At Experian, we believe that financial resilience is achieved by giving employees the tools to help them to understand the fundamentals of their financial livelihoods – all of which begin on payday. We see that a quarter of respondents still receive tax code queries, while more than half respond individually to employee payslip queries. In all likelihood, a considerable amount of time and resource is being used to resolve what technology could, and does, achieve within seconds. The quarter of respondents still emailing payslips and the 14% still printing payslips could be missing out on providing the employees that they pay with greater financial benefits, and a digital journey that they’re accustomed to in every other part of their lives. As digital natives, Millennials and Gen-Z enjoy instantaneous financial transactions; whether it’s opening a new bank account, shopping, or investing. Payroll sits at the helm of the processes that enable the same journey on payday, evidencing just how influential payroll teams are in driving change within an organisation. It’s encouraging to see that almost half of respondents agree, considering Payroll to be in a prime position to assist with employee financial wellbeing. We can also see that businesses are taking proactive measures to foster a culture of wellbeing and support, by giving employees the choice of how and where they would like to work. This is one of many measures we have rolled out across Experian, the success of which is partly due to the collaborative efforts of HR and Payroll teams. Pay data is a rich source of information with the ability to transform the lives of employees, while helping businesses to thrive. We’re thrilled to be working with the CIPP on delivering this report to the many thousands of payroll professionals – the custodians of this data – in 2024.
“PAY DATA IS A RICH SOURCE OF INFORMATION WITH THE ABILITY TO TRANSFORM THE LIVES OF EMPLOYEES, WHILE HELPING BUSINESSES TO THRIVE” Experian
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