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All Electronic Paystub and W2 delivery: road blocks, thoroughfares and tack strips. Welcome!
All Electronic Paystub and W2 delivery: road blocks, thoroughfares
and tack strips.
Welcome!
Agenda
• Quick historical review • Workplace demographics • The future composiCon of the workplace • Strategies to deal with the new worker • Electronic delivery and fulfillment processes • QuesCons
A brief history of Cme?
General theory of workforce relaCvity
Takeaway: The large decline in LFPR for Whites is aKributable to the percentage of Whites in the ‘Baby Boomer’ generaCon. As Boomers reCre and expire their LFPR will naturally decline.
Problem 1: This is the ‘pinch’ that is being put on the Social Security System. Problem 2: Doesn’t reflect the 2008 financial meltdown and the loss of 50% of reCrement asset porWolios. Boomers are staying in the workforce as a result.
Takeaway: Millennial’s are the growing component of the workforce.
Problem: Workplace tenure is dropping. The age of lifeCme employment has been falling away as companies have to change to compete. Millennials make up a large porCon of the ‘job hopping group’ for various reasons: job saCsfacCon/dissaCsfacCon, unmet expectaCons. Others?
This study reveals changes in how we work, generaConal differences, and the criCcal role millennials play for businesses as we move forward. Among findings, millennials offer unique skills -‐ such as fresh ideas, adaptability and tech-‐savvy -‐ that businesses need in order to innovate and remain compeCCve. Although clear contrasts exist between the prior generaCon and millennials, these are to be expected as millennials reinvent what it means to be successful in a rapidly changing, technology-‐driven world. (taken from: hKp://elance-‐odesk.com/millennial-‐majority-‐workforce)
Virtual is the key here. Millennials want to work virtually (not owning cars, homes or other medium/long-‐term assets – or payments).
How do you manage a payroll environment when nearly 60% of your work force are turning over?
What can I do?
• Deliver payroll (and HR for that maKer) informaCon directly to the employee on their desired access medium
• Reduce payroll producCon costs to the company
• Reduce staff Cme dealing with quesCons from employees for reprints, updates, forms, etc.
Direct Deposit
• There’s not much else to say, nearly all organizaCons uses direct deposit for security, ease and cost reducCons.
• Once the money is in the bank, how do you let the employee know?
• State requirements-‐
Purely Electronic Pay is for pay card processes.
This is the most recent research we were able to find, and now at least 5 years out of date.
States tend to look to the federal government for ‘macro’ requirements or regulaCons. Providing an electronic copy allows the pay stub to be delivered over and over with no addiConal costs.
Generally, your current payroll package that is used for the prinCng of pay stubs will directly transfer to your electronic stub, this, of course, depends on your sogware vendor or out-‐sourced service provider.
The boKom line? We’re not talking chicken feed here! This factors in labor costs for check producCon and mailing but not ‘interrupCon’ Cme to assist employees in retrieval of historical stubs or W2s.
What’s the 411 ?
From: www.primpay.com/blog
What’s the 411 + ?
From: www.primpay.com/blog
What’s the 411 + ?
From: www.primpay.com/blog
What’s the 411 ++ ?
From: www.primpay.com/blog
The key to prevenCng this scenario is to provide a portal experience that the employee ‘loves’ and doesn’t want to devolve to the stone age!
Barriers to AdopCon
• Language – English – not a problem, Spanish – do you have tools in place to assist Spanish speaking workforce members?
• If your organizaCon wants to go all electronic you will have to verify the availability of an IVR (InteracCve Voice Response) system. Through research, the greater proporCon of the workforce that has the pay card need (no checking account) will need a Spanish interface.
• Union contracts and other impediments
Overcoming Barriers to AdopCon • Language issues most generally can be dealt with through the access portals. There is a term used in sogware development for language issues called localizaCon. This allows for the web site (portal) to maintain the same look and feel but display text, instrucCons and buKons in another language.
Overcoming Barriers to AdopCon • What about the IVR system? As you know from calling your credit card company, state agency or most anything else, press 1 for English and 2 for Spanish. IVR systems work under the same principle.
• The biggest challenge for IVR system development is the language phrases for earnings, deducCons, and misc. codes. All can be accomplished in the conversion and setup processes.
Added funcConality to facilitate adopCon
• If you’re going all electronic for pay stubs then go all the way and adopt electronic delivery for: – W2 – ACA forms (1095C)
• Look for a vendor that offers enrollment or un-‐enrollment capabiliCes to adhere to federal regulaCons.
• W2s can be made available to employees for early tax return preparaCon (with H&R Block and others). So as soon as W2s are available (electronically) they can also be made available for tax (1040) preparaCon.
What Next?
• QuesCons • Any experiences to share other aKendee’s. • Comments • Thank you for aKending!
Brian Anderson, President [email protected] 800-‐748-‐1934 Cell) 303-‐667-‐7390 Materials used in this presentaCon, and a whole lot more, are available in PDF files, if you want a copy drop me a note and I’ll send the documents along.
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