In some endeavors, even the slightest misstep spells disaster. For an astronaut, small miscalculations while re-entering the atmosphere are the difference between a smooth voyage and a harrowing emergency landing. When marine biologists need to observe great white sharks up close, a “mostly secure” cage isn’t going to cut it.
And for an HR professional, when payroll is only 99% right, it’s 100% wrong.
Beti®, Paycom’s industry-first, award-winning payroll experience, takes a stand against imperfection by putting the power of payroll in employees’ hands. Beti allows workers to access, manage, troubleshoot, verify and approve their own paychecks before submission, helping boost accuracy while driving down the time HR spends on tedious data entry so they are able to focus on more strategic, higher-level initiatives.
By lending more power to your workforce, Beti’s employee-driven advantage effectively addresses and overcomes these three common payroll frustrations.
Reclaiming time
Through the classic process, payroll administrators have few opportunities to look ahead. A study conducted by Deloitte alongside the American Payroll Association (APA) outlines just how limited HR is through antiquated practices. Payroll administrators were found to spend an estimated 85% of their time managing data and resolving redundancies and other issues.
The four primary obstacles to efficient payroll were:
- the time it takes entering salary data
- reconciliation and auditing
- running the payroll itself
- answering any employee questions that may arise throughout the pay period
By empowering employees to access, manage, troubleshoot and approve their payroll prior to payday, Beti gives HR the assurance they need to spend less time building compensation piece by painstaking piece and more time engaging and developing the workforce. And for any late submissions that could require corrections, Beti features an intuitive dashboard that enables HR to see important analytics and review warnings before processing payroll.
“With Beti, I saw a dramatic reduction in the time that I spend on Mondays processing payroll. We have a real quick turnaround now. It’s like being able to take an extra breath because every payroll period was just stress,” said the vice president of HR for an auto rental company.
Reducing errors
Correcting a missed time punch may seem insignificant, but this and other payroll errors rarely — if ever — happen in a vacuum. In a survey from QuickBooks, employers reported 80% of their time sheets contain errors that have to be addressed when running payroll. That number is staggering, but with 69% of Americans living paycheck to paycheck according to the APA, the smallest discrepancies may yield heavy consequences.
Beti not only addresses this concern by granting your employees the responsibility to verify their paycheck but also enables them to resolve mistakes before they require costly and time-consuming fixes.
Additionally, Beti bolsters financial literacy by allowing your workforce to budget and allocate their income well before it hits their account. This also helps limit liability for your business, as employees are approving — thereby acknowledging — the accuracy of their pay ahead of HR.
“Beti gives ownership to employees,” said the CHRO/COO of a credit union, “which is great because they know better than anyone else what their paychecks should be.”
Managing questions
Without employee-driven payroll, it’s a scramble to address questions. According to a report from Ernst & Young, employers will most frequently use shared mailboxes, payroll-specific phone lines, case management systems or an outsourced call center to gather and manage employee concerns.
These indirect, obtuse options risk generating just as many headaches as they seek to address and force HR to spend additional time investigating inquiries while your workforce is left waiting, possibly with a party that has little stake in a resolution.
Along with the visibility gained from Beti, employees can also get direct answers to any additional questions through Ask Here. Likewise, your payroll professionals are notified of any unresolved issues through Beti’s easy-to-use dashboard.
“I love the dashboard, and I love that I get those notifications before the end of the payroll process,” said the corporate accountant of a benefits administration company.
To learn about the real-world impact of Beti, download our infographic. And explore more about the employee-driven payroll revolution at paycom.com/beti.
DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.
