A study of 2,000 employees has found that more than 20 per cent have changed jobs after being paid late or inaccurately by their employer.
If this were extrapolated nationally, it would equate to around seven million employees in the UK.
According to the research, around 60 per cent of employees had at some point identified a mistake on their payslips, while 39 per cent of employees reported being paid late on at least one occasion.
As a result of this, almost half felt that their employer didn’t care about their wellbeing (48 per cent) and nearly as many said they had experienced undue levels of stress and worry (47 per cent).
After being paid late, 40 per cent felt at risk in their financial situation and 25 per cent felt “less engaged and productive at work”.
A third of respondents said they had missed payments on direct debits and a similar number said they had gone into their overdraft due to a missed payment from an employer.
Helen Hargreaves, associate director of policy at the Chartered Institute of Payroll Professionals (CIPP), said: “These results show that when payroll departments are unable to pay staff accurately and on time, the impact is not only felt on the wellbeing of employees but the business as a whole.
“However, the responsibility is shared between employers and employees. Employees play a significant role in providing the payroll department with accurate and timely information; without it, the payroll department can’t fulfil its core objectives.
“Receiving accurate and timely information is only half the story. Payroll processing is becoming increasingly complex, with additional duties introduced every year.”
If you are struggling with the management of your payroll you must seek help immediately to prevent the loss of employees. Our team work with businesses of all sizes managing their payroll, so contact us today.