Not so long ago, if you were to mention electronic payslips in polite conversation the assumption would be that you were driven by environmental concerns. Yet in the years since their introduction, it’s the many non-environmental benefits of e-payslips that have made their paper counterparts an endangered species. In this article we review the benefits of the online payslip for both employers and employees.
1. Moving from printed payslips to online payslips creates cost savings
Switching to e-payslips is, as with any business decision, a question of numbers. For the country’s largest employers, switching removes millions of paper payslips from the mail annually.
Even SMEs with a few hundred staff will notice the difference when they no longer need to provide paper, ink, postage and manpower to print and service paper payslips that may number in the thousands each year.
2. E-Payslips are preferred by staff
Overwhelmingly, people prefer e-payslips too.
The accompanying self-service element of most e-payslip systems means employees can securely access their payslips and P60s online 24 hours a day, 365 days a year. There’s nothing to file and nothing to lose.
Self-service also means that the simple tasks that used to eat into admin staff’s time are no longer an issue. Printing copies, finding tax codes, checking whether additions or deductions have been made can all be done by the employee, saving the individual time and the business money.
3. Online payslips are eco-friendly and socially responsible
So strong are the business benefits of e-payslips that the environmental and social factors become less of a driving force and more an added bonus. Nevertheless, the energy and resources saved in printing paper payslips can have a measurable effect on a business’ carbon footprint.
It’s not quite the end for paper. There remain some roles for which e-payslips are unsuitable, but mixed systems, running e-payslips for the majority and paper for the few, are widely used. For most organisations and most employees, there’s rarely a reason not to switch.
Is it time you changed to e-payslips? Talk to your international payroll providers to see how your business could benefit.