disengagement and turnover. NPI’s research shows that 99 per cent of small businesses believe that paying their employees accurately and on time was important to them and 96 per cent feel confident they are meeting compliance and legislative requirements through their payroll efforts.

While small businesses may not yet have a need for dedicated in-house payroll professionals, the survey does show that their owners and key decision makers recognize the need for professionally designated payroll professionals – especially as they grow. Despite their small size, a third of respondents (33 per cent) have a designated payroll professional on-staff, and this number rises to 59 per cent when the size of the business grows to 50-99 employees. Additionally, 73 per cent of those that have a designated payroll professional state that it gives them peace of mind knowing that the employees handling their payroll are professionally trained.

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