You may have heard of National Payroll Week. Started in 1996 by the American Payroll Association, it celebrates “many things important to each of us who work” according to their website, nationalpayrollweek.com. During National Payroll Week, workers are given a chance to share their opinions on current topics in the areas of work and payroll. This is a good chance for today’s workers to share their thoughts.
As a small business owner, you can gain some valuable insight into what your employees might want and need from the 2014 “Getting Paid in America” survey. I’ve summarized a few highlights below.
Confidence in Payroll is High. Most employees (93.2%) who took the 2014 survey indicated that they were either Very Certain or Somewhat Certain that the amount being paid and withheld in each pay period was correct. We don’t need to tell you how important this is, not only to your employees but also to your business. Accuracy on the front end definitely avoids a lot of payroll headaches on the back end!
Health Benefits are Very Important. Employees today care a great deal about the health benefits that often accompany employment. Over 42% of respondents on this survey chose Health Benefits as the most important benefit offered by an employer, and the next most favored option (Flexible Schedule) was a distant second at 22.5%. In another question, close to half of all employees (43%) chose Health Benefits as more important than Higher Wages (57%).
Direct Deposit is Today’s Norm. A significant majority (96%) of workers taking the 2014 survey said that they received their pay via Direct Deposit. Can you remember when direct deposit was the wave of the future? Well, I think it is fair to say that the future is here! This trend is likely to continue with fewer and fewer businesses messing with the hassle of paper checks.
A complete breakdown of these survey results is available for you to review at www.nationalpayrollweek.com/documents/2014GettingPaidInAmericaSurveyResults_FINAL.pdf. Check it out for a better understanding of the views of today’s workforce on the subject of payroll.
If these results leave you feeling a little unsure of your business’s current payroll system, The Payroll Department has the structure in place to ensure that your payroll is handled correctly. Give Teresa Ray a call (317-852-2568) and let her assist you in making sure that your payroll system is functioning properly and meeting the needs of your employees.
-Jessica of The Payroll Department Blog Team