Payroll: Managing an Important Task
Every year, the American Payroll Association celebrates National Payroll Week, drawing attention to the hard-working individuals who do what it takes to get paychecks processed accurately and on time. These professionals are the ones who make sure 150 million wage earners get paid. Last year, that meant collecting, contributing, reporting, and depositing approximately $2.2 trillion, or 67% of the total revenue of the United States Treasury.
The annual survey is called “Getting Paid in America.” Among other things, it measures how satisfied respondents are with the way payroll is handled. Here are a few key findings from the 2015 survey (the latest completed report available ) after processing the answers of nearly 35,000 respondents.
How certain are you that your payroll withholding and the net amount of your paycheck are correct each payday?
- Nearly 64% answered very certain.
- About 26% answered somewhat certain.
- Roughly 10.5% percent answered they were not very certain, not at all certain or didn’t know.
What’s more important to you, better health benefits or higher wages?
- Just over 47% would prefer better health benefits.
- Nearly 53% prefer higher wages.
In addition, close to 42% said the most important benefit they receive at work is health insurance, followed by about 18% who named flexible scheduling as most important.
Other results show that almost 94% of surveyed wage earners participate in direct deposit for their paychecks. Another 4.6% receive paper paychecks and the rest are paid with payroll cards, prepaid reloadable cards, or “other” methods. More than 80% of respondents said their employers provide an employee self-service portal where they can access pay and benefits information online.
Contact us if you want help with the time-consuming task of processing payroll. We can help make paying your employees a more efficient function.