Considering a Career Shift to Payroll Management? Insights on Prospects and Pathways

Exploring Career Prospects in Payroll Management

I want to know what the future holds in payroll management. I am currently working as a recruiter, and I am considering shifting to payroll. However, before making that transition, I would like to understand the career prospects in payroll management. Is it necessary for me to start my career with a consultancy, or can I also be hired directly by a company for this role? Additionally, I am interested in knowing if there are any courses that can help me enhance my skills and knowledge in this field.

Regards,
Deepti

Career Prospects in Payroll Management

Payroll Management is a good career provided as under:

• You have in-depth knowledge of compensation structures, tax laws, PF, ESIC, and other statutory compliances related to compensation.

• You also have knowledge of compensation benchmarks, variable pay, and compensation percentiles.

• You are ready to work with outsourced companies; for example, big multinational companies have their own shared services.

• You have knowledge of expat compensation.

• You are ready to work under pressure during payroll cycles, increment cycles, etc.

• You are ready to face payroll audits.

Nowadays, companies are either outsourcing or transferring the payroll to shared services where the compensation and benefits manager has scope. Don't restrict your growth to only being a payroll management professional but try to be a compensation and benefits professional, where this role also oversees Payroll Management.

Best of luck.

Regards,

I also want to know how I should kick-start my career in the area of HR. As you said, there are many consultancy firms offering payroll jobs, but I don't see any growth with it, plus the salary offered is way too low. Companies ask for good experience before they hire you because of market situations. Where should I start, and if there are any courses and good institutes, please do let me know about it.

Regards,
Deepti