Self-service software transformed how people experience work. In fact, over 8 in 10 (82%) HR professionals told HR.com it has a positive impact on engagement. Without directly involving HR, self-service tech allows employees to easily:
- approve their own time sheets
- enroll in benefits
- update tax information
- request time off
But there’s still another, rarely explored area where employee self-service goes even further: payroll.
What is employee-driven payroll?
An industry first, Beti automatically identifies errors. Then, it guides employees to resolve them before payroll submission. This tool broadens the scope of self-service tech and elevates your workforce by:
- providing employees with unprecedented insight into their pay
- granting more ownership over employees’ checks, timecards, benefits and other deductions
- eliminating data reentry while helping ensure accuracy
- increasing usage and ROI of HR technology
Any one of these advantages can drive engagement, help lower compliance risk and boost precision independently, but united, they represent a step into the future of HR and payroll.
Why should businesses use employee-driven payroll?
As technology grants employees a more active role in their interactions with HR, it makes sense for them to be more involved with how they get paid. By giving employees greater access into their data and removing HR from the middle of the payroll process, organizations of every size can improve their overall payroll accuracy, reduce potential employee frustrations and increase their usage of self-service HR tech.
Mistakes happen. In fact, they make us who we are. But when mistakes affect our income, they cut our tolerance short. Small errors, especially those involving pay, can have a detrimental impact on employees, damaging their trust in their employer.
In fact, in a survey commissioned by Paycom and conducted online by The Harris Poll in August 2021 among over 900 U.S. employees, nearly all (96%) of U.S. employees say a perfect paycheck is important to them.
Similarly, in another survey commissioned by Paycom and conducted by The Harris Poll, the majority (51%) of U.S. employees say they would look for a new job if they experienced any payroll errors.
Employees know their data better than anyone else. By allowing them to approve their own payroll, you cut off doubt at its source. In turn, your business retains top talent, while also driving dollars to your bottom line by eliminating voids and additional payroll runs.