5 ways to use payslips as a strategic tool for your business or bureau

The humble payslip wouldn’t normally be considered a strategic business tool, but times are definitely changing. Payday has now become so much more than the transfer of pay data between an employer and employee. Instead, it’s the foundation of employee financial wellbeing and a gateway to greater financial tools and benefits.

As we move away from one dimensional, PDF payslips into the world of opportunity that cloud payslips provide, it’s important to understand the untapped value that exists in this technology. Here are ways payslips can be used strategically to enhance the employee experience across your business:

1. Automated verification

So many significant life events are held up by manual verification processes. And this translates to considerable time and resource requirements by HR and payroll teams. Pay data enables individuals to access life’s big moments such as mortgages or other loans – so it’s crucial that this info be easily accessible. PayDashboard’s payslip is one of the ways employees can instantly verify their income and employment with lenders of their choosing.

2. Improve uptake of your company rewards and benefits

It takes time and cost to source all those great employee benefit schemes, so it can be disappointing when engagement and uptake falls short of expectations. There could be many reasons for this, as we’ve explored before. Bringing reward info into the payslip can yield extraordinary results for your business. We saw a staggering 551% increase in employee engagement when we rolled this out across Experian, which is a testament to the success of bringing it all together.

3. Boost financial resilience across your workforce

Payday is a time when employees are most engaged with their finances. Therefore, it’s a great opportunity to provide employees with financial resources and guidance that supports their wellbeing, (while pre-empting any queries that they might direct to payroll!) Our in-platform financial education guides have successfully reduced pay-related queries and are read hundreds of thousands of times each year.

4. Integrate with your current HR and payroll software

Many accounting firms and businesses come to us because they prefer a best-of-breed approach when it comes to payroll technology. It means they are not beholden to any one software or portal – having instead the option to mix and match to their preference. Having a payslip portal that integrates with most payroll software on the market is a win-win for businesses and payroll providers is it provides more flexibility and choice.

5. Grant your leavers access to historical pay data

There’s enough to be done processing leavers without having to deal with emailing P45s or locating historical pay data for ex-employees, (which can be a real drain on time and resources!) Giving leavers access to historical data can free up time for your teams. Plus, your leavers won’t have to access other HR systems or any other company info – they’ll only be able to see their payslip history.

About PayDashboard

We think about payday differently! Rather than just a payroll output or a legal requirement, we see payday as an overlooked opportunity to deliver added value services to your employees or payroll clients.

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