Most managers resist technology, and payroll is no exception. In a previous article, I questioned why organizations don't require employees to have direct deposit (or use paycards) when the law allows it. Mandatory electronic payments are a great solution for both the organization and its employees.
Another easy and cost-saving payroll solution is to eliminate the printing of check deposit “stubs,” the individual paper records of each employee's pay. Many companies have already switched to online access of these records, saving the cost of paper, printing, envelopes, and delivery. Why hasn't yours?
Let's face it. Most employees don't pay attention to withholding and other deductions. I've found enough unopened check stubs in desk drawers of former employees to confirm this.
Employees just want to know the amounts deposited into their bank accounts. Often, they'll get this from their bank's online access.
If employees want to see their full payroll records, including historical information, they can simply login to the payroll provider's website. If you do payroll internally and can't provide this information online, count this as one more reason to use an outsourced payroll provider.
Yes, it's true. Your employees have daily and easy access to the Internet -- at home, on smartphones, and even at your worksite. The world is changing. Shouldn't your payroll processes be changing with it?
As with any payroll change, I recommend you provide plenty of advance notice to your staff. Let them know the benefits and cost savings of streamlining your processes. There may be a few grumbles, but they'll be quickly forgotten.
With all of your other responsibilities, wouldn't it be nice to no longer have to respond to an employee who didn't receive a paycheck stub?
Could you use help planning and implementing progressive and efficient business solutions? Contact Counterpart CFO for a free, no obligation consultation, and we'll identify specific ways we can help you.