High demand for payroll professionals in New York: over 3,000 vacancies highlighted in latest market analysis
As the global Head of Payroll at Frazer Jones, I was thrilled to host our recent Frazer Jones Connect: Payroll event in New York City. The event brought together senior managers and leaders in payroll from across the financial services sector, providing a platform for us to discuss the current state of the talent market and the challenges faced by payroll professionals.
During the event, I had the opportunity to present our latest findings on the job market for payroll professionals in New York.
Our data showed that there are currently over 3,000 vacant payroll positions in the city, underscoring the high demand for skilled professionals in this field.
3000
vacant payroll positions in New York [June 2024)
Attrition rates by years’ experience
We also shared insights on attrition rates among payroll professionals, which stand at 25% for those with 0-5 years’ experience, 21% for those with 5-10 years, 15% for those with 10-15 years and 10% for those with more than 15 years’ experience.
25
%
0-5yrs
21
%
5-10yrs
15
%
10-15yrs
10
%
15yrs+
“The data suggests that retention of experienced payroll professionals may become increasingly challenging in the medium term, and it’s an issue that organizations need to address proactively.”
John O’Brien | Executive Director | Head of Payroll
Challenges facing US payroll professionals
One of the most valuable aspects of the event was the opportunity to hear directly from attendees about the biggest challenges they face in their roles.
A recurring theme was the limitations of current global payroll systems, particularly when it comes to handling payroll across multiple locations. Many attendees expressed frustration with the lack of providers who can offer a truly integrated global payroll platform, noting that having to use different systems for each location creates significant obstacles for reporting and data analysis.
“During our roundtable discussions, the top challenge cited by nearly all attendees was the lack of providers offering a truly global, unified payroll platform.”
Tera Lawrence | Senior Recruiter
Another key challenge identified by attendees was the inadequacy of standard reporting features in most payroll systems. Many felt that these reports often fail to meet the specific needs of their organizations, highlighting the growing importance of being able to generate custom reports and gain valuable insights from payroll data.
As the global Head of Payroll, I am passionate about helping organizations find the right talent to navigate these challenges and drive innovation in the field of payroll.
Events like Frazer Jones Connect: Payroll provide an invaluable opportunity for us to engage with payroll leaders, understand their needs, and work together to develop solutions that can help them achieve their goals.
If you’d like to talk about hiring within payroll, your career or the market in general please get in touch today.
