If you were offered the opportunity to save money, increase security and make your staff just that little bit happier, would you investigate it? Without sounding like some over-enthusiastic multilevel marketing recruit, this is exactly what companies who make the switch to mobile payslips experience.
Bryan Collins wrote an article for Sage discussing the value of online payslips in which he says, “Employees who enter the workplace now expect whatever they want at the touch of a button which is bringing new challenges for employers. In a digital age of disrupt or be disrupted, businesses of all sizes are asking the same question ‘Where can we remove friction or promote ease of use?’”
Disrupt or be disrupted? That’s an interesting concept. Let’s have a closer look at why so many businesses are making this change, and what impact it has on both the company and the staff themselves.
Organisational Benefits of Electronic Payslips
No sane business owner would turn down a viable opportunity to save money. And that’s exactly what taking your employees’ payslips online does.
Smaller companies may not see such exciting returns, but if you have a fair-sized staff compliment then the cost of printing and mailing payslips each week or month simply vanishes. Paper, ink, envelopes, and of course the time taken to distribute them; it’s tedious and unnecessary.
Whatever your policy on sharing salary information, there will always be that guy who sneaks a peek at his colleague’s payslip while it’s at the printer and gets a little miffed. In actual fact, the information on a payslip is highly confidential and should be treated with the respect and privacy that it deserves.
The POPI act has weighed in on this matter and letting slip any details from a payslip falls squarely into a breach of confidentiality.
A payslip represents an agreement between a specific member of staff and the business. Sending these details to their mobile phone or making it available online places the burden of privacy on the shoulders of the recipient.
The Benefits of Online Payslips for Staff
Do you know anyone who has a fully functioning and organised filing system at home? Unfortunately, paper payslips are easily mislaid or end up going through the wash. And filing is a real bore!
Therefore, having permanent online access to your payslips means quick and easy access whenever you need it. Many online payslip options offer historic access without having to rifle through piles of dog-eared coffee-stained paperwork.
Ease of Use
If you’re applying for a home loan, vehicle finance, or even just a store card at your local Truworths, you will be asked for at least 3-months’ payslips.
Having quick access to these online means that you know where they are, and you can easily email them or print them out when applying for credit. It really makes life so much easier when everything is in one place and accessible from anywhere.
While security is an important element for companies who want to stay within the law, it is just as vital for employees.
We need to know that our information is secure, that other people can’t open accounts in our name using a copy of one of our payslips (it happens more often than you think!) and that our personal information – such as ID number, address and earnings – are kept private.
Marisit Credit Bureau says, “Once identity thieves have your personal information, they can drain your bank account, run up charges on your credit cards, open new accounts, or get medical treatment on your health insurance. An identity thief can file a tax refund in your name and get your refund. In some extreme cases, a thief might even give your name to the police during an arrest.”
In his article mentioned earlier, Collins goes on to say “In our experience, businesses across multiple industries are all faced with the same challenges. But, small to medium-sized companies with an agile approach are increasingly gaining a significant advantage over their bigger and slower-moving competitors. For every Blockbuster that fails to adapt to the digital landscape, there is a Netflix waiting to take its place.”
As a business, do we want to be the next Blockbuster? Or will we adapt with the fast-moving digital landscape and ensure the security and ease of use that online payslips bring? Why not welcome the new financial year with a giant stride forward – talk to us about how to go mobile.