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5 Ways Employee-Driven Payroll Represents the Future of HR

Self-service technology, in tandem with direct access to information, has evolved the way we entertain ourselves, shop and, notably, conduct business. New innovations and our ability to implement them in our organizations have launched us past merely dreaming about digital transformation.

Instead, we’ve entered a digital reality.

On the other side of this new digital threshold is a greater demand for self-service functionality and, by extension, the ability for workers to engage their workplace technology unlike ever before. For example, many employees have already had the ability to enroll in their own benefits, submit their own time-off requests and enter their own time sheets. Yet they have been barred from meaningfully interacting with one crucial piece of their workplace experience: payroll.

Until now.

Beti™ is Paycom’s award-winning and industry-leading experience that empowers employees to do their own payroll. Tiffany Gamblin, Paycom HR manager, and Sharlyn Lauby, founder of HR Bartender, joined us in a recent webinar to discuss the ways in which Beti’s self-service revolution defines the future of HR through unparalleled employee engagement.

Confidence

Compensation is an inevitable — and perhaps the most important — aspect of our work. But like electricity or air conditioning, we may not always stop to consider payroll until something’s amiss. Under the traditional process, most employees could only react with questions and concerns related to their pay after payday.

With Beti, workers proactively address possible discrepancies while being enabled to ask questions about their pay. Lauby explained this level of “trust and transparency” is more important now than ever before, as many employees feel “left in the dark” when it comes to payroll. Beti has the power to shed light on this area by giving employees previously unheard of access to how they are paid well before their check is deposited. Why that’s so important:

5 Ways Employee-Driven Payroll Represents the Future of HR

Accuracy

Manually running payroll not only proves tedious for an HR professional, but it compounds the likelihood of errors spurred by data entry mistakes. Gamblin found Beti helps boost accuracy by granting the power to verify and troubleshoot a paycheck to the people who need it to be correct the most: your employees. After all, they literally have the most to lose.

Reducing liability

Greater precision improves the overall integrity of your business’s data, which is critical in the face of a potential audit. But Beti leverages compliance even further. Gamblin explained that when employees approve their own check, it provides an extra layer of compliance protection because possible mistakes are caught before their paychecks hit their accounts — in fact, before payroll is even submitted — and before an employer has to rush to administer costly corrections like voids, wire transfers or physical checks. While employees approving their own checks doesn’t free an employer from their obligation to pay their workforce correctly, it does improve the likelihood that compensation will be right every time.

Insight

The ability to see their pay in advance gives employees a chance to meaningfully plan ahead with their finances. The American Payroll Association recently reported that 69% of U.S. workers live from paycheck to paycheck, making any opportunity for workers to anticipate their exact income paramount. Lauby found this significantly reduces the possibility of pay-related surprises while awarding employees with peace of mind that drives their focus and engagement.

Elevating HR

Beti eliminates the most stress-inducing and time-consuming piece of the pay cycle, enabling your HR professionals to focus on the reasons they chose their careers. Lauby stressed that by automating the manual processes of payroll, HR has the ability to instead focus on how to improve the employee experience. Gamblin agreed, adding that with more time at their disposal, HR may invest in reaching long-term organizational goals — such as higher retention and greater employee wellness.

Listen to more insights about the future of HR by viewing the full webinar on-demand, and explore the power of Paycom’s employee-driven, single database system.

 

DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.