Earlier this year, Netspend partnered with HR Daily Advisor to conduct its annual Payroll Solutions Survey, focused on trends within the payroll field. The survey captured insights on how companies are adapting their payroll processes to respond to the demands of millennials, the forms of payroll payments that are most prevalent and opportunities for improvement. Among the biggest payroll issues reported are that respondents’ current processes are too time-consuming, difficult to track or largely inflexible (per one of the respondents, they “assume everyone works a 40-hour work week”).
Other trends noted by HR Daily Advisor:
- The importance of integration: 44 percent of HR decision makers report that integrating payroll and HR systems is their top concern with payroll administration
- Tipping disconnect: Eighty percent of businesses that involve employee tips distribute those funds via cash or check, despite 94 percent of employees having a preference for direct deposit
- Show me the money: One third of companies chose “Immediate Access to Funds” as a key benefit of payroll cards
- Seeking improvement: A quarter of companies would like to see their company improve payroll processes
More than 500 HR professionals participated in the survey nationwide, representing more than 13 industries. Seventeen percent of those surveyed were from companies with more than 1,000 employees, while 28 percent were from companies with fewer than 50 employees.
Read the full survey executive summary to learn how many companies have had their payroll processes impacted by millennials, the two most important functions missing from respondents’ current payroll solutions and more.