Asked to consider the future of payroll for their businesses, employers cite direct deposit as the functionality they are most likely to offer employees in the next year.
A recent survey, conducted in recognition of National Payroll Week by Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, polled 500 randomly selected business owners with two to 500 employees to find out what changes they plan to make to their payroll processes in the next 12 months.
The study revealed the following five payroll priorities:
- Offering direct deposit – 27%
- Providing electronic paystubs – 15%
- Offering smartphone access to payroll information – 11%
- Extending daily pay options – 10%
- Outsourcing payroll – 10%
“In today’s digital world, with the ability to buy goods and services with a simple tap on a mobile device, employees value – and increasingly expect – fast and easy access to payroll funds,” says Martin Mucci, Paychex president and CEO. “Delivering payday efficiency, direct deposit is a recruiting asset that business owners can use to help attract top talent. It also has the potential to serve as a financial fitness tool, enabling employees to save automatically.”
From an employer standpoint, in addition to eliminating the cost of paper checks, direct deposit can reduce overall time spent on payroll, freeing HR and payroll staff to focus on other business functions.
See the full survey results – which forecast the adoption rate of trendy cyber-tech tools like cryptocurrency and blockchain – for an analysis of projected payroll adjustments at payx.me/npw2018.
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Tags: Digital Currency, Payroll
