Whether it’s on a laptop, a tablet or a smartphone, employees are taking advantage of their ability to easily check payroll and HR records. New technology has paved the way for employees to feel more empowered when it comes to reviewing their important information.
The benefits of online payroll systems are not limited to the payroll and HR staff. Here are six advantages to employees when your company switches to an outsourced payroll system.
1. Confidential access: Employees can access their payroll records and current hours worked independently and privately, without asking for permission from a staff member in the payroll department.
2. Ability to review pay stubs online: For employees who work for hourly wages and are sometimes asked to work overtime hours, paychecks can vary considerably. Allowing employees to access a year's worth of pay stubs can give them the ability to "average" out their overtime pay and budget accordingly. Reviewing pay stubs in comparison with their usual annual tax liability or tax refund can help them determine if they should increase or decrease the amount of federal or state taxes withheld from their gross pay.
3. Information is available 24/7: For businesses that run in shifts – 24 hours per day – only about 1/3 of your people are working during the time that the payroll office is staffed, and that is only counting weekdays. Employee access to their own pay records saves night shift employees from having to come in during business hours or waiting until Monday morning for answers.
4. Access to PTO information: Every employee is interested in their PTO balance, and easy access saves your payroll or HR office from having to look up the information. And when it comes to requesting time off, online employee self-service makes a lot of sense.
5. Access to 401K plan and insurance premium information: Employees can review their progress in saving toward retirement, the cost of their current insurance plan and the worth of their employee stock purchase program. Regular access to this information can provide them opportunities to increase savings, eliminate certain types of insurance and otherwise manage their portfolio.
6. Ability to review upcoming work schedules. Not only does this help avoid absences due to misread schedules, employees can spot errors in their hours worked and have them corrected by their supervisors before an incorrect paycheck is issued.
With the numerous efficiencies technology provides your payroll staff, don’t forget to consider how the system can benefit your entire company. These are just six ways your employees can benefit from an online payroll application. Paycor will show you how our platform can provide additional benefits companywide. Contact us for more details.
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