Blog
Payroll & financial wellbeing – how does it work together?
28th September 2022
Across the UK, businesses are implementing solutions to support the financial wellbeing of their employees as the cost-of-living crisis intensifies.
HR and Payroll are the primary functions involved in the development and rollout of these solutions, as HR-backed initiatives will usually be reflected in payslip data and subsequently, employee net pay. Involvement of the two departments is not mutually exclusive – each depends heavily on the input and buy-in of the other.
Learn more in the CIPP/Experian National Payroll Week financial wellbeing webinar
Ensuring that HR and Payroll (and potentially other departments and stakeholders) are aligned from the beginning is essential in guaranteeing that employee wellbeing initiatives have every chance of succeeding.
But how exactly does this work in practice?
Experian joins CIPP’s National Payroll Week webinar
National Payroll Week was established by the Chartered Institute of Payroll Professionals (CIPP) in 1998 to celebrate the payroll profession and give it the recognition it deserves.
Often the first port of call for employee pay and tax queries, Payroll has elevated its status from being the nexus between HR and Finance to the strategic – and very crucial – purveyor of employee financial guidance solutions. As such, payroll professionals are frequently finding themselves working alongside HR on these initiatives, from concept to completion.
During this year’s National Payroll Week in September, Experian joined CIPP on their midweek webinar to discuss this process in more detail from a large organisation perspective. Gabby Wickes (Experian’s Global Wellbeing Lead) and Kelly Blake (Experian’s Payroll Operations Manager UK&I) joined Policy Officer, Mat Akrigg for a Q&A session on the importance of employee financial wellbeing support at Experian and the significance of cross-departmental alignment.
View the webinar on-demand
Some key takeaways from the webinar include:
- The current cost-of-living crisis is the biggest challenge in terms of employee support
- Higher earners are not immune to the crisis
- It’s important to approach wellbeing solutions holistically
- Employees will be scrutinising their payslips and their deductions more than usual – yet many find it challenging to understand their payslips
- Payroll as a stakeholder – what’s involved when the addition of benefits affects net pay, and the importance of being as efficient as possible during the implementation process
About PayDashboard
PayDashboard is the better payday experience that educates employees on their pay, improves access to fairer finance, and delivers opportunities for employers to support the financial wellbeing of their staff. PayDashboard integrates with your payroll software to deliver an all-encompassing employee payday experience, while driving increased efficiencies for you