Processing
Payroll frequency When analysing pay frequency it is not surprising the most popular payment frequencies were weekly or monthly paid. 50% of respondents stated they operated a monthly payroll, 46% operated weekly payrolls, 3% operated a 4-weekly payroll and only 1% operated payroll on a 2-weekly basis. When compared to the figures from 2018, sole use of monthly payrolls has reduced by nearly 50% whilst processing weekly payrolls has increased by over 100%. Could this be a result of the pandemic and employees requesting to be paid more frequently? The increase could also reflect a greater uptake in survey responses than ever before. This result will be interesting when it is compared to next year’s results, as what is not expressed within the graph is that just 1% of respondents process payroll solely on a weekly basis.
Most respondents used multiple payment intervals. Therefore, going forward, this question will be amended so that this can easily be shown, providing greater clarity on preferred payment intervals.
Reports from the Office of National Statistics and media outlets suggest that the most frequently used payment method is monthly, therefore this result was unexpected. This further justifies the question to be elaborated in future reports to gain a clear and more accurate definition of the most commonly used payment frequency.
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