Small payroll errors can become huge monetary burdens
Payroll errors can have a profound effect on people, not just on their abilities to pay bills on time, but affecting their overall wellbeing, morale, and productivity.
According to the 2022 Alight International Workforce and Wellbeing Mindset Study, debt is ruining lives. Even when paid accurately, 49% of US employees and 59% internationally said their income doesn’t cover their expenses.
This can have a profound effect on employees’ wellbeing, morale, and productivity, which overtime can make people leave. Pay is the number one reason people are changing jobs. Of those who left their previous employer in the past year, 30% globally did so for better pay and/or benefits.
Recruitment, at a time when competition is fierce for workers, will be harder if an employer has a reputation as a poor payer.