Payroll is a major contributor to the sustainability of an entire economy. It not only ensures that employees are paid on time and that organisations remain afloat, but affects every aspect of a business from employee motivation to the financial stability of the company. Holding such prominent importance, employers and employees need to be educated about the function and different ways it influences them.
National Payroll Week does exactly this.
The theme of the week is ‘it pays to learn’, with the aim of recognising the contribution that payroll makes to the UK economy and educating the nation about payroll and its importance. Focusing on how payroll can assist in building financial awareness and employee wellbeing, the week-long campaign is particularly helpful in increasing understanding of auto enrolment, total reward strategies, as well as basic payroll factors.
National Payroll Week should not only be embraced by the payroll industry but by all employers across the country.
National Payroll Week takes place at a time when workplace financial education is becoming increasingly significant. Alarmingly, a quarter (26%) of employees say they do not understand the content displayed on their payslip. Payroll professionals have a significant role in educating employees about the information included in their pay slip, as well as factors such as deductions, national insurance contributions, employee benefits and saving contributions for retirement.
By doing so, employees can learn their way around their payslip and recognise what each figure means. They will then ascertain the knowledge needed to enhance their financial stability, while the organisation will benefit from a workforce that feels valued by their employer. In knowing their worth, employees will consequently attain positive attitudes and improve their workplace performance.
Here at ADP, we are keen advocates of National Payroll Week and feel it is something that should not only be embraced by the payroll industry but by all employers across the country. The campaign provides a significant step in bringing about greater awareness of financial wellbeing and understanding of the payroll function.
We invite all employees, employers and industry professionals to join us in educating the nation. For more of a look into the interesting world of payroll, revisit my blog this week, where I will be celebrating National Payroll Week and providing exciting insight into the profession.