Let’s get digital…
There are about 30 million employees in the UK and subsequently 30 million payslips are issued either on a weekly or monthly basis – that’s about 400 million payslips per year.
Let’s equate that to paper, which is costly in terms of money, time and the environment. Whilst many companies still issue paper payslips, there are associated costs that could easily be done away with, by using digital payslips. Paper, ink for printing, power supply for printing, envelopes, postage, manual labour – these are all reduced or eradicated when you go digital.
A survey carried out by the Chartered Institute of Payroll Professional (CIPP) highlighted that 83.3% of respondents had reduced costs by up to £6,000 per year, simply by switching to e-payslips. Other than reducing costs and a company’s carbon footprint, there are further benefits to going digital. Digital payslips are all stored online, thus making it easier for employees accessing their payslips when needed, for example as proof of income. From an employer’s perspective, issuing e-payslips allows for the inclusion of additional pay-related messages, for example, reminders about auto enrolment, one of the more difficult areas of payroll.
Privacy and security are also increased with e-payslips, as they are uploaded and issued via secure hosting centres and employees require unique IDs and passwords to access their details, meaning that the risk of private details being exposed is greatly reduced. Naturally, this also helps with ensuring a company’s GDPR compliance.
It is clear that going digital is an all-round win and it is likely that at some point in the future it will be a legal requirement, in line with GDPR compliance. If you would like further information or advice concerning going digital, please contact the Garbutt + Elliott Payroll team.