Your employees don’t just work to get paid — they work to get paid correctly. And every payroll error they endure is a black mark on their experience that compounds their financial stress. In fact, a study from BrightPlan found employees lose 7.3 hours of productivity to financial stress each week, costing employers a potential $183 billion annually.
Mistakes don’t just harm employees. Payroll problems chip away at the bottom line due to costly, last-minute corrections, like:
- voids
- reversals
- wire transfers
- rushed paper checks
According to Ernst & Young, fixing the average payroll error costs a company $291. Plus, businesses using an outdated payroll process — one that doesn’t automatically find errors and guide employees to fix them before submission — can expect a 20% error rate.
The process doesn’t have to be this way with Beti®, Paycom’s automated payroll experience. Here’s how:
How does an automated payroll experience work?
Beti is a tool that empowers employees to do their own payroll. It doesn’t mean HR isn’t involved in the process or that employees can adjust their hours and salary as they see fit.
Instead, it helps employees prevent the costly errors that impact revenue and retention before payroll ever runs. An automated payroll experience also enhances their pay literacy, which is why they should be able to make sure it’s right without having to suffer a delayed or incorrect paycheck.