Technology is continuously developing and every aspect of how businesses operate is advancing, including how employees get paid. Online payslips are being widely adopted by businesses, and according to a recent survey by the Chartered Institute of Payroll Professionals (CIPP), 47% of respondents are now using online payslips to pay employees, with 33% of these respondents using an online self-service facility.
There are several reasons why businesses are moving from paper payslips towards online methods such as cost savings, efficiency gains, greater security and for their reduced environmental impact. Within this blog post we will explore the benefits of online payslips and how they could improve your business.
1. Cost savings
Printing and distribution of payslips for your entire workforce can add up and make the monthly payroll a very expensive operation. According to the Chartered Institute of Payroll Professionals, 83% of businesses have saved money by adopting online payslips, some claim to have saved up to £6,000 a year.
2. Increased efficiency
Distribution of online payslips is much quicker than printed copies and the entire process is simpler and less labour intensive. Employees can save hours of time not manually
inputting data, and this time can be better spent elsewhere.
3. Environmental benefits
Online payslips save on paper, ink, and wastage so you’ll be putting a big tick in the box for your environmental credentials.
4. Greater security
Employee self-service systems are password secure and unique to each employee so there are no chances of payslips falling into the wrong hands or being left lying around on desks.
5. Better employee experience
Employees can access online payslips 24/7 from any location meaning they can get their valuable information whenever they need it. Employers who had already adopted self-service systems saw significant benefits from this throughout the Covid-19 pandemic when the government advice was to work from home.
6. Electronic storage
How many phone calls does your payroll department get to re-issue lost payslips? With online payslips all historical payslips are stored electronically so employees can access them whenever they wish without the fear of them getting lost.
Making the move online