ADVERTORIAL
A t a time of increasing costs, interest rates and inflation, an individual’s pay day is ever more important. Getting paid accurately and on time is now not only a legal requirement for employers but is also crucial in meeting the financial commitments of employees. Incorrect calculations, bad inputting and late payments can have a substantial impact on benefit payments, paying outstanding bills or paying down credit obligations. It can also have an overwhelming effect on a person’s mental health and financial well-being, and that’s without touching on the negative effect it can have on a company’s brand reputation, and the potential legal repercussions. It goes without saying that today, more than ever, a lot hangs on the pay day experience. Financial well-being begins at pay day Experian, one of the UK’s largest credit bureaus, is committed to improving the financial well-being of UK consumers. Amidst rising living costs and inflation, one of Experian’s aims is to support consumers, and help them get access to fairer and more affordable finance. The desire to deliver this experience fuelled Experian’s recent acquisition of cloud payslip provider, PayDashboard. The addition of PayDashboard enables Experian to improve financial inclusion by helping consumers to better understand their payslips and the power of their personal financial information. Experian conducted a piece of research into the future of payroll, investigating the challenges and successes of payroll today. The objective was to identify opportunities for employers and employees on how they share and interpret their payroll data, and to offer guidance on how to make the future of payroll look better for everyone. What works well (and not so well) when managing payroll? Payroll isn’t just about paying wages, it’s a chain of events that enables an employee to receive payment for their employment. So, Experian asked payroll and human resource (HR) professionals to give feedback on their experiences of managing payroll – what works well and are there any opportunities for improvement?
Caine Bingham, data acquisitions manager, Experian, gives an insight into the company’s new WorkReport™ service, which will help to educate employees on the power of their payslip and improve their financial well-being Reap the rewards of payroll automation
| Professional in Payroll, Pensions and Reward | February 2023 | Issue 87 24
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