EXPERIAN FOREWORD
In today’s rapidly evolving business environment, payroll data is emerging as a pivotal player in the financial wellbeing of employees and, by extension, overall organisational success.
Experian is in a unique and privileged position in that we hold financial data that enables us to enrich the lives of millions of consumers. We believe that this data has the power to change lives by helping businesses to grow and drive better outcomes for their employees. We’re honoured to be the sponsors of this year’s report, which represents our commitment to leveraging the power of pay to support our clients, their employees, and the wider consumer market. Payday is a great opportunity for businesses to maximise their employee wellbeing initiatives. PayDashboard, our digital payslip solution, gives users access to pay, innovative financial tools and benefits, while Work Report TM enables users to utilise their pay data for easier access to mortgages and other loans. Accessing this data in a timely manner is crucial for consumers, but it also benefits lenders by enabling them to understand a consumer’s financial health. Yet the respondent data shows us that leveraging the power of pay data still remains largely underutilised in the wider market. This is evidenced by the time, cost and software challenges that many still perceive to be the inevitable outcome of switching to a digital payslip solution. Three-quarters of respondents have yet to utilise payslips for anything beyond basic pay data, yet those that have are successfully using the payslip portal for employee communication of all kinds. Notably, our own experience demonstrated a remarkable 551% surge in employee engagement when we began incorporating reward information within the payslip last year. This really reveals the transformative impact that payday has for bringing employees closer to all the great benefits that companies provide.
Paul Speirs Managing Directory – UKI Consumer Information Services & Analytics - Experian
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