The Benefits of Paperless Paystubs (For Your Whole Organization)
They're not super exciting, but they’re super important, and every employee in North America is required to be given one following each pay period.
They can be either paper or accessible electronically, and there are pros and cons to each method.
Let's start with the pros of paper paystubs:
You can make paper airplanes out of them. Paper airplanes are fun. Realistically though, how often do you actually fly your pay statement - complete with your earning amounts and social insurance number - across the office?
Let’s move on.
If your company is still using paper paystubs, your entire organization is likely missing out on significant time, cost, security, and environmental savings and benefits. From the payroll personnel who are responsible for preparing and delivering your pay statements, to the employees that receive them, there are very real reasons to switch to online paystubs ASAP.
Let’s talk about who benefits and why.
Payroll personnel - Save hours of manual labour
Your payroll people are working hard. They are responsible for making sure everybody is paid correctly and paid on time. They should be everybody's best friend.
They’re also responsible for delivering your pay statements. If you’re at an organization with anymore than a handful of employees and still receiving a paper paystub, these people are also likely responsible for printing out a whole lot of paper and stuffing them into envelopes. This is a process that can take literal hours, depending on the size of your organization, every single pay period.
By switching to online, paperless paystubs, the payroll personnel who are responsible for delivering your pay statement can turn hours of tedious envelope stuffing into a few minutes, with a few clicks. Paperless paystub solutions like InStaff automate the distribution of paystubs by instantly uploading employees’ PDF pay statements to an online paystub portal that employees can access on their own.
Imagine what you could do with a couple extra hours in a day.
Employees - Access pay history securely from anywhere
If your company is like most, you probably get a payslip every two weeks or so. Maybe even every week. That’s a lot of paper to keep track of. A lot of paper with sensitive personal information. Where exactly do you keep these for if you need them later? How about tax forms? Have you ever struggled to find your W-2 or T4 for that one time in the year that you actually need it to complete your tax return?
With a paperless paystub solution, your entire pay history can be stored chronologically, in a secure online paystub portal that can be securely accessed from anywhere, at anytime. Instead of flipping your house for a piece of paper from months or years ago, you can log in with your username and password and get all of your pay information and history online at the click of a button.
In addition, your pay statements, which contain very sensitive personal information - will never get lost, or be seen accidentally by others.
Organizations & Owners - Go green, improve efficiency, and save costs
Businesses are increasingly expected to practice social and environmental responsibility, and switching to digital paystubs is a simple move that can significantly reduce a company’s ecological footprint by saving hundreds of pounds of paper a year, or more.
With direct deposit, your business is likely already more than halfway to having a completely paperless payroll process - but the last, often overlooked step towards a completely paperless payroll is in the form of online paystubs. It’s great that you’re already saving lots of paper by doing away with paper cheques. With electronic paystubs, you can complete the paperless payroll transformation, and take pride in your company’s efforts to go green.
Finally, it might be easy to forget that all that paper, ink, envelopes and stamps cost money, and so do the hours of work that your payroll personnel use every pay period to manually deliver paper payslips. The cost of labour and materials associated with delivering paper paystubs can quickly add up. Nevermind the loss of efficiency experienced by payroll staff who lose hours to tedious paper folding, or employees who lose paystubs and tax forms!
With a paperless paystub solution, you can protect the environment, save costs, and improve efficiency - and making the switch is so, so easy.