Time to find a payroll manager for your company? While the recruitment process for a payroll manager may seem easy, let's first get a lay of the land.
First things first: Let's take a look at the basic facts. Data from labor-insights provider Burning Glass shows no change in demand for the role over the past year, logging precisely 7,000 postings for payroll managers during that time, with an average of 37 days to fill each position. But don't let that fool you into thinking that hiring will be easy — especially in this candidate-friendly job market.
So what is the best way to go about finding your next great payroll manager? Glad you asked.
Here's a simple checklist for accomplishing just that:1. tune-up your hiring process for efficiency 2. find out what a competitive pay rate is for the position 3. know the most-needed skills for the position 4. create an easy-to-read and engaging job description 5. research trends for the role and industry to inform your hiring decision 6. decide which hiring channels are best for finding candidates
What do each of these checklist items actually entail? Keep reading for insight and advice on each step.
1. speed up your hiring process
Lengthy hiring timelines bog down entire departments with extra work and risk important tasks — like payroll processing — falling through the cracks. Revisit your hiring process using this diagram, and identify areas that could benefit from an efficiency tune-up.
2. develop a competitive compensation package
If anyone is compensation savvy, it's certainly a payroll manager. So you'll need to be sure you're offering a competitive pay rate from the start in order to attract their attention. Randstad's 2019 Salary Guide is an excellent starting point for compensation comparison. Here are nationwide salary averages for payroll managers, according to experience level:
$69,475 – $84,321
$80,543 – $97,754
$92,416 – $112,164
In addition to experience, what makes for a competitive salary also differs by region. You can put our salary calculator into action to find up-to-date data on pay rates relative to your area.
3. identify the top skills for payroll managers
Before you can craft your job description, you need to know what specific skills and experience your ideal candidate should have. A payroll manager does much more than make sure everyone gets paid — they also manage compensation and the paid time off offered to ensure what your company offers is sustainable and mutually beneficial.
Discuss your company's specific needs with the hiring manager and other business leaders to determine the "must-have" skills — an affinity for math and numbers, for starters — and "nice-to-have" skills, like having Certified Payroll Professional or Certified Protection Professional credentials.
To give you a jump-start, below are the top-requested skills of payroll managers nationwide:
4. write an eye-catching job description
No one said writing a great job description was easy — and if they did, they were mistaken — but that doesn't mean it has to be complicated. Follow these three tips to keep your description simple and effective.
Keep these tips in mind when writing and you should come up with an eye-catching and engaging job description that appeals to qualified applicants. Want some more help? We've got you covered. Find more advice for the writing process in our guide to writing highly effective job descriptions.
5. brush up on the latest industry trends
The increased pace of change in the business landscape has companies looking to future-proof every aspect of operations. Understanding the trends impacting the accounting and finance industry is key to future-proofing your hiring process.
Below are a few trends for the accounting and finance industry — and payroll managers, specifically — that you need to know:
- Demand for payroll managers is estimated to grow 3.4 percent by 2029.
- Automation and advances in tech are expected to shift payroll manager duties towards trend analysis and providing keen payroll insight for informed business decisions.
- California, Texas and New York have had the greatest demand for payroll managers, so companies hiring in these states need to be particularly aggressive in their recruiting.
To gain a broader understanding of relevant shifts and trajectories, refer to our accounting and finance industry talent trend guide.
6. choose your channels to find candidates
Payroll managers hold great responsibility in any company. Their role requires multitasking in high-stress environments with sensitive information. How well they manage their responsibilities has a direct impact on the satisfaction of employees and the reputation of your company as a whole.
Such a position requires a high level of discernment in the hiring process. While a multitude of sourcing options exist, working with a staffing firm provides a clear advantage for organizations looking to find a quality payroll manager — fast. The services they can provide are time- and cost-effective; they minimize your risk and work, so you can maximize your return. Makes sense, doesn’t it?
Reach out to our accounting and finance experts at Randstad today to start the process.
Or, if you'd rather browse a bit on your own before reaching out, you can see our pool of available payroll managers — all of whom are prescreened, vetted and available on demand — in our Find Employees portal.