Paperless pay means eliminating paperwork in every phase of the payroll process, reducing costs, and delivering faster, more convenient employee service.
Electronic payroll: the first step
Paperless pay means using today's enabling technologies to pay employees without printing or distributing paper checks and advices. Although electronic payroll is at the heart of paperless pay, there are other essential components that collectively offer the prospect of eliminating every piece of employee-directed paper surrounding the payroll process.
Gaining efficiencies throughout the payroll process
Paper-based payrolls have many distinctive steps that earmark this traditional process as a great candidate for streamlining through automation. Payroll and HR executives are realizing that manual time collection, distribution of paper checks and the irritation of escheatment administration, all represent excellent opportunities for gaining efficiencies and reducing costs. Paperless pay uses electronic methods to replace paper and capitalize on employee self-service to reduce the need for manual labor in handling time reports, delivering conventional paper pay advices, distributing W-2s, and so on. Paperless pay is also a way to reduce the errors that plague paper-based processes, since real-time access to accurate data ensures employee-initiated transactions and inquiries are all validated and verified.
Accessibility to all
Today's best-practice paperless pay solutions are available via the Web or telephone, so employees have convenient access to their pay information and employers are able to meet differing state requirements for accessibility. Incorporating the payroll card option means every employee can electronically receive their pay even if they don't have a checking account. A well-designed paperless pay implementation plan can address each state requirement.
Benefits for the employer and the employee
The benefits of paperless pay initiatives are enormous. Cost reduction in the production and delivery of pay to employees is the key driver for many organizations. Employee service levels are also boosted by secure access to personal pay information as well as self-service transactions such as reporting time, managing direct deposit, or changing W-4 information. Paperless pay has come of age, with a mix of options that can eliminate the paperwork choking the payroll process.