Today’s workers demand a different experience
The traditional payroll process hasn’t changed for the best part of a century; consigned to the back-office or outsourced, manual processing means that it’s only ready at month-end – which is when the worker gets visibility of what they are due. Compare that with the expectation of today’s workers who expect that every transaction of their lives is always available: “where’s my delivery”, “whats my bank balance” etc. In an on-demand, real-time world, it’s no wonder workers feel disconnected from payroll which is still batch processed.
How are Employers responding?
Employers now realise that their payroll needs to move into the 21st century. They are providing payroll directly to workers via mobile and desktop. This isn’t just a payslip portal which shows historical payslips, it’s a real-time view of their own personal payroll ready from the first day of the month. In fact, each time a workers accesses their “next payslip“, the system runs their payroll, and prepares the payslip. It’s like a pay run, on-demand in moments!
Workers are uniquely placed to check their details and pay. For example, they directly enter their bank and address details, and they can check their tax code before it is applied. Similarly, they know what their gross salary, wage or hourly pay should be. Early visibility engages the worker with every element of their pay and benefit. If anything is missing or wrong, it can be corrected before pay day. Feedback from the worker can result in zero errors, accurate pay, high levels of engagement and reduced frustration.
Bonusses and Commissions
Pay items such as bonus and commission mean that many workers receive different pay each month. When there are errors, traditionally the worker doesn’t discover the error until after month-end.
Today’s workers demand a different experience, and smart employers are responding. By deploying Robotic Payroll Automation (RPA) technology, employers can lower cost and improve retention, while delivering on the expectations of their employees with on-demand, real-time, individual payroll:
- Yesterday’s payroll can cost £100 per worker per year vs. paiyroll® starting at £18 per worker per year, when headcount costs for collecting, checking and managing pay data are included.
- It costs on average £30k to replace a worker. Every 1% improvement represents a significant saving. Workers engaged with their pay and benefits increases satisfaction and reduces attrition.
Research released across more than 1,000 CFOs says that the function which will benefit most from AI is payroll.
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We are proud to report that paiyroll® has now been tested and recognised by HM Revenue and Customs (HMRC)!