More than 20 percent of British employees have changed jobs after being paid late or inaccurately by their employer, according to new research.
The study of 2,000 employees commissioned by Zellis and conducted by an independent research firm found these statistics are equivalent, on a national scale, to nearly seven million employees.
It found 60 percent of employees identify mistakes on their payslips. Additionally, 39 percent of employees said they had been paid late on at least one occasion, after which:
• 48 percent said the employer didn’t care about their wellbeing;
• 47 percent said they felt undue levels of stress and worry;
• 40 percent felt at risk in their financial situation;
• 25 percent felt less engaged and productive at work.
The survey further highlighted the impact of late payment on financial wellbeing. More than a third said they had missed payments on direct debits and a similar number said they had gone into their overdraft. A quarter also said they had incurred bank charges and suffered damage to their credit rating.
Helen Hargreaves, associate director of policy at the Chartered Institute of Payroll Professionals (CIPP), said: “These results show that when payroll departments are unable to pay staff accurately and on time, the impact is not only felt on the wellbeing of employees, but on the business as a whole. However, the responsibility is shared between employers and employees. Employees play a significant role in providing the payroll department with accurate and timely information; without it, the payroll department can’t fulfil its core objectives.
“Receiving accurate and timely information is only half the story. Payroll processing is becoming increasingly complex, with additional duties introduced every year. Although purchasing good quality payroll software will shoulder some of the burden, it’s crucial that payroll practitioners keep themselves up to date with all the changes to legislation, ensuring they are best placed to meet their obligations.”