Payroll deserves an upgrade

Receiving our hard-earned wages is probably one of the most uneventful and boring financial transactions we experience every month.????We don’t even get a little thank you message on the bottom of the receipt like we do at Tesco or someone telling us that they appreciate our business or loyalty.

Having a job and getting paid is such an important part of life – but companies far too often don’t give the payroll process the love and attention it deserves.????Because payroll is complex, technical and confusing for many people it is not given the same attention as other parts of the employee lifecycle.

We are very familiar with HR teams talking about the employee experience, the employer brand or the employee value proposition and creating compelling content for the recruitment process or for L&D initiatives; but the mission critical process of remunerating employees often doesn’t get a look in.

The status quo is receiving a payment once a month in the middle of the night and a paper or PDF payslip which most people don’t even bother to look at.??Surely employers could/should do better than this!

As consumers we are using more modern technology every day whether it relates to online shopping, banking, social media or entertainment.?Some HR Tech has evolved over the last decade – but payroll Tech seems to have stood still.???Sure there are some new software providers with nice websites and some automation and some good integrations – but nothing has fundamentally improved the user experience for the end user – the actual experience of getting paid.

Another problem with pay and payroll is that it can been seen as a difficult subject to engage employees with.????But look what companies like Monzo have done for changing the perception and accessibility of banking.?????Payroll needs a similar upgrade.

Consumer focussed FinTech Apps like Coinbase, Transferwise and Freetrade have unlocked new ways for us to manage/spend/move/engage with our money.????Wouldn’t it be good if payroll could get this attention too – after all most of us only have one source of income.?Why do incoming funds not get the same attention as outgoing funds?

Payroll should be instant, graphical, animated, multi-language, on-brand, flexible, helpful, engaging and on par with other parts of the employee lifecycle and just as good as the apps we use in our daily lives.

Everyone should love getting paid and companies should consider the process of paying employees just as much as the process of generating revenues from their customers.????

People have jobs to earn money.?Companies need people to make money.??Moving money from customers to employees is what makes the world go around and what makes our society function.?It is the fundamental principle of almost every civilisation over the last millennium.??Enabling employees to have a positive connection with their company via the payroll process fuels increased motivation, loyalty and productivity.

This is why I created PayCaptain.??Receiving money should be a positive experience.

The concept of work and how we work is evolving very quickly – the way we pay people for the work they do is also evolving.??People expect a faster and more flexible approach to their income just like we do with our expenditure.?This might mean the frequency, the currency, the destination and associated taxation options.

The PayCaptain solution is not only for making the employee experience as good as it can be but also for elevating the internal process.??Machine Learning in Payroll can improve quality, profitability and employee satisfaction.???Latest innovations in FinTech can unlock more innovation and creativity in the payroll process.??User adoption analysis can help companies adopt the best strategies for engaging, motivating and retaining their best talent.?Automation allows for payroll departments to add more value to their company and their employees.

Everyone accepts payroll is mission critical but why do we accept it being so mundane.

Companies can upgrade their payroll into a valued employee benefit and allow their employees to take control of their pay and give them the flexibility to receive their money in a way that works for them.

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