Your payroll process plays a critical role in your organization’s overall health. Because payroll errors don’t just damage employee morale — they also expose your organization to costly regulatory penalties.
Luckily, the right automated payroll system can change that. Automated payroll processing acts as a powerful driver for increasing talent retention and improving operational efficiency across your entire organization.
How do businesses mitigate risk and avoid compliance mistakes?
While legal counsel and contingency plans are essential weapons in your arsenal against regulatory pitfalls, few are as powerful as empowering your employees to own their personal HR data. After all, no one knows their compensation and banking information better than they do. And when you pair that ownership with tech that automatically builds itself each scheduled cycle and completes pieces of the payroll process, you eliminate the need for HR and managers to reenter data, reducing the pressure they face and curbing a common source of discrepancies.
But when organizations fail to prioritize employee data ownership, the fallout can feel personal — especially for workers already facing financial strain. In fact, a 2023 Pollfish survey commissioned by Paycom revealed 74% of U.S.-based full-time employees could not cover an unexpected expense of over $1,000 without missing bill payments or borrowing from other sources.
What if some of this stress could be alleviated? With employee-first payroll, it can.
How does employee-first payroll strengthen talent retention?
By educating your workforce and incorporating modern tools to automate the process, you build a platform that helps boost financial wellness and retention. Because when employees have access to tech that automatically finds payroll errors and guides them to fix those mistakes before submission, they’re able to better protect their livelihood. Payroll discrepancies have the potential to undercut great benefits, perks and initiatives.
How does employee-first payroll improve operational efficiency?
Manual payroll adjustments aren’t just time-consuming — they’re expensive. According to EY, it costs an estimated $17.12 (in labor and nonlabor costs) to manually process a retroactive payroll. As the cost of getting payroll wrong continues to climb, it’s more important than ever to ensure you have the policies and procedures in place to maximize employees’ HR tech usage and help eliminate needless, risky data reentry.
In this guide, you’ll learn how employee-first payroll helps your organization:
- avoid the most common payroll mistakes by helping ensure regulatory compliance with tax and labor law updates
- improve operational efficiency and productivity by eliminating manual data entry that results in costly errors
- empower employees to review, troubleshoot and approve their paychecks before submission so payday brings accuracy, not unwanted surprises