"Burdens surrounding accurate pay can also weigh heavily on employees, with any delays in receiving the right salary potentially leading to severe financial stress for workers and the risk of accumulating more debts. One recent report has suggested that employee financial concerns cost UK employers £10.3 billion per year due to lost productivity and days taken off work. On average, financial concerns lose employees 4.7 workdays per year , equating to around 16 million workdays lost nationwide."
"The worrying data comes from the recently published UK Payslip Anxiety Report by Access PeopleHR, which found that 63.85% of workers have received incorrect pay during their employment. To make matters worse, 58.46% of employees have also experienced a delay in receiving their payslip. For employers, these payslip errors can carry a significant financial and reputational burden, with HMRC penalties linked to the failure to accurately report payroll information ranging from £100 to £400 per month, depending on the company size."
63.85% of workers have received incorrect pay and 58.46% have experienced payslip delays. HMRC penalties for failing to accurately report payroll information range from £100 to £400 per month depending on company size. Payslip errors and delays can cause severe financial stress for employees and increase the risk of debt. Employee financial concerns cost UK employers an estimated £10.3 billion per year through lost productivity and absenteeism, equating to about 16 million workdays lost annually. Employers can reduce errors by implementing payroll automation and accurate payroll systems to calculate earnings, deductions, and tax obligations reliably.
Read at London Business News | Londonlovesbusiness.com
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