The Crucial Role of Accurate Payroll in Maintaining Employee Happiness
The Underrated Importance of Accurate Payroll in Employee Satisfaction
On the surface, payroll may be a mundane administrative task. But accurate payroll is vital to employee satisfaction. Here's why. Image source: Getty Images
A missed check can launch a cascade of problems
A paycheck error isn't just inconvenient. For the majority of people, one incorrect or missed paycheck could be enough to cause a cascade of financial disasters.
Studies suggest that at least two-thirds (and up to three-quarters) of U.S. households are living paycheck to paycheck. This means many families don't have the emergency savings to weather even a small interruption in the flow of income.
Without savings in the bank, a paycheck problem can put employees in a tight spot. This may mean missing meals or forgoing other needs. If the late paycheck means bill due dates are missed, we could be talking about substantial late fees that exacerbate the problem. In the worst case, we could even be talking about a missed rent payment that leads to eviction.
Employees stressed about falling behind on payments -- or finding a new place to live -- aren't going to be happy or productive employees.
...more content...This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.