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.