REWARD
Utilise technology and automation Leveraging technology can streamline the process of explaining payslips and enhance accessibility. Consider the following approaches: l interactive payslip portals. Develop online portals where employees can view interactive versions of their payslips l automated chatbots. Implement chatbots capable of answering common payslip- related questions and guiding employees through their payslips step by step l mobile apps. Create or utilise existing mobile apps that allow employees to access their payslips and related information on the go. These technological solutions can provide immediate, on-demand support, reducing the burden on payroll staff and improving employee satisfaction, albeit there may be an upfront cost to design and implement such solutions. Technology can also be used to gather feedback from employees about their experiences and any extra support they might need. Additionally, employing data analytics can help identify common issues or trends, allowing payroll to address them proactively.
“Being able to communicate clearly and empathetically can ensure employees feel confident asking questions, feel informed about their financial status and ensure that everyone is on the same page to avoid errors”
benefits to improve their finances and how it shows up on their payslip, or impacts the numbers, when they have signed up l resource signposting. Provide information on where employees can find further financial advice, guidance and support, on the payslip or included in the communications around their payslip. l financial wellbeing workshops, tools and education. Review existing financial wellbeing content delivered to your teams and find opportunities to incorporate education around their payslip. For example, in a webinar about pensions, show how pension contributions appear on a payslip and how it impacts tax and net income. Integrating with existing benefits and financial wellbeing initiatives can help to foster a culture of financial awareness and empowerment within the organisation. Employees who feel supported in their financial journey are likely to be more engaged and productive, and providing access to financial education can help reduce financial stress, leading to improved mental health and overall wellbeing. Summary As the CIPP Payslip Statistics Report 2024 indicates, there’s a growing need for payroll
professionals to offer financial wellbeing support. By organising workshops, creating clear guides, offering personalised support, utilising technology and integrating with financial wellbeing programmes, payroll can significantly enhance employees’ understanding of their pay and support financial health. Investing in training for payroll professionals is equally important. Training should cover both the technical aspects of payslips and the interpersonal skills needed to address financial concerns sensitively. By equipping payroll professionals with the right tools and knowledge, they can leverage their unique opportunity to make a meaningful impact. A payroll department that actively engages in financial education demonstrates its value to the organisation and its employees, fostering a culture of transparency and trust. By embracing these strategies, payroll can transform into a key player in promoting financial literacy and wellbeing, ultimately building a more informed and financially secure workforce. n
Integrate with financial wellbeing programmes
Understanding payslips is just one aspect of financial literacy. Payroll can play a pivotal role in promoting overall financial wellbeing by integrating payslip education with other financial wellbeing initiatives taking place in your organisation. This can include: l employee benefits. Consider how employees can leverage existing employee
View the CIPP payslip tool by visiting: https://ow.ly/ks9T50Th5y2.
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| Professional in Payroll, Pensions and Reward |
Issue 104 | October 2024
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