Self-service software has changed the game for employees. In fact, over 8 in 10 (82%) HR professionals told HR.com it has a positive impact on engagement. Without directly involving HR, self-service tech allows employees to easily:
- approve their own time sheets
- enroll in benefits
- update tax information
- request time off
But there’s still another, rarely explored area where employee self-service goes even further: payroll.
As technology grants employees a more active role in their interactions with HR, it makes sense for them to be more involved with how they get paid. By giving employees greater access into their data and removing HR from the middle of the payroll process, organizations of every size can improve their overall payroll accuracy, reduce potential employee frustrations and increase their usage of self-service HR tech.
Mistakes are inevitable. In fact, they’re an integral part of the human experience. However, when mistakes affect something as crucial as our income, our tolerance can be abruptly cut short. Small errors, especially those involving pay, can have a detrimental impact on an employee’s trust in their employer.
In fact, in a survey commissioned by Paycom and conducted online by The Harris Poll in August 2021 among over 900 U.S. employees*, nearly all (96%) of U.S. employees say a perfect paycheck is important to them. Similarly, in another survey commissioned by Paycom and conducted by The Harris Poll, the majority (51%) of U.S. employees say they would look for a new job if they experienced any payroll errors.
Because employees know their information better than anyone else, allowing them to approve their own payroll cuts off doubt at its source and helps your business retain top talent, while also driving dollars toward your bottom line by eliminating voids and additional payroll runs to get payday accurate.
Employee-driven payroll broadens the scope of self-service and elevates your workforce in a way few HR innovations have before by:
- providing employees with previously unheard-of insight into their pay
- granting more ownership over employees’ checks, timecards, benefits and other deductions
- guiding employees to find and fix errors before payroll runs
- eliminating data reentry while ensuring accuracy
- increasing usage of HR technology already purchased
Any one of these advantages can drive engagement, lower compliance risk and boost precision independently, but united, they represent an unparalleled step into the future of HR and payroll.