Professional December 2017/January 2018

Feature insight - e-payslips

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“At the beginning you have set-up costs. You also have to decide on the format of the payslips, how to distribute them, who owns payslips and who bears the cost. Then it’s about finding the right partner. Afterwards it’s just the click of a button,” says Stachowiak. Capital costs vary and tend to be tailor-made, but the good news is that the returns are tailor-made too, according to Darling. In addition, some products are unlikely to require any capital expenditure at all, providing savings from day one. “Careful selection of your e-payslips supplier should enable you to realise a very short return on investment on capital spend and an immediate, significant reduction in operating costs,” he explains. ...functionality to allow individuals to look for A digital future So what can we expect payslips to look like in the future, and will the move towards e-payslips continue? “There is no turning back from the digitisation of our lives so they will only increase in popularity,” says Stachowiak. “Because of the cost savings there are very few downsides and as payslips are a legal obligation there is no way round it.” He believes that in the future employees will accumulate payslips from various employers which will be delivered to a single digital wallet. Each payslip will be held in separate folders, but the individual will carry only one wallet with them throughout their working life. “Data retention is another important point for the future,” adds Stachowiak. payslips which include certain transactions...

“Employers still have a legal obligation to keep data for a certain length of time, which will remain whether they use paper or electronic payslips. They need to be able to manage the system, which in itself is a burden.” And just because payslips have evolved already, it doesn’t mean they won’t continue to do so in the future. Hughes believes that payslips will follow in the direction of online banking, with pay data no longer being produced in a flat pdf format but updated in real time and held on a portal. They could also become more data driven and provide search functionality to allow individuals to look for payslips which include certain transactions, such as expense claims. People will generally have more choice around how they want to receive their payslips in a digital format, she says. “Payslips haven’t done this yet but they are going this way,” Hughes adds. “Everything is moving online and I think there will be a shift towards presenting payslip information as real data.” According to Darling, the obvious benefits to the employer will mean that most organisations will be motivated to implement a new solution. “We have found that enterprise clients with historical systems are looking to upgrade to a solution capable of reaching every staff member. Recipients love the process too,” he explains. “Most paydays we just want to know the money has been paid, but to have an app that allows instant access to older documents and the ability to print and email is a real advantage when we are applying for a new bank account or mortgage.” Darling describes having your P60 certificates and P11D returns in the same place as the “icing on the cake”. “The future is mobile, and the future of e-payslips is the mobile app,” Darling concludes. n

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Issue 36 | December 2017/January 2018

| Professional in Payroll, Pensions and Reward |

*correct at time of publication

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