The digital reality impacts our lives in and out of work, and now, this includes the way we get paid.
Self-service tech has made our lives easier across the board. In today’s workplace, it’s the norm for employees to enroll in their own benefits, request paid time off and manage their own time sheets.
But despite this trend, workers were still kept in the dark in one key area — payroll. That is, until now.
Through employee-driven payroll, enterprises give their workforce insight into their paycheck before payday, leading to previously unheard of engagement levels and efficiency. Here are three ways how:
Insight
According to a survey from National Payroll Week (NPW), 40% of U.S. workers are unsure if their deductions and take-home pay are correct each payday.
This mystery could yield high stress and limit your workforce’s ability to focus.
When employees are able to view, access, troubleshoot and verify their paychecks before payroll runs, they have the chance to plan their budgets and ask important questions.
This is especially important today, given the NPW survey also showed that 68.7% of those surveyed would have trouble meeting their financial obligations if their next paycheck was delayed for a week.
Giving employees more clarity about payroll cuts off common headaches at their source while boosting your staff’s financial wellness. It also empowers your workers to call out possible mistakes related to their pay before they unfold into costly reversals, wire transfers, rushed checks or voids.
And with a fresh sense of confidence, your staff’s free to help drive your enterprise forward.
Empowerment
Until recently, the payroll process has been what Steve Boese, co-host of the HR Happy Hour podcast, described as “backward-facing.” Workers were expected to manage every factor that impacts their pay but were kept away from payroll itself.
Placing the process in the hands of your workforce doesn’t mean they get to adjust their salary or modify when they’re paid.
Instead, they’re able to take ownership over the phase of their HR life that affects them the most. And through push notifications and an intuitive dashboard, employees wield a tool that provides the same level of ease and access they’ve come to expect with the tech they use in their personal lives.
Less liability
There’s at least some margin of error for many things.
You don’t have to hit a strike every time to be a great bowler. Nor do you have to get every question on an exam right to be a great student. But when payroll is only 99% right, it’s 100% wrong.
“Pushing the digital boundaries of our HRIS system: That’s what really looked good to us,” said the CHRO of one credit union. “Beti® brought payroll to the next step, where it gave more ownership to the employees. The benefit for us? It ensures that payroll’s accurate.”
And this reduced stress doesn’t come at the cost of lower accuracy.
In fact, it provides an extra layer of protection courtesy of your enterprise’s own internal experts. Since employees know their pay best, your HR team spends less time vetting endless piles of data and more time doing what they got into their field to do — help people.
Explore more about Beti, Paycom’s award-winning payroll experience, here. And read our guide to discover more about the future of payroll today.
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.