Moving to a paper free system for distribution of payslips to staff is becoming more and more frequent these days, and for good reason.
There are many benefits to be enjoyed if you decide that your company should move to a paper free, online payslip payroll.
Cost savings:
This goes without saying really. Payslips no longer have to be printed out on paper, and distributed to staff as they once were. So, there are savings to be had on the cost of paper, the ink required to print the payslips themselves, and the electricity required to power the printers in the first place. It has been estimated that up to 100% of the initial cost of transfer to online payslips can usually be recouped within the first 12 months. Which leads to the next point…
Environmentally Friendly:
Moving to a paper free system is very environmentally friendly, both in raw materials and electrical use. You will have made an effort to reduce your carbon footprint, and will gain a reputation as a company that is aware of the impact of environmentally unfriendly practices, such as distributing paper payslips.
Ease of Use
This kind of system is a major benefit to employees. With online payslips, they can access their payslip wherever there is access to the internet, 24/7. Also, with paper slips, people tend to either put these into some unknown drawer, or even into the trash. This is a problem when they may need access to payslips at a later time. Having online payslips means that your staff no longer needs to hoard their slips in case they are required again at a later date. All of the slips will be archived online, so even if just one specific slip is required, for whatever the reason, it will be there, available at any time.
More Detail:
With payslips moving online, there is really no limit to the amount of information that you can provide to staff on their specific payslip. Payroll software tends to hold a lot of detail on employees, which never gets printed on paper slips, due to space issues. Things like tax allowance information, date of commencement with the company, amount of insurance paid – these all tend to be left off paper slips, but they are important pieces of data none the less. With online slips, the sky’s the limit as regards the amount of info you can feed to employees.
Security:
With an online service such as this, staff can be provided with a user name and password, so they are the only ones that can access their pay information online. This introduces a level of security for employees, which in turn shows the employees that you are a security conscious employer.
These are just some of the many benefits that can be expected when moving to an online payslip payroll. Most staff nowadays are used to accessing information online, for example banking, so this step will adopted by staff quite easily.