The most wasteful Payroll tasks and how to avoid them (Infographic)
Employees look forward to payday like children look forward to Christmas. But for the workers who handle the payroll process, it’s another story altogether — and new research shows exactly how challenging, costly and time-consuming that process can be.
The day-to-day grind
- 25% of payroll leaders spend more than 50% of their time on day-to-day payroll activities.
- 1 in 5 people handling payroll taxes internally report spending more than 6 hours per month on the task.
- 27% of small businesses report spending more than $10,000 on the administration of federal taxes alone.
- 45% of companies plan to move payroll to the cloud in the next 2-3 years.
In addition to the eye-opening stats, the Namely infographic also outlined the following tips to help employers create a more efficient payroll process:
- Switch to salaried positions
- Go unlimited with PTO
- Require direct deposit
- Offer prepaid FSA cards, and
- Automate tax filings.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
Further Reading
IRS told one employer that payments made to employees under its fixed-indemnity health insurance policy were subject to federal income, FIC...
A proposed change to overtime eligibility by the Department of Labor is causing a fair share of angst for many employers. Companies in the ...
Instant payouts are replacing traditional paychecks for millions of workers, according to a new PYMENTS Intelligence Report titled “Insta...
A new opinion letter looked at whether one company needed to add bonuses into its overtime calculations under federal law. The answer fr...
If employees’ Family and Medical Leave Act (FMLA) entitlements are impermissibly reduced, your company may face legal consequences. ...
What’s the maximum you’ll pay per employee in Social Security tax next year? The taxable wage base estimate has been released. ...
