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Financial wellbeing Responses to this question vary greatly, there are those that feel the payroll department are assisting with financial wellbeing by paying people correctly and on time. A common response is that it should sit within the responsibilities of HR. Most of the comments contain concerns that payroll professionals are in no way trained to offer support with a person’s financial wellbeing and that they are not regulated to offer advice.
Time and costs are always at the forefront of any business decision, and providing financial wellbeing solutions is no exception with lack of time totalling 41.89% and cost at 34.32% .
Other comments are inline with earlier findings, including: ● ‘not a responsibility of payroll / responsibility of other business area’ ● ‘lack of knowledge’ ● ‘not approved by owners, Directors or leadership teams’ ● ‘not been considered before’.
REASONS FOR NOT OFFERING PAYROLL-BASED FINANCIAL WELLBEING SOLUTIONS
SHOULD PAYROLL ASSIST WITH EMPLOYEE FINANCIAL WELLBEING
34% Cost
31% Limitations of the payroll software or system
42% Time
44% Yes
33% Unsure
11% Lack of ‘plug and play’ solutions available from payroll providers
18% Other (please specify)
25% Already offer all the payroll- based financial wellbeing solutions that we want to
22% No
VIEW YEAR-ON- YEAR DATA
0.5% selected ‘Other’
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In most cases percentages have been rounded to two decimal places for clarity and may not add up to 100%. Graphics may have been rounded to whole percentages.
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