Faster Payments for payroll: How to keep up with peers

Attracting and keeping the best talent is proving more difficult than ever, in an extremely competitive labour market.

Our Chief Operating Officer Barry Crawford was invited to deliver a seminar on how Faster Payments for payroll can help companies keep up with peers and competitors at the ACT (Association of Corporate Treasurers) Annual Conference 2022 in Liverpool’s ACC.

Barry’s seminar uncovered the findings from our recent Faster Payments Survey results, and explained that whilst using BACS is still common, the alternatives are affordable, accessible and beneficial.

Fixing errors that occur using BACS payroll can be costly to fix. Almost a quarter of businesses use CHAPS to fix errors, on average making 127 CHAPS payments a year at a cost of £11.42 per payment. This is an additional £1450.34 additional cost to the businesses as a direct result of payroll inaccuracy.

Barry, who has over 20 years of experience in the financial services industry, referred to findings from the Harris Poll, which found that 81% of employees would take a job with an employer that provides access to earned wages on-demand at no cost to them over an employer that does not.

This shows the need for real-time payroll is apparent in the modern workplace.

One potential, however unsustainable, alternative to real-time payroll is Earned Wage Salary Access schemes. This is where employees are able to withdraw up to 50% of their salary, but they must pay a fee -usually around £1.75- each time they do so.

To view a copy of our slides please or speak with Barry about the seminar, please get in touch with our team.

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