This week we are again celebrating the National Payroll Week, and I can’t stress enough how important the week is for the HR industry. #NPW16 not only focuses on increasing understanding of basic factors affecting pay and more complex financial employment issues among workers, but also helps to build financial awareness, which ultimately improves employee wellbeing.

Recent figures from the Money Advice Trust and YouGov have shown that more than a third of young people have debts of almost £3,000, while over half are regularly worried about money.[i] Furthermore, a quarter of employees say they do not understand the content displayed on their payslip.[ii]

These statistics highlight that there is a need for improved payroll and financial education. Industry professionals have a basic responsibility to help staff understand the information included on their payslip. They should also educate employees about other finance related topics such as employee benefits, and National Insurance and pension contributions, to ensure staff can sustain their financial wellbeing.

Here at ADP, we see value in not only the operational elements of running payroll, but in the people that make businesses run. A workforce that is financially aware can balance their own books and make sensible decisions is more likely to be happy and financially secure.

This campaign provides a significant step in driving positive change to employee financial wellbeing. As an industry, it is essential that we come together and look to enhance the awareness, education and understanding of payroll among our employees. This way, we can create an even more engaged and happy workforce that remains committed to giving themselves the best financial opportunities.

[i] http://www.bbc.co.uk/news/business-37213026

[ii] Employee Benefits. 21 August 2015. A quarter of respondents do not understand their payslip. http://www.employeebenefits.co.uk/news/a-quarter-of-respondents-do-not-understand-their-payslip/15508.article