An online payslip is basically an electronic version of the usual printed or paper payslip that an employee receives which is available to access securely online from a company intranet or an employee self service facility. This article discusses the benefits of implementing online payslips within an organisation, and what type of companies this applies to.
What are online payslips?
An online payslip is basically an electronic version of the usual printed or paper payslip that an employee receives which is available to access securely online from a company intranet or an employee self service facility. Once implemented by an organisation, online payslips will typically replace the traditional printed or paper type payslip that would have been produced. Current and historical versions of online payslips are usually available to access and if necessary print.
What are the benefits of using online payslips?
There are a number of benefits to employee and employer by implementing online payslips. From a web browser, the employee can access both current and historical payslips online at work or in the comfort of their own home 24 hours a day, 7 days a week. This is particularly useful for example in fulfilling requests from a bank to provide back issues of payslips in support of a mortgage or loan application. The employee can provide copies of payslips without having to consult their payroll department.
Online payslips can significantly reduce the cost of providing payslips, particularly in a large or multi-site organisation. Printed payslips and specialised sealing machines no longer need to be purchased and postage costs (if applicable) are completely eradicated. This process is not only kinder to the environment but can also significantly reduce the time taken to produce printed payslips for each employee, thus improving the efficiency of the payroll department.
Online payslips can also provide the employer with the additional opportunity to provide information over and above that which is usually included on the printed payslip. A good example of this would be details of benefits which the employee receives and their perceived value, bonuses or perhaps information relating to their expense claims. This type of information could potentially enhance the employer/employee relationship and assist in improving staff morale and retention.
What type of company will benefit from implementing online payslips?
Whilst many companies stand to benefit by implementing online payslips, large and/or multi-site organisations probably stand to benefit the most from increased efficiency and reduced costs. It is also worth noting that the type of industry that the company operates in could be significant in terms of how the introduction of online payslips could be perceived by its employees. Companies that have large numbers of IT/PC literate employees will be more readily available to accept the move from the traditional paper based payslips to an online version, than those organisations who employee predominantly manufacturing or manual labour.
Online Payslips - Contact us now to discuss your requirements.
Employee / Manager Self Service Software - Back to module information page.
Click here to view a related article: Online Payslips - Everyone is talking about them