Why is it important to give employees a great payroll experience?

Why is it important to give employees a great payroll experience?
Why is it important to give employees a great payroll experience?Why is it important to give employees a great payroll experience?

We all know that payroll is a business-critical function. Employees, even more so during the cost-of-living crisis, are reliant on getting paid correctly first time, on time. But payroll doesn’t always get the attention it deserves as a method of helping employees, not just paying them.


Not only is payroll a business-critical function, but it’s also a tool that can help improve health and well-being of employees, so it’s important that businesses give their employees a great payroll experience.


By giving this great experience, employers can create more engagement with employees as well as offering them the tools, knowledge and support to help them manage their money better.


“For decades,payroll has been a ‘silent’ business function – money hitting bank accounts in the middle of the night, with outdated paper payslips that are hard to understand.”


According to the social enterprise, Plain Numbers, approximately half of all working age adults have the numeracy skills that are expected of a primary school child. In times of financial hardship, it’s employees with lower financial literacy that are likely to be hit hardest.


Payslips need to be simple, readable and understandable for all. But many still aren’t. When payslips are hard to understand, employees can struggle to get a clear picture of their income. Many don’t bother to look at their payslips at all. It’s essential that payroll data is set out in an easy-to-read and easy-to-understand way.


Improving the employee payroll experience isn’t just about changing the look and feel of payslips. One of the first elements, of course, is making sure that employees are paid correctly and on time. But payroll can also be a force for good in that it can provide tools and information to help employees manage their money better and make better financial provision for the future.


How does PayCaptain help?


Employees can access their payroll data through the PayCaptain mobile app. With over 97% of employees who are paid by PayCaptain using the app, it gives employers a great opportunity to engage with employees. Not only that, employers can improve the overall payroll experience by giving employees the tools and support they need to improve their financial well-being.


PayCaptain is the first payroll company worldwide to partner with Plain Numbers.


Plain Numbers is a social enterprise that helps businesses communicate more effectively with customers who struggle with numeracy skills.


Plain Numbers offers Partners and Associates support in embedding a Plain Numbers Approach into their organisations. In the case of Payroll, this ensures that payslips are helpful and informative, making them easier for employees to understand.


The partnership between PayCaptain and Plain Numbers is giving thousands of workers the confidence and ability to understand their payslips. It’s also giving employees access to tools and strategies that make understanding their payslips easier, leading to more informed spending and saving decisions.  


One of the first innovations in the PayCaptain app was interactive payslips. These are graphical payslips which clearly break down payments and deductions for employees. Users can click on Help icons for more information on how their deductions have been calculated so they know exactly how their pay has been worked out.


Money planning tools and personalised financial guidance are available too. This allows employees to create their own personal budget and provides guidance on a wide range of financial topics. There’s also direct access to financial advice from Money Helper through the app, so employees can get confidential and impartial advice on how to manage debt.


PayCaptain puts employees in control of their pay.

One of the functions to do this is payment-splitting. This is where employees can make payments direct from their net pay which eliminates the risk of them missing an important payment such as rent, a mortgage payment or payments to credit cards and loans. Setting up payments direct from their net pay helps employees improve their credit rating too.


Another popular function is wage advances. Anne Marie Sarantis, Head of People at Gusto Restaurants says that Gusto employees love this function as it builds a level of trust between them and the business.


Wages advances give employees access to emergency cash and automatic weekly advances. Weekly funds can be helpful for employees to manage their budget and keep parts of their pay protected for bills and direct debits at the end of the month.


PayCaptain keeps employees informed of changes to their circumstances with push notifications directly from the app. These notifications might let the user know that their tax code has changed or they’ve received a bonus from their employer, for example. Push notifications are designed to keep employees informed and engaged in the payroll process and can get messages out quickly from an employer to a large audience.


Financial scoring is also available in the app, through an interactive in-app tool. The tool generates a personalised financial well-being score and recommends practical steps to help improve financial health.


PayCaptain’s benefits calculator is free to use, not just for employees who get paid via PayCaptain, but to everyone in the UK.  This calculator takes users through a short, anonymous questionnaire then presents the user with a report on benefits that may be available to them, based on their answers. The report also provides further information and links so the user can apply directly from the calculator.


PayCaptain is a company that’s leading the charge in innovation in payroll. Putting employee wellness at the core of planning and development, the company’s aim is to give them a great payroll experience. By having this positive experience, employees are much more likely to use the tools within the app which will help their financial wellness and resilience for the future.


Having employees more engaged with the payroll process is important for employers too. By providing an excellent employee payroll experience, this not only improves their teams’ personal circumstances, but employers will also likely see a reduction in employee absenteeism and an increase in productivity.