Physical checks may be the more traditional method of compensating employees, but they can also be costly to ship, delayed due to weather or other unforeseen circumstances, and cause inconvenience that creates stress for both employers and employees.
That’s why many companies today are ditching their reliance on paper and offering paperless payroll instead. Here are six reasons you may want to consider making the switch.
- Cut Time: Your staff won’t need to spend time distributing or mailing checks on pay day. Instead, the funds and paystubs can be delivered electronically, freeing up your team to focus on other tasks.
- Go Green: Eliminating checks can reduce your paper use and waste, decreasing your carbon footprint and increasing your eco-friendliness.
- Save Space: You won’t need to store paper records in big filing cabinets but can have everything backed up online, which also makes documents easier to search and streamlines reporting.
- Realize Savings: Electronic payments save businesses each pay run by eliminating the cost of checks, envelopes, and postage. And, you won’t ever have to worry about the cost of replacement checks.
- Encourage Self-Service: Through employee portals, workers can access their pay stubs as well as benefits information, company documents and announcements, and more.
- Provide Anywhere, Anytime Access: You can meet employees’ desire for a mobile experience by providing them access to pay information through their phones.
Plus, you’ll enhance morale by giving employees immediate access to funds so they don’t have to wait for checks to arrive or stand in line at the bank.
Before you get started with paperless payroll, just be sure to check your state’s laws about how pay stubs or statements must be made available to workers.
For information about the three most common ways to go paperless, visit our overview on going paperless.